Chinese home appliance maker Haier Group has reached a deal to buy General Electric Co.’s appliance business for 5.4 billion dollars.The acquisition, announced in a statement Friday, comes as Haier — the world’s biggest home appliance maker — tries to transform itself into a premium brand.GE Chairman and CEO Jeff Immelt said Haier “is committed to growing the business globally.”“GE Appliances is performing well and there was significant interest from potential buyers, helping drive a good deal which will benefit our investors, customers and employees,” he added.Haier has a stated focus to grow...
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China has no intention to stimulate exports through competitive currency devaluation, and there is no basis for the renminbi to continue exchange rate depreciation, Premier Li Keqiang said while meeting with Suma Chakrabarti, president of the European Bank for Reconstruction and Development on Friday in Beijing.China is able to keep the RMB exchange rate stable at a reasonable and balanced level, Li said.Regarding Chakrabarti’s visit to Beijing as the formal kickoff of China’s membership in the EBRD, Li proposed to support strengthening economic ties between China and Europe through cooperatio...
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The People’s Bank of China set the daily fix 0.51 per cent weaker today, after the onshore currency rate weakened 0.6 per cent on Wednesday to its weakest level since March 2011.The PBoC set the fix at 6.5646 per dollar, an eighth consecutive softening and the biggest such move since August, when the currency was suddenly devalued. On Wednesday the onshore exchange rate, CNY, fell to 6.5559 per dollar.Before the fix was set, the offshore rate – China’s exchange rate outside of the mainland, which was introduced in 2010 – depreciated 0.1 per cent to 6.7040, indicating market pressure for the ce...
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China is to invest about 77 billion yuan ($11.7 billion) this year on the construction of civil aviation infrastructure, especially airports, according to the Civil Aviation Administration of China.The agency said it will step up construction of important new airports, including those in Beijing, Chengdu, Qingdao, Xiamen and Dalian.Eleven key infrastructure projects and 52 upgrades or expansion work on civil aviation facilities will be started this year, the administration said in a statement.It said work on Beijing's second international airport, the largest construction project in Chines...
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Beijing waded in to prop up China’s stock and currency markets yesterday, helping to temper losses by calming fears over the looming expiration of a share-sale ban and intervening to boost the renminbi.Some traders and analysts said that the “national team” of state-owned financial institutions had also resumed buying shares, despite the securities regulator’s pledge in November to halt regular purchases.The blue-chip CSI 300 index closed 0.3 per cent higher after its 7 per cent fall on Monday triggered a market-wide trading halt under a new “circuit breaker” mechanism intended to interrupt pa...
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