China Business Briefs 5/11/13

In a recent interview with Reuters, GM China President Bob Socia said that the company’s China sales were likely to grow this year by 300,000 to 3 million vehicles.

GM makes vehicles in China in partnership with FAW Group and SAIC Motor Corp Ltd.

Agribusiness giant Cargill Inc on Monday said it restarted a plant in Fort Dodge, Iowa, that the company purchased in 2011 from corn processor Tate & Lyle.

The announcement came as Noble Group Ltd said it will soon restart an Indiana ethanol plant that was shut for a year while another facility that was idled for five years in Ohio came back online last month.

Meantime, there are a number of once-mighty wireless handset outfits that aren’t going to make it to the next round and flourish in the post-smartphone boom bonanza.

Of course, Nokia is selling its handset operations to Microsoft. HTC, which was once a major partner of Microsoft and Windows Phone, is in the midst of reorganization while rumors of outside investment swirl, including word that China Mobile has kicked its tires.

HONG KONG—U.S. bank Brown Brothers Harriman & Co. has signed an agreement with Industrial & Commercial Bank of China Ltd., China’s largest bank by assets, that will enable it to lead some of the world’s biggest asset managers into China ahead of possible new rules that are expected to open the country’s mutual fund market to foreign investors.

The agreement will give BBH early-mover advantage in servicing players entering a mutual fund market that is expected by at least one estimate to more than triple in size by 2020, and a partnership with a dominant financial player in that market.

ICBC International Holdings, the overseas investment banking platform of Industrial & Commercial Bank of China, will acquire a 6% stake in the mall, the three companies said in a joint statement on Monday.

Posted from Diigo.


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