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Press Releases

INTERVIEW-Watchmaker Breitling counts on family commitment in tough times

Swiss watchmakers such as Breitling face dwindling sales in their biggest market, Hong Kong, while Europe is getting fewer tourist shoppers in the wake of Islamist attacks. Breitling Vice President Jean-Paul Girardin told Reuters he is confident the Schneider family is committed to the business, despite speculation about its future following the death...

Source: Reuters

UPDATE 3-Konecranes-Terex deal to proceed as China's Zoomlion drops rival bid

HONG KONG/ HELSINKI, May 27- China's Zoomlion Heavy Industry Science and Technology Co Ltd has abandoned its $3.4 billion bid for U.S. crane maker Terex Corp after failing to agree terms, clearing the way for a smaller deal between Terex and Finland's Konecranes. The decision comes after months of merger talks between the three companies and marks the latest...

Source: Reuters

Hong Kong shares end at 3-week high on hopes of more China link-ups

May 27- Hong Kong shares reversed morning losses and closed at a three-week high on Friday, buoyed by hopes that Beijing will soon expand cross-border investment opportunities between Hong Kong and China. Traders said buying interest revived on talk that China will soon approve a long-touted plan to link the Shenzhen and Hong Kong stock markets, while also...

Source: Reuters

China's Zoomlion drops bid for US crane maker Terex

HONG KONG— Chinese heavy equipment maker Zoomlion said Friday it's abandoning its takeover bid for U.S. crane maker Terex because it failed to reach a deal after months of talks. The announcement ends a complicated mating dance that began last August when Westport, Connecticut- based Terex Corp. and Finnish rival Konecranes said they planned to merge.

Source: The Associated Press

UPDATE 1-China's Zoomlion abandons talks to buy U.S. crane maker Terex

HONG KONG, May 27- China's Zoomlion Heavy Industry Science and Technology Co Ltd said on Friday it has terminated talks to buy crane maker Terex Corp, after failing to agree on terms. Zoomlion, a construction machinery maker, and Finland's Konecranes had both bid for Terex to help them better cope with cooling Chinese and weak European demand.

Source: Reuters

China's Zoomlion abandons talks with U.S. crane maker Terex

HONG KONG, May 27- Zoomlion Heavy Industry Science and Technology Co Ltd said on Friday it has terminated stake sale talks with U.S. crane maker Terex Corp, the latest blow to corporate China's growing ambitions to acquire U.S. assets. The move comes just weeks after Finland's Konecranes agreed to buy Terex Corp's crane business for ports and factories for 1.1...

Source: Reuters

China, Hong Kong stocks fall as China industrial profit growth slows

*Profit growth at China's industrial firms slowed in April. SHANGHAI, May 27- China stocks slipped on Friday as April industrial profit data added to concerns that a recent pick-up in the economy may be short-lived. Both China's blue-chip CSI300 index and the Shanghai Composite Index fell 0.3 percent, to 3,055.29 points and 2,814.03 points, respectively.

Source: Reuters

Shenzhen bourse queries Wanda Cinema's planned purchase of movie affiliate

HONG KONG, May 27- China's Wanda Cinema Line Corp said it has been asked by the Shenzhen stock exchange to provide more information about its proposed $6 billion acquisition of a sister company that owns U.S. film studio Legendary Entertainment. Chinese tycoon Wang Jianlin's Wanda Group bought the Hollywood Studio for $3.5 billion this year via its Wanda Media...

Source: Reuters

Art on Squawk: Fancy some Chinese crystal art?

Liuligongfang's Chang Yi introduces Chinese crystal art, which he says has a focus on Buddhism motifs.


PRECIOUS-Gold on track for biggest decline in 9 weeks

*Spot gold had climbed 0.2 percent to $1,222.46 per ounce by 0046 GMT. *Gold market participants will be covered from next year by a new code of best practice brought in to replace the bullion market annex of the Non-Investment Products code, the London Bullion Market Association said on Thursday. *Top consumer China's net gold imports via main conduit Hong Kong...

Source: Reuters