Tens of thousands of German steelworkers took to the streets on Monday, demanding more action against the dumping of cheap Chinese imports and greater job protection amid uncertainty over the future of Thyssenkrupp’s steel business. Continue reading Thousands of German steelworkers protest to defend jobs
McGraw-Hill to sell JD Power to China’s XIO Group Continue reading JD Power to be sold to China’s XIO Group
(China Daily) Chinese e-commerce giant Alibaba Group Holding Ltd said on Wednesday that it has officially become the world’s largest retail platform, with its total trading volume online in the fiscal year ending in March 2016 surpassing Wal-Mart’s annual sales. Continue reading Alibaba becomes the world’s largest retailer
Ping An Insurance Group Co., China’s second-largest insurer, agreed to buy a 48 percent stake in Chinese car website Autohome Inc. from Telstra Corp. for $1.6 billion, extending a shopping spree by the nation’s insurance companies. Continue reading Ping An to Buy Autohome Stake From Telstra for $1.6 Billion
SHANGHAI: A Chinese auto firm said Friday it is buying two foreign companies and their self-driving technologies for more than $1 billion, as the world’s second-largest economy seeks to boost its foothold in the autonomous car market. Continue reading China firm boosts self-driving technology with $1 bn overseas deals
A Chinese investment group are closing in on a £100 million takeover at Aston Villa, according to our sister title, the Sunday People.
Villa could be under new ownership within the next fortnight, the report claims.
Negotiations are said to be entering the final phase, as unwanted owner Randy Lerner looks to hand over control of the relegated club.
Chairman Steve Hollis confirmed in a statement yesterday that talks were progressing.
The Sunday People article says the takeover group have been at the club all week and were present at today’s 0-0 draw with Newcastle United at Villa Park.
The Chinese bidders are a private equity firm who have studied Leicester City’s success.
Nigel Pearson remains the favourite to take over as manager at Villa as they prepare for life in the Championship.
Hollis said: “We are in very constructive negotiations which could lead to the sale of the club to a new owner.
“There has been no shortage of parties who would like to own Aston Villa but our negotiations are now with those parties that we believe will have the passion and ambition to return the club to winning the highest honours in European football.
“The appointment of the manager is at this time inextricably linked to the current negotiations.”
Mobile, multiple-warhead DF-41 will be able to strike any part of US Continue reading [DF-41] China set to deploy longest-range nuclear missile
BEIJING (AFP) –
China’s Midea Group will buy a little more than 80 percent of loss-making Japanese conglomerate Toshiba’s home appliances arm for $473 million, the two companies said.
Toshiba, which makes everything from rice cookers to nuclear plants, will retain the remaining 19.9 percent of Toshiba Lifestyle Products & Services Corporation (TLSC), which will retain its name, the two said in a joint statement.
Under the deal, Midea will be licensed to use Toshiba brands for home appliances for 40 years, obtain more than 5,000 intellectual property assets, and be authorised to use other related patents retained by Toshiba, it said.
The deal, worth 53.7 billion yen ($473 million) pending unspecified “adjustments”, is the latest in a series of overseas acquisitions by Chinese firms, and comes as Beijing seeks to retool its heavy industry-dependent economy to one more driven by consumer demand.
Chinese companies have made global headlines with multi-billion dollar buys in recent years, including state-owned ChemChina’s $43 billion offer last month for Swiss pesticide and seed giant Syngenta — the biggest-ever overseas acquisition by a Chinese firm if it goes through.
Another Chinese home appliance maker, Haier, announced in January that it will buy the appliances arm of US giant General Electric for $5.4 billion.
Midea’s chairman Fang Hongbo said the acquisition of Toshiba — which he called an “iconic brand” — was “an important landmark in Midea?s globalisation endeavour” and would “significantly strengthen our competitiveness in Japan, Southeast Asia and the global market”.
In the joint statement, issued Wednesday, Toshiba President Masashi Muromachi added he was “confident that Midea?s further investment in R&D, marketing and branding will bring about a brighter future for the home appliances business”.
Toshiba has been roiled by a profit-padding scandal, in which bosses for years systematically pushed their subordinates to cover up weak financial figures.
It is expecting a huge loss of about $6.4 billion for the year to March with sagging global demand contributing to its financial woes.
The Midea takeover is subject to regulatory approvals in China and anti-trust clearances in relevant jurisdictions, the two firms said.
Privately owned Midea, founded in 1968, is one of China’s biggest home appliance makers and raked in 12.7 billion yuan ($2.0 billion) in net profit last year, up 21 percent from a year ago, according to its website.
The Xian Y-20 (Chinese: 运-20) is a large military transport aircraft. The project is being developed by Xi’an Aircraft Industrial Corporation and was officially launched in 2006. The official codename of the aircraft is Kunpeng (Chinese: 鲲鹏). after the mythical bird of ancient China that can fly for thousands of kilometres. However, within the Chinese aviation industry itself, the aircraft is more commonly known by its nickname Chubby Girl (Chinese: 胖妞), because its wide fuselage in comparison to other Chinese aircraft previously developed in China. Continue reading [Y-20] Yun-20 large military transport aircraft
Chinese consumer tech company NetEase has joined the Nasdaq 100, replacing SanDisk which had been in the index since 2003. Continue reading China’s NetEase Joins Nasdaq 100, Replacing SanDisk
(Nature) From a slowing economy to geopolitical tensions in the South China Sea, it is a testing time for China’s ruling Communist party. But its science aspirations seem unbridled. Continue reading What China’s latest five-year plan means for science
BARCELONA, March 18, 2016 (Xinhua) — FC Barcelona’s Argentinian forward Lionel Messi attends a press conference in which Huawei announces Messi’s appointment as the company’s latest Global Brand Ambassador in Barcelona, Spain, March 17, 2016. (Xinhua/Pau Barrena) Continue reading Lionel Messi named Huawei global ambassador
China’s HNA has agreed to buy Ingram Micro for $6bn, in the largest Chinese takeover of a US information technology company.
California-based Ingram said it had agreed to be bought by Tianjin Tianhai, which is part of HNA, for $38.90 a share in an all-cash deal. The price represents a 31 per cent premium to Ingram’s closing price on Wednesday.
HNA’s purchase is the latest in a series of large overseas deals by Chinese companies.
The Chinese mergers and acquisition spree outside the domestic market comes at time when its economy is growing at it lowest pace in three decades.
Since the start of the year Chinese companies have spent more than $80bn on foreign acquisitions.
ChemChina recently agreed to buy Swiss agricultural company Syngenta for almost $44bn in the largest outbound deal in China’s history, while in January Haier bought GE’s appliances business for $5.4bn.
中国对一些高度知名美国公司的收购狂潮更是不容忽视。彼得森说，六大中国并购美国公司的案件中就有五件发生在今年。中国天津天海公司今年2月刚刚以73亿美元收购了经销苹果和微软公司电子产品的 Ingram Micro公司，这是继美国喜达屋酒店和史密斯菲尔德食品公司之后，第三大收购案。
华尔道夫纽约（Waldorf Astoria New York），市值20亿美元，安邦保险收购
The deal covers four World Cup tournaments Continue reading Fifa signs China’s Wanda as top level sponsor partner
Segway Inc., the developer of two-wheeled, electric-powered people movers, was acquired by China-based competitor Ninebot Inc. Continue reading Segway Bought by Xiaomi-Backed China Transporter Startup Ninebot
Argentina Continue reading [Argentina]
Blackstone Group LP agreed to sell Strategic Hotels & Resorts Inc. to China’s Anbang Insurance Group Co. for about $6.5 billion, just three months after it purchased the U.S. luxury-resort company, according to people with knowledge of the matter. Continue reading Blackstone Said to Sell Hotels to Chinese Anbang for $6.5 Billion
A CHINESE state-backed waste company is taking on the American private equity giant Apollo in a £1bn battle to buy Biffa.
At least one other suitor, from southeast Asia, is also in late-stage talks about a takeover of the British waste disposal business, City sources said this weekend.
Biffa’s owners, the American investment firms Angelo Gordon, Avenue Capital and Sankaty Advisors, put the company up for sale last year. They hired Rothschild to manage an auction and also consider a stock market float.
The potential Chinese buyer, described as a “state and private enterprise”, is currently edging ahead in discussions, bankers said. Biffa and Rothschild declined to comment.
Biffa, which has more than 6,000 staff, was once part of the utilities giant Severn Trent. It was spun out in 2006 and two years later taken over by HBOS, Global Infrastructure Partners and Montagu Private Equity in a £1.7bn deal.
The following interview with Paul Krugman, American economist and op-ed columnist for The New York Times, was conducted by Birgit Haas and Daniel Tost of Business Insider Deutschland.
Continue reading PAUL KRUGMAN: What’s going on in China right now scares me
For the first time Beijing has overtaken New York as the world capital for billionaires, according to a survey by China’s Hurun Report. The number of billionaires in China grew to 568, versus America’s 535, the survey says. Continue reading China claims it has more billionaires than US
Chinese Machinery Manufacturer Makes $3.3 Billion Offer to Buy Terex Continue reading China’s Zoomlion bids $3.3bn for American Terex
The world’s largest aircraft about to resume production in China Continue reading [An-124] The world’s largest aircraft about to resume production in China
Bid for Norwegian company adds to a busy start to 2016 for outbound Chinese acquisitions
Acquisitions have totaled roughly $68 billion so far this year, the strongest volume ever for this period Continue reading Chinese Companies Are Shopping Abroad at Record Pace
BEIJING Enterprises, a Chinese public utilities provider, is to acquire German energy group EEW for 1.44 billion euros (US$1.6 billion) in one of the biggest-ever direct investments by China in Germany, EEW’s owners said yesterday. Continue reading Chinese utility firm buys German EEW US$1.6 billion
The U.S. is cranking up the heat on China’s overseas ambitions, blocking Royal Philips’s $2.8 billion sale of its LED business to a Chinese-backed private equity fund just weeks into the new year. Thwarting that sale on national security grounds threatens a deeper Chinese ambition: Creating a credible car brand. Continue reading US regulator blocks Philips’ deal to sell Lumileds division