Chinese billionaire Chen Guangbiao has dialed back his bid to acquire The New York Times Co. over a week after making his interest public, saying that the level of difficulty is great. Times chairman Arthur Ochs Sulzberger Jr. recently said that the prestigious media company is not for sale.
China
Wanxiang sweetens bid for US car maker Fisker in battle with Hybrid
China-based car parts conglomerate Wanxiang has sweetened its bid for failed US electric car maker Fisker Automotive in a battle with its rival suitor, Hong Kong-based firm Hybrid Technology.
Private equity managers in Asia not inspired by reopening of IPOs in China- report
The reopening of the IPO market in China did not inspire private equity managers in Asia who do not believe that the development would help companies make profitable exits.
Bank of China's London branch issues $413M worth of yuan-denominated bonds
Bank of China UK on Wednesday issued $413 million worth of yuan-denominated bonds in London, as China seeks to increase the international usage of its currency for trade and investment. Bank of China also said that the bond will list on London's bourse.
Singapore's OCBC unveils $100M China private equity fund
Singapore's Oversea-Chinese Banking Corp. Ltd. recently launched a $100 million private equity fund to invest in onshore Chinese companies over the next five years. The said fund will managed by OCBC Capital Equity Investment Management Co. based in Shanghai.
Latest News
Oil and gas companies in the West, like that of Scotland-based Weir Group, are heading to China to bet on the birth of the country's shale gas industry, the Financial Times reported.
Bourbon, a Paris-based operator of supply and crew ships for the oil industry, sold a dozen vessels to China's ICBC Financial Leasing as part of its plan to make a dent on its debt, Bloomberg reported.
Alipay, an online payment affiliate of Alibaba Group Holdings Ltd., has struck a deal with Sina Corp. to launch and online payment service as competition rises between Alibaba and rival Tencent Holdings Ltd. Alibaba last year bought an 18% stake in Sina Weibo.
China's State Council has suspended the ban the government had put in place for 14 years which barred the selling of foreign video game consoles, potentially opening doors for technology firms to enter the Chinese video game market, Reuters reported.
China's state-owned Greenland Holding Group will invest £1.2 billion ($2 billion) on two property projects located in Wandsworth and Canary Wharf in London. The real estate developer is also looking to enter Canada, France and Singapore this year.
Citing a copy it obtained of Document 107, Reuters reported that the State Council of China has published guidelines that aim to fortify regulation against the risky practice of shadow banking.
China-based firm Harbin Bank is planning to file for a $1 billion initial public offering (IPO) in Hong Kong within January, according to sources familiar with the matter.
China said it would give more support to the domestic solar power industry as the government seeks to revamp a sector that is plagued with overcapacity and lower prices, Reuters reported.
China may topple the US as the top trader of the world for the first time when it unveils the value of trade of its goods for 2013, The Brics Post reported.
