Results tagged “dowjones”

It's a sad, sad day for economics news. One of our favorite business publications is now shuttering its doors as Dow Jones & Co. tries to reshuffle its properties - the Far Eastern Economic Review. According to their site, “the Far Eastern Economic Review will cease publication in December so opinion and commentary resources from Asia can be expanded across all Dow Jones properties. Unfortunately, despite several attempts at invigorating the brand, the REVIEW’s continued losses in advertising revenue and readers is now unsustainable.” FEER was first launched in 1946. Most of its content will now be continued through The Wall Street Journal Asia.

For those keeping scores at home, and we know you are, this is now the third installment on the on-again, off again love affair between Bear Stearns and the Chinese government sponsored investment firm, CITIC. At this point, we don't know what or whom to believe.

Earlier this week, we told you that a Chinese state owned bank is in talks to buy a stake in US investment bank, Bear Stearns. Apparently, we got some bad info, well actually Dow Jones Newswires got some bad info. See what happens when Rupert Murdoch gets involved? Anyway, today, we learned from a much more reputable publication, Shanghai Daily, that the deal is off, or something like that, here is the quote

Bear Stearns, the troubled US investment bank may soon find the People’s Republic of China among its key shareholders. According to Dow Jones Newswires, Jiang Dingzhi, vice chairman China Banking Regulatory Commission confirmed reports of China Citic Bank holding preliminary discussion with Bear Stearns for a stake in the Wall Street firm. China Citic Bank is a division of China Citic Group, an investment arm of the Chinese government. Bear Stearns’s Tokyo spokesperson refused to comment on the story.

Are you in the Chinese stock market? No, this isn’t a reprint of the post from last month. We ask because yesterday, both the Shanghai and Shenzhen exchanges dropped about nine percent, registering their biggest decline in a decade, surpassed only by the sell off the day after late reformist leader Deng Xiaoping died in 1997.

Via Virtual China, we learn that popular Chinese instant messaging software company and internet portal QQ (no relation to the Chinese car) is launching its own brand of instant noodles, to be sold at internet cafes. Now Chinese teenagers have no reason to go offline!