The Shanghai Composite Index rose 9.3%, or 304.7 points, to close at 3,583.0 after tax was cut from 0.3% to 0.1%.
It is a clear sign that the government wants to support share prices, which had fallen 50% from their peak levels in October 2007.
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Alibaba Group, the Chinese Internet company part-owned by Yahoo Inc, has hired advisers to evaluate issues related to a possible purchase of its U.S. partner by Microsoft Corp after the Chinese government said it would scrutinize the deal. Alibaba executives believe Microsoft will succeed in its bid for Yahoo, and has hired lawyers and financial […]
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The state-owned Aluminum Corporation of China and Alcoa suceeded Friday in taking a 12 percent stake in Rio Tinto. The Chinese company also said it might buy more shares to derail a hostile takeover attempt by BHP Billiton, a merger that China fears could drive up prices for raw materials.
It seems that the Chinese goverment […]
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