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BEIJING: China Three Gorges New Energy Co., a state-owned clean energy developer, has started construction of 25 renewable power plants in an investment worth 58 billion yuan (US$8.3bil).
BEIJING: The outbreak of the coronavirus and China’s efforts to stop its spread mean the economy will grow slower this quarter than first thought, with the median forecast now for growth to be the weakest in 30 years.
SINGAPORE: The world’s largest steel industry just sent out another warning flare as producers grapple with the coronavirus outbreak: nationwide stockpiles of reinforcement bar have swelled to the most on record.
BEIJING: PepsiCo Inc has agreed to buy Chinese snack brand Be & Cheery from local jujube maker Haoxiangni Health Food Co Ltd for US$705mil, the companies said.
SHANGHAI: Brigita, a director at one of China’s largest car dealers, is running out of options. Her firm’s 100 outlets have been closed for about a month because of the coronavirus, cash reserves are dwindling and banks are reluctant to extend deadlines on billions of yuan in debt coming due over the next few months. There are also other creditors to think about.
BEIJING: China's banking and insurance regulator said on Saturday it had finished running Anbang Insurance Group, and the revamped entity Dajia Insurance Group was close to a decision on introducing a batch of strategic investors.
SHANGHAI/BEIJING: China's central bank will take further steps to support the virus-hit economy, including releasing more liquidity and lowering funding costs for firms, a vice governor of the bank told state media.
Covid-19 is causing economic damage to China, but experts believe it will emerge stronger economically when the epidemic is overcome. They are also confident that troubled Asean countries can come out of the doldrums.
FRANKFURT: Allianz SE, the German insurer that owns bond giant Pacific Investment Management Co., stopped four consecutive quarters of bleeding assets at its European investment management unit as it beat analysts profit estimates for the year.
BEIJING: Retail sales of passenger cars in China crumbled 92% on an annual basis in the first 16 days of February, according to China Passenger Car Association (CPCA), as the coronavirus outbreak slammed the brakes on businesses across the country.