. Energy News .

China fund buys stake in British utility
by Staff Writers
Beijing (AFP) Jan 20, 2012

China's $410-billion sovereign wealth fund said Friday it had bought a stake in British utility company Thames Water, days after Britain's Finance Minister George Osborne held talks in Beijing.

China Investment Corporation (CIC) said in a statement it had acquired 8.68 percent of the company -- the largest water and sewage service provider in Britain -- through a wholly-owned subsidiary. It did not disclose the price.

CIC was established in 2007 to invest some of China's huge foreign exchange reserves, the world's largest at $3.18 trillion by the end of 2011, on the global financial markets.

The latest deal comes after chairman Lou Jiwei said CIC would invest in European and US infrastructure as Beijing seeks better returns for its foreign exchange holdings.

In an article published by the Financial Times, Lou also said CIC was keen to team up with fund managers or participate in public-private-partnerships in Britain.

Osborne met Vice Premier Wang Qishan, China's top finance official, and the heads of CIC and ICBC -- the largest bank in the world -- on Tuesday during a visit aimed partly at attracting investment in British infrastructure.

He also made a brief visit to Hong Kong, where he announced Britain had agreed to partner with the Chinese territory to develop the City of London as a major offshore centre of trade in China's yuan currency.

Related Links

Get Our Free Newsletters Via Email
Buy Advertising Editorial Enquiries


. Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Maryland Smart Growth Weakness Frustrates Stakeholders
College Park MD (SPX) Jan 20, 2012
Maryland planners, developers and land-use advocates consider the state's smart growth tools too weak, frustrating their desire for development within existing urban areas, finds a new University of Maryland study based on interviews with a representative group of stakeholders. "Just about everyone feels squeezed between a rock and a hard place - wanting development where state laws intend ... read more

China fund buys stake in British utility

Maryland Smart Growth Weakness Frustrates Stakeholders

Japan's quake-hit TEPCO to put up business bills

Tough economy curbs clean energy investment: experts

Study: LNG exports will increase prices

China calls for restraint in Sudan oil dispute

Iran paid through Turkey for oil sales to India

The great gas hydrate escape

China voices 'deep concern' over US wind tower probe

Power generation is blowing in the wind

Spain's Gamesa wins Chinese wind turbine contract

Mortenson Starts Construction of Rim Rock Wind Project

In Solar Cells, Tweaking the Tiniest of Parts Yields Big Jump in Efficiency

A Shade Greener Aim to Supply 35,000 Families with Free Solar by 2015

Green Roofs Embrace Renewable Solar Energy

New Solar Shingle Mount Requires No Trimming

TEPCO 'to be nationalised' for at least 10 years: report

Sweden must improve nuclear plant safety: report

Japan reactor lifespan up to 60 years: government

Romania to sell 10% stake in two energy firms

Findings prove Miscanthus x giganteus has great potential as an alternative energy source

US Woody Biomass Prices Have Dropped the Past Three Years

Bio architecture lab technology converts seaweed to renewable fuels and chemicals

From field to biorefinery: Computer model optimizes biofuel operations

China Plans to Launch 30 Satellites in 2012

China launches Ziyuan III satellite

Spying on Tiangong

China's space ambitions ally glory with pragmatism

Slow response to East Africa famine cost lives: agencies

Managing private and public adaptation to climate change

Warmer summers may bring colder winters

Researchers discover particle which could cool the planet


The content herein, unless otherwise known to be public domain, are Copyright 1995-2012 - Space Media Network. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement