Billionaire investor George Soros joined Northern Trust Corp. and BlackRock Inc. in cutting holdings of exchange-traded products backed by gold before a bear market in prices last month, while John Paulson maintained a stake that lost about $165 million in the first quarter.
General Motors Co., seeking to boost China sales 75 percent by 2015, apologized for a Chevrolet ad that included a song referring to “the land of Fu Manchu” where all of the girls sing “ching, ching, chop-suey,” which one Hong Kong newspaper called racist.
China’s securities regulator plans to raise the minimum proportion equity funds should have in shares, a move that may drive investments into the worst- performing major Asian stock market in the past year.
China Development Bank Corp. Chairman Chen Yuan will step down, handing the reins of the world’s largest policy lender to Bank of Communications Co.’s Hu Huaibang, said two people with knowledge of the matter.
The captains of the two vessels that collided off Lamma island last October are expected to be charged with manslaughter today, the South China Morning Post said, without saying where it got the information.