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General Motors Co. plans to file its initial public offering in mid-August, a source familiar with the situation said Friday.
General Motors is also in talks with banks for a revolving line of credit worth $5 billion. Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley each have agreed to provide $500 million worth of credit. Get the full story »
U.S. agricultural processor Archer Daniels Midland Co on Thursday said it will invest $100 million in a Chinese bank and open an office in Beijing as part of its goal to boost sales in China.
“China’s agricultural market is growing in both supply and demand and represents significant growth opportunities for ADM,” ADM Chief Executive Patricia Woertz said in a statement. Get the full story »
Caterpillar Inc. said on Monday that it had broken ground in Xuzhou, China, for a plant that would build large excavators and that it had opened a plant there to make small and medium-size excavators.
Excavators are modern-day steam-shovels. They often have buckets and are used by builders to dig in confined areas.
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Chinese speakers will soon be able to tap out Internet addresses in their own language after the agency that runs Internet addresses says it will start accepting Chinese script for domain names. Until recently, the suffix — the “.com” part of an address — had to use English characters, even though Chinese characters have sometimes been allowed for the rest of the Internet address.
The era of cheap manufacturing in China is coming to an end.
Rising wages spurred by a series of labor disputes at factories in China, coupled with the country’s just-announced decision to allow its currency to rise in value — making it more expensive to build things there – will lead to higher prices for tech gadgets, cut into corporate bottom lines and force companies to rethink manufacturing strategies anchored in China, the world’s assembly line. Get the full story »
Leaders of some of the Group of 20 nations meeting in Canada this weekend will want to hear more about how China plans to make its currency more flexible, Canadian Finance Minister Jim Flaherty said Monday.
“Some countries will want to see more detail and perhaps even a schedule of some sort,” he told reporters when asked whether China’s announcement on Saturday that it would make the yuan more flexible meant the currency issue would not be such an important topic at the meetings.
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China’s yuan surged on Monday the most since its revaluation in 2005, sending a clear signal ahead of this weekend’s G20 summit that Beijing is sticking to its word of allowing greater currency flexibility.
The central bank has maintained the peg since the middle of 2008, a controversial policy aimed at steadying the world’s fastest-growing major economy during the global economic downturn. But the central bank stepped aside on Monday to back up its surprise weekend announcement that it would allow greater flexibility for the yuan, buying some time against Western critics who argue the currency is undervalued and gives China an unfair advantage in world trade. Get the full story »
Reuters | PepsiCo Inc. plans to invest $2.5 billion in China over the next three
years to expand its presence in a major, growing market where its drinks
lag behind rival Coca-Cola Co.
The spending, announced Friday, comes in addition to the $1 billion
investment the soft drink and snack food giant announced in 2008 that
will be completed this year.
Emerging markets, particularly China, are critical growth engines for
soft drink makers, which have have experienced sluggish sales in recent
years in the saturated U.S. market.
