Money briefs

Cisco to invest $13b in China

HONG KONG - Cisco Systems will invest over US$10 billion (S$13.3 billion) in China over the next few years, a costly tactic to gain favour with Beijing and stay competitive. The agreement with China's state economy planner comes as China promotes local firms at the expense of US ones.

BLOOMBERG

Pertamina to control Mahakam

JAKARTA - Indonesia said on Friday it will grant a 30 per cent stake in the Mahakam gas block to French Total and Japanese Inpex, with the majority stake going to state-owned Pertamina.

Total and Inpex have been running Mahakam, since 1967, but President Joko Widodo wanted Pertamina to run it when the contract expires at the end of 2017.

AGENCE FRANCE-PRESSE

A version of this article appeared in the print edition of The Straits Times on June 20, 2015, with the headline 'Money briefs'. Print Edition | Subscribe