Shanghai Taxi Operators May Merge
Dazhong and Jinjiang, two of Shanghai's major taxi operators, look set to merge as the government looks at ways to lower costs and streamline operations. "The technical details of the merger have yet to be worked out. But things are moving very quickly and a final plan could be announced as early as this month," Reuters quotes a source familiar with the matter. Dazhong operates a fleet of more than 9,000 taxis, while Jinjiang Group has 4,000 taxis. Credit Suisse owns a small part in state-run Dazhong, while Jinjiang is controlled by China's largest hotel operator, Jinjiang Group.
China to Buy More U.S. Treasury Bonds?
The People's Bank of China has rejected media reports that China will
purchase U.S. treasury bonds totalling USD200 bn to help Washington
ease the deepening financial crisis. Elsewhere, Hong Kong media reports
suggest that China will purchase between USD70-80 bn in U.S.
treasuries. An official statement on the PBOC website disclaims either purchase.
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