A 5B yaun ($813M) e-commerce joint venture between China's privately-held Dalian Wanda Group, Baidu (NASDAQ:BIDU) and Tencent Holdings (OTCPK:TCEHY, OTCPK:TCTZF) will be announced later this week, Reuters reports.
The new venture will unite three of China's most powerful non-state companies, and will be 70% owned by Wanda and 15% held by Baidu and Tencent respectively.
Wanda is a commercial property, luxury hotel and film conglomerate.
Compared to its previous hike, the Japanese government needs to be more cautious regarding its upcoming decision to raise the national sales tax, warns Vice Economy Minister Yasutoshi Nishimura.
Nishimura highlights that the sharp decline in consumer spending from the 3% tax hike in April is proving prolonged, and hopes that the Bank of Japan will decide on further monetary easing as appropriate.
Meanwhile, Prime Minister Shinzo Abe is to soon decide whether to proceed with the proposed plan of raising the national sales tax even higher, lifting the rate to 10%.
HSBC (NYSE:HSBC) declares that it will fight the $250M Keydata lawsuit that alleges it aided a major international fraud.
Thousands of U.K. investors lost their money when Keydata collapsed in 2009. The company invested many of its funds in bonds that were issued by Luxembourg-domiciled SLS Capital, which was later liquidated.
HSBC is accused of doing little to correct the misleading marketing material that displayed the bank as the bonds’ trustee, and that it did not properly investigate claims that Keydata was an alleged Ponzi scheme.
Making a convenient excuse for Shanghai's biggest decline in two weeks is a heavy slate of IPOs (10) set to begin marketing this week. "IPO share sales will put pressure on market liquidity," says a money manager. "The market may need a breather and consolidation here before finding a direction."
Chinese IPOs have been popular this year, sporting an average 94% gain from their issue price.
The U.S. is preparing an expansion of its military air campaign in Iraq, following President Obama's authorization of surveillance flights to gather intelligence on Islamic State targets in Syria.
"The Pentagon is preparing to conduct reconnaissance flights over Syria," says a senior U.S. official. "There is no decision yet to do strikes, but in order to help make that decision, you want to get as much situational awareness as possible."
The drones would enter Syrian airspace without the country's approval or authorization.
A fifth McDonald's (NYSE:MCD) restaurant has been closed in Russia, following the ongoing inspections by Rospotrebnadzor - Russia's food safety regulator.
Despite the increase in closures, Deputy Prime Minister Arkady Dvorkovich previously highlighted that Russian authorities are not planning on closing the chain in the country, but are rather inspecting sanitary violations.
President Petro Poroshenko dissolved Ukraine's parliament yesterday, in an expected move which follows the collapse of the country's governing coalition last month.
The change comes as Poroshenko heads to the Belarussian capital of Minsk to meet with Vladimir Putin and other EU officials over the crisis in Ukraine's east. The meeting marks the first encounter between the two leaders since June, although many expect that chances of a diplomatic solution remains slim.
After conducting a number of recent investigations into Microsoft's (NASDAQ:MSFT) Chinese operations, China's State Administration for Industry & Commerce has found that the company's software sales were not fully transparent, but acknowledged that Microsoft was cooperating with the ongoing investigation.
Chinese regulators have recently clamped down on many foreign firms operating in China over anti-monopoly concerns.
France has been thrown into a new political crisis after President Francois Hollande told Prime Minister Manuel Valls to form a new government, following criticism of his policies by the country's Economy Minister Arnaud Montebourg.
A statement released by Francois Hollande's office states that a new government will be formed on Tuesday in line with the "direction he (the president) has defined for our country."