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        Source:China Daily Date:2014-06-02 11:48:25

        Philips, Alibaba sign deal for services in China

        Philips (China) Investment Co Ltd and Alibaba Group Holding Ltd signed an agreement that will see Alibaba provide Philips with a cloud computing service while it provides smart products to customers in China. The two companies also intend to cooperate on big data exchanges and analysis, so they can be better informed of useful data; including product needs, purchasing behaviors, user feedback, and development trends.

        Dutch pension fund to buy 20% of Chinese warehouser

        Dutch pension fund APG Asset Management will pay up to $650 million for 20 percent of Chinese warehouse firm Shanghai e-Shang Warehousing Services Co Ltd and set up a joint venture to expand in China, the companies said on Thursday. E-shang, backed by private equity firm Warburg Pincus, and APG aim to tap strong demand for warehouses as Chinese e-commerce booms. The joint venture plans to develop and run modern logistics real estate assets across China.

        Baosteel's $1.3b takeover approved by Australian govt

        Chinese iron and steel giant Baosteel Group Corp moved closer to securing an A $1.4 billion ($1.29 billion) takeover of Aquila Resources Inc after the Australian government approved the deal on Thursday. Baosteel Resources Australia, a subsidiary of the Chinese parent's overseas development arm, and Australian rail freight operator Aurizon Holdings Ltd have made a conditional offer of A $3.40 per share in cash for the iron ore and coal firm.

        Yuan strengthens for first time after five days of decline

        The yuan strengthened for the first time in six days as some investors judged excessive the slide that brought the currency within 0.1 percent of its weakest level since 2012. The yuan gained 0.25 percent, the most since May 6, to close at 6.2399 per dollar in Shanghai. It had dropped as much as 0.11 percent, China Foreign Exchange Trade System prices show. The currency lost 0.35 percent in the last five trading days.

        Nation spends more than US on shale gas development

        China's effort to catch up with the United States in developing shale gas is coming at a big cost. It's spending four times as much developing some fields, according to a Bloomberg report. China has mandated targets for its producers, such as China Petroleum & Chemical Corp, also known as Sinopec. Sinopec estimates it will spend an average of $10 million per well at its Fuling site. That compares with costs as low as $2.6 million per well in parts of the US.

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