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As China Deals Fall Through, CFOs Skimp on Legal Fees

“Regulators last fall introduced new guidelines limiting the scope of overseas deals by Chinese buyers” writes Nina Trentmann Wsj for wsj.com. Shanghai-based Fosun International Ltd. rejected the allegations. “We have always paid the legal fees according to the agreements in the engagement letters with law firms,” said Chen Bo, a spokesman.As Chinese regulators clamp down on overseas deals, finance chiefs increasingly ask for big discounts from their lawyers.Chinese law firms request down payments amounting to around 50% of the total, she added. Source: wsj.com Share This:

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Alibaba leads $1.1B investment in Indonesia-based e-commerce firm Tokopedia

“Alibaba has continued its push into Southeast Asia after it led a $1.1 billion investment in Tokopedia, an e-commerce firm based in Indonesia” writes Jon Russell for techcrunch.com. While that is only a small portion of its total revenue of 50.2 billion CNY ($7.4 billion), Alibaba is clearly bullish on Southeast Asia and this Tokopedia investment reaffirms that.A valuation for the deal was not announced, but the companies did say that Alibaba has become a minority shareholder.Expedia put $350 million into booking platform Traveloka in a deal that valued the startup…

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Warren Buffett stands ground in showdown against Paul Singer

“Warren Buffett is standing his ground in a showdown against billionaire Paul Singer over control of a Texas energy giant” reports nypost.com. Berkshire’s merger agreement with Oncor carries a $270 million termination fee should the deal fall through.The energy unit of Buffett’s Berkshire Hathaway said on Wednesday it will “stand firm” on its $9 billion offer to acquire 80 percent of Oncor Electric Delivery Company and will not increase its offer. Source: nypost.com Share This:

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Uber in talks with four investors to raise up to $16b

“New investors may be given the power to appoint as many as two representatives to Uber’s board, the people said” reports straitstimes.com. Benchmark claims Mr Kalanick defrauded investors and withheld information from directors when he sought to create three board seats last year, according to the complaint.Didi and Uber agreed to a ceasefire in China a year ago and became mutual shareholders in each other’s businesses. Source: straitstimes.com Share This:

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Agriculture industry wants few changes to NAFTA

“The failed Trans-Pacific Partnership trade deal would have expanded U.S. access to those markets without completely removing the barriers” writes Sean Higgins for washingtonexaminer.com. “Agriculture in each NAFTA country would suffer greatly from disruptions to the trading relationships that have developed over the last 23 years.Among business groups, the agricultural industry is arguably the sector most supportive of NAFTA. The lobbying to reopen the deal has come mainly from manufacturers.On Wednesday, Lighthizer said a U.S. goal was to “assure that there is equal access and reciprocity in government procurement and…

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Trump’s lawyer threatens to lodge a complaint against special counsel Mueller if he investigates Trump’s real estate deals

“Obviously, the Georgia deal is at least alleged to have ties that reach to Putin” writes Natasha Bertrand for businessinsider.com. And in the case of the Georgia deal, she added, “there is one.”. President Trump has been more blunt, hinting to the Times that he might fire Mueller if the investigation looks too closely at his business dealings.”. “The Georgia real-estate deal is something we would consider out of scope,” Sekulow told the publication. Source: businessinsider.com Share This:

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We need to preserve nuclear deal: UN 

“Based on the deal Iran put limits on its nuclear activities in exchange for termination of economic and financial sanctions” reports tehrantimes.com. Stephane Dujarric, the spokesman for the UN secretary general, told reporters on Tuesday that it is necessary to preserve the Iran nuclear agreement, formally called the Joint Comprehensive Plan of Action (JCPOA). “We need to do whatever we can to preserve it,” Reuters quoted Dujarric as saying. Iranian President Hassan Rouhani warned on Tuesday that Iran will quit the nuclear agreement “in hours” and return to the previous…

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NBA trade rumors: Kyrie Irving willing to sign extension if dealt to Spurs

“The Cavs guard is willing to sign an extension with the Spurs if he were to be traded to San Antonio, ESPN reported Tuesday” reports sportingnews.com. The trade talks were recently stalled due to the fact that there weren’t any offers the Cavs could seriously consider as an option — until now.The Spurs have interest in Irving, league sources say, and Irving’s willingness to commit to an extension with the Spurs makes for legitimate win-now deal possibilities for Cleveland. Source: sportingnews.com Share This:

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Apple sets record with C$2.5 billion Maple bond market issue

“TORONTO (Reuters) – Apple Inc priced its C$2.5 billion ($1.96 billion) in seven-year bonds in a Canadian-dollar-denominated issue, one of the joint book-running managers said on Tuesday, setting a record amount for an issuer in the Maple bond market” writes Fergal Smith for reuters.com. The deal comes as the Maple bond market, which had previously been dominated by foreign banks, attracts more issuance from companies.An Apple spokesman declined to comment on the size or price of the deal.Apple’s size and brand name allows the company to borrow cheaply, said Altaf…

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