Chinese e-commerce titan Alibaba will take control of domestic department store Intime through a $2.6 billion privatisation scheme, the companies said Tuesday, sending shares of the mall operator surging.Alibaba, and Intime founder Shen Guojun have together offered to pay HK$10 per share to buy the shares they do not already own of the Hong Kong-listed chain.The deal will increase Alibaba’s stake from 28 percent to 74 percent after it first invested $692 million in the firm in 2014.News of the deal sent Intime’s shares soaring 35.7 percent to HK$9.54 in Hong Kong Tuesday.The maximum cash requi...
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DAVOS, Switzerland (REUTERS) - Chinese President Xi Jinping will defend globalisation in the face of mounting public hostility in the West on Tuesday (Jan 17) in a speech at the World Economic Forum (WEF) that will underline Beijing’s growing global role.More than half a dozen senior Chinese government figures will be in Davos this week, far more than in past years. And a large number of sessions are focused on Asia, including one entitled "Asia Takes the Lead".WEF founder Klaus Schwab said Mr Xi’s presence was a sign of the shift from a uni-polar world dominated by the United States...
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A Chinese-language final exam paper at a high school in New York has left internet users amused and confused, reported guancha.cn on Saturday.The CLA (Collegiate Learning Assessment) test paper for course FMS63 Chinese 3 was prepared for students in Foreign Language Department at Franklin Delano Roosevelt High School, a coeducational public school.The paper had seldom-used Chinese characters and expressions and required examinees to have a deep understanding of Chinese history and culture.The first section required examinees to provide synonyms of 10 characters and words. However, many interne...
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Donald Trump has tweeted that Toyota will face hefty tariffs on cars built in Mexico for the US market if it builds Corollas south of the border.The president-elect said the Japanese company would be hit with a "big border tax" if the plan went ahead.American car companies have faced harsh criticism from Mr Trump for building cars more cheaply outside the US.Toyota’s President Akio Toyoda said the company had no immediate plans to curb production in Mexico."We will consider our option as we see what policies the incoming president adopts," said Mr Toyoda, speaking in Japan ...
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Chinese home appliance maker Midea Group announced Friday it has secured approval for its bid to take over German robotics firm Kuka and will complete the deal in early January.A statement from Midea, best known for washing machines and air conditioners, said the bid will promote the robot and automation technology in China and worldwide.Midea attaches great importance to Kuka’s advantages in products and services, said Fang Hongbo, chairman of Midea, adding that Midea will help Kuka in markets in China and other regions and expand investments.Midea announced the bid on June 16, offering to pa...
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