Royal Philips Electronics NV plans to buy a unit of Chinese home appliance maker Shanghai Povos Enterprise Group Co for 2.3 billion yuan ($355 million) to 2.5 billion yuan, Xinhua News Agency reported, citing unidentified people familiar with the transaction.
Lenovo Group Ltd may not want to disclose its succession plans but at least it has one. There's a good reason for the secrecy: Revealing who is going to replace whom puts the group at a disadvantage because it will encourage competitors to recruit its best people.
Stocks on the Chinese mainland rose, spurring the biggest gain for the benchmark index in a week, on speculation inflation will decelerate the rest of the year and the nation's economic growth may sustain earnings.
It started a year ago, when China issued its first regulationtargeting online trade and services. Then, last month, Wuhan cityofficials collected more than 4.3 million yuan ($665,000) in taxfrom a company that sells clothing online.
Domestic automaker BYD has agreed to terminate a planned joint venture with a subsidiary of French bank Societe Generale that would have offered financing for new car purchases, the carmaker announced on July 5.