Kai-fu Lee, Google Inc.'s departed head of China operations, announced on Sunday that he would run his own business that would invest in Chinese technology start-ups. Kai-fu Lee confirmed his plan to launch the business on his twitter page, saying he would establish a firm with more than $117.1 million of funds.
According to a recent statement by the state-sanctioned China Iron & Steel Association (CISA), China has signed a deal with a smaller Australian miner - Fortescue Metals Group - which will sell it iron ore for 94 US cents per dry metric ton. The price is below the 97 US cents negotiated for this year's supplies with Japanese and Korean mills.
China Merchants Bank Co, sixth largest bank in China announced on Friday that it would lift 15-18 billion Yuan (equivalent to 2.20-2.63 billion dollars) through a rights issue to improve its capital adequacy ratio.
The lender will issue as many as 3.8 billion new shares. But it will offer only two shares for every 10 shares held by the current A and H shareholders.
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