Hong Kong-based China Power International Development raised US$320.6 million in an initial public offering to raise funds to triple its mainland generating capacity. The IPO saw the generator price its shares at a discount to rivals and sell a stake to Singapore's state-run investment company, Temasek Holdings. Between them, Temasek and Hong Kong's Henderson Property […]
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Reuters, the global news and business information group, plans to start offering its services directly to consumers in China via the Internet and mobile phones, the UK's Independent newspaper reported. The move is part of a broader global push by the company to expand its revenue base following a wide-ranging three-year cost cutting program the […]
China is to begin work next year on building facilities for its strategic petroleum reserve, aiming to raise capacity equivalent to 90 days of net oil imports by the year 2015, the People's Daily reported. The four new reserve facilities will be located in the provinces of Zhejiang, Shandong and Liaoning and will be built […]
Chinese authorities upped the campaign against online pornography, handing out rewards of up to US$240 to people who reported sexually explicit websites, according to Xinhua. The state news agency said that since the anti-smut campaign began in late July 445 people had been arrested and 1,125 Web sites shut down following tip-offs from members of […]
US President George W Bush phoned President Hu Jintao to press for China to de-link its currency from the US dollar and begin the shift to a market-based, flexible exchange rate. US industry has long complained that the yuan is undervalued, giving Chinese an unfair pricing advantage over American goods, threatening jobs. Massachusetts Senator John […]