Bizview: Today's top business news

China to consolidate shipping operations at two state firms
 
China announced plans to reorganize two major shipping groups with combined revenue of more than US$40 billion (S$56 billion), paving the way for the creation of one of the world's largest container lines and demonstrating the country's intent to create national champions that are globally competitive.

HK-listed Fosun bonds plunge, shares suspended as chairman goes missing

Fosun International bonds plunged by a record and the company suspended its shares in Hong Kong after Caixin magazine reported that billionaire Chairman Guo Guangchang had gone missing.

Standard Chartered gets 97% demand for US$5.1 billion share sale

Standard Chartered raised about US$5.1 billion after 96.8 per cent of the bank's shareholders exercised their rights in a share sale on Friday, signaling confidence in chief executive officer Bill Winters's strategy to turn around the Asia-focused lender.

Alibaba can afford to spend up to US$38b on deals next year: BNP Paribas

Alibaba Group Holding can spend as much as US$38 billion on deals next year to take on Tencent Holdings and Baidu in China's increasingly competitive Internet market, according to analysts at BNP Paribas.

China's yuan falls to near 4-1/2 year low as central bank steps back

China's yuan hit 6.4515 to the US dollar in mid-morning trade on Friday, its lowest level in nearly four and 1/2 years, raising questions over how far Beijing will let the currency weaken to help shore up economic growth. It was also weaker than the lowest level reached in mid-August after a central bank surprised global markets with a devaluation.