• China’s state news agency Xinhua denounced various domestic media for reports saying the government planned to increase income tax for the country’s “high income” population whose annual wages exceed 120,000 yuan: FINTS
  • Germany’s Economy Ministry has withdrawn its approval for a China’s Fujian Grand Chip Investment Fund’s takeover of chip equipment maker Aixtron, throwing up an unexpected hurdle for a €670 million deal on the home straight: FINTS
  • Baidu is widely expected to report its third consecutive quarter of net profit decline as it continues to face a slow recovery in its core advertising business. The internet search giant is expected to resume YoY growth by the second quarter of next year: FINTS
  • About 56% of more than 6,000 firms surveyed feel they are under heavy pressure due to rising costs of labor, financing, land and other production factors, according to a report released by a subsidiary with the Ministry of Industry and Information Technology: Xinhua
  • China Oceanwide, a Chinese conglomerate operating in real estate and finance sector, strike a deal to buy American insurance company Genworth Financial for $2.7 billion. On top of this, it plans to invest in Genworth’s life insurance business: FINTS
  • Meizu, a Chinese smartphone maker backed by Alibaba, secures more than 536 million yuan in a new round of fundsraising: FINTS
  • Inner Mongolia Yili Industrial Group Company announces a 4.6-billion-yuan takeover of China’s largest producer of organic milk, and says that it will issue 9-billion-yuan worth of new shares to create a so-called poison pill to ward off a potential hostile takeover from its third-largest shareholder Sunshine Insurance Group: SCMP