China Investment Corp (CIC), the country's sovereign wealth fund, has injected $5 billion into Morgan Stanley.
On Wednesday the US-based investment bank reported a higher than expected writedown of $9.4 billion in the fourth quarter, largely due to losses in subprime mortgages and other assets.
The equity that CIC has bought could be worth as much as 9.9 percent of Morgan Stanley's common shares in 2010.
That would make the Chinese company the second largest shareholder in the American investment bank.
CIC will act as a “passive investor” and believes Morgan Stanley has potential for long-term growth.
Korea: Former CEO takes helm of ROK
Former Hyundai CEO, Lee Myung-bak, yesterday claimed victory in South Korea's presidential election.
Lee who is nicknamed, "The Bulldozer", for his get-the-job-done attitude, previously served as the Seoul Mayor.
Claiming victory Lee said he would serve the people in a very humble way and save the nation's economy which was facing a crisis.
This year voters were concerned over sky-high real estate prices, soaring unemployment and a widening gap between rich and poor.Of note Lee turns 66 on the day of election.
Shanghai: Mascot of 2010 Expo unveiled
Earlier this week the mascot of the 2010 Shanghai World Expo was presented to the world.
Haibao is modeled after the Chinese character ren, meaning people or person.
The mascot’s name means “treasure of the four seas” or “treasure of Shanghai”.
Its designers say the color blue was chosen to represent the sea, dreams and technology.
In January this year the Bureau of Shanghai World Expo Coordination launched a worldwide design competition for a mascot.
The judges picked Haibao from over 26,000 entries.
Talents of noticeable contribution honored
The “2007 Top Ten Figures of Wealth and Intelligence” were announced this week in Beijing.
The event was held to commemorate the greatest feats of innovation and influences over the past year.
Ten prominent leaders in business and politics were honored in Beijing’s Diaoyutai Guesthouse last Saturday. Xu Jialu, Vice Chairman of the Standing Committee of the National People's Congress, attended and addressed the meeting.
Compared with the three previous sessions of the election for “Top Ten Figures of Wealth and Intelligence,” the event this year features more foreign nationals and overseas Chinese.
Douglas Anderson, Greater China General Manager of French multinational Nexans, was awarded for his passion in China’s public welfare including reforestation, orphanages, and building schools in impoverished areas.
“I believe when you take, you always have to give. That sounds very religious, but it’s not supposed to be. I just fundamentally believe if you give from a place of good intention, then you generally get it back, some times it doesn’t work. Most of the times it does, I find. So I think if you drive business like that, then your name became a household name.”
A popular vote was held on the internet before the judging panel finally chose ten individuals who had “outstanding achievements, innovations, and influences” for China’s social and economic development in 2007.
Beijing: Getting into the holiday spirit
Christmas is only four days away and many families outside of China are preparing for this festive occasion.
But the atmosphere is just as lively in Beijing, with many shopping malls and restaurants getting into the holiday spirit.
China Daily News reporter Brendan John Worrell took to the streets of the capital to talk to people getting ready for the holidays.