China News
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Alibaba Group Holding Ltd., China’s largest e-commerce provider, agreed to repurchase about a 20 percent stake in itself from U.S. Web portal Yahoo! Inc. for about $7.1 billion ahead of a potential initial public offering.
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Chinese Premier Wen Jiabao’s pledge to focus more on bolstering growth spurred speculation the government will step up efforts to combat a slowdown in the world’s second-largest economy.
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China will work to speed up approvals of qualified foreign institutional investors looking to buy into its domestic securities, as part of reforms to add depth to the country’s capital markets.
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Van Cleef & Arpels, the jewelry house owned by Cie. Financiere Richemont SA, expects to win gem sales from Chinese consumers concerned with declining stock and property investments.
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