Week in Review: US and EU Tackle Middle East Tensions, Mexico-Portugal Develop Shipping Corridor, Haier Group Acquires Stake in Shanghai RAAS Blood Products
Week of 8 January
👋 Happy New Year and welcome to this week's edition of Business Beyond Borders, brought to you by Bluente, where we highlight the most important cross-border news every week
📰 News flash around the world
US and EU launch twin diplomatic mission to calm tensions in the Middle East region (Guardian)
Mexico and Portugal create new shipping corridor (Source)
Saudi Arabia’s King Salman Global Academy to launch Arabic language month in Indonesia (Arab News)
South Korea records its first trade deficit with China in 31 years (Nikkei)
🌎 Business Expansion Updates
Pompous Sonthanhphat Limited, a brand focusing on the processing and exporting of cashew, marks its entry into the China market (Source)
Omani bank, Sohar International, receives SAMA approval for Saudi expansion (Arab News)
Citi and other global financial firms, step up their expansion in the Chinese market (Global Times)
Egypt plans to spend billions doubling the size of the lavish new capital that it’s building 45km east of Cairo (Straits Times)
China’s Chery, a car-maker, is considering building factories in Europe and the UK, with vehicles from the factory being exported to Australia (Source)
Vietnamese Electric vehicle maker, VinFast, announces a $2 Billion investment to set up its manufacturing plant in India (BT)
⚖️ Legal & Regulatory Updates
Several new laws come into effect in China as of 1 Jan 2024, including the amended Administrative Reconsideration Law, Amendment to the PRC’s Civil Procedure Law and new measures for the administration of formula foods for special medical purposes (China Briefing)
Australian regulator steps up greenwashing crackdown on funds making misleading environmental claims (FT)
🤝 Deal Highlights - Notable M&A / finance transactions
Chinese home appliance company, Haier Group, will acquire a 20% stake in China’s Shanghai RAAS Blood Products from Spanish pharma group Grifols for $1.8 Billion (RT)
US oil producer, APA, will acquire rival, Callon Petroleum, in an all-stock deal valued at $4.5 Billion (RT)
Renewable energy company, Ormat Technologies, finalized the acquisition of a renewable asset portfolio in the US from Italian multinational energy company, Enel, for $271 Million (RT)
Baidu cancels the $3.7 Billion acquisition of social media firm, Joyy, as regulators did not approve the transaction within the three year timeframe (SCMP)
Learn new terms this week - Did you know? We have just launched Indonesian in-app!
Privacy: 私隐 (sī yǐn)
Cybersecurity: 网络安全 (wǎngluò ānquán)
Anti-bribery and corruption: 反贿赂与贪污 (fǎn huì lù yǔ tān wū)
Let us know what topics and language interest you here!
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