Sinomania!

• Geely Buys Volvo - Chinese carmaker Geely becomes the 1st Chinese auto maker to buy a legendary brand with its $1.8 billion (US dollar) acquisition from Ford Motor. Analysts say for the venture to work Geely will need to take a different approach something Geely just may be able to pull off given its reputation as China's biggest privately owned auto company....
• Rio Tinto Ex-employees Sentenced in China to prison on bribery and theft charges with terms ranging from 7 to 14 years. Australian Foreign Minister Stephen Smith criticized the verdicts and said it may impact relations with China. China is Australia's top trading partner....
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• AFP says a World Gold Council report sees Chinese gold consumption doubling over the next decade. Although currently the world's leading gold producer China could exhaust its known gold reserves in just 6 years if gold consumption reaches the same degrees as India....
• Sinopec Buying Upstream Assets from its parent China National Petroleum Corp. including Angola assets valued at $2.6 billion (US dollars) all in a bid to ensure petroleum reserves....
• China's National Social Security Fund To Invest Overseas and its Chairman Dai Xianglong specifically mentioned USA, EU, and India as investment targets. Currently the fund has around $114 billion (US dollars) available and aims to more than double in size in 5 years to 2 trillion Yuan....

Labels: business news, Chinese business, financial news

# posted by Sinomania! : 3/29/2010 12:09:00 PM