China Warns ExxonMobil
China has urged ExxonMobil to drop an exploration project off the Vietnamese coast and in disputed waters, Hong Kong newspapers report. ExxonMobil has plans to start an exploration project with PetroVietnam in the South China Sea. China says the project would take place in what it sees as part of Chinese territory. Newspaper sources in Hong Kong say China threatened to stop any future mainland contracts for ExxonMobil if the project is not halted.
AIG Approved For Motorcycle Investment
U.S.-based insurance group AIG has been given a green light by the
Chinese Ministry of Commerce to acquire a 13.5 per cent stake in
motorcycle maker Lifan Group. AIG will pay USD90m to become the
second-largest shareholder in the Chinese company. Lifan said it will
use the investment to finance new projects and expand overseas. It is
also eyeing an IPO for USD1 bn in the mainland, Reuters reports.
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