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Temasek to buy 24.95% of Li's Watson for US$5.67 billion

Asia's richest man Li Ka-shing announced Friday that a Singapore state investment fund had agreed to buy just under 25 percent of his flagship retail chain, in a deal worth more than US$5.6 billion. Singapore's Temasek will purchase 24.95 percent of A.S. Watson -- part of Li's vast Hutchison Whampoa conglomerate -- for HK$44 billion ($5.67 billion), a Hutchison statement said, calling it a "strategic alliance".

Hutchison Whampoa net profit up by 20%

Hong Kong billionaire Li Ka-shing's Hutchinson Whampoa conglomerate said Friday its net profit for 2013 was up 20 percent from the previous year, despite challenging global markets. The blue-chip group said net profit was HK$31.11 billion ($4.01 billion) for the year ended December 31, 2013, compared to HK$25.89 billion in 2012. Profits were fuelled by growth in areas including its port, hotel and property divisions, the company said in a statement filed to the Hong Kong stock exchange.

Hutchison Whampoa net profit up by 20%

Hong Kong billionaire Li Ka-shing's Hutchison Whampoa conglomerate said Friday its net profit for 2013 was up 20 percent from the previous year, despite challenging global markets. The blue-chip group said net profit was HK$31.11 billion ($4.01 billion) for the year ended December 31, 2013, compared to HK$25.89 billion in 2012. Profits were fuelled by growth in areas including its port, hotel and property divisions, the company said in a statement filed to the Hong Kong stock exchange.

Husky posts lower fourth-quarter profits; Liwan project nears start-up

CALGARY - Husky Energy Inc. (TSX:HSE) saw a dip in profits during the last three months of 2013 compared to the same period a year earlier, but beat market expectations. Adjusted quarterly earnings were $412 million, down from $487 million a year earlier. On a per-share basis, the adjusted earnings of 42 cents beat the average analyst estimate of 38 cents per share, according to Thomson Reuters. Daily production was 308,000 barrels of oil equivalent per day, down from 319,000 during the same 2012 quarter.

Husky approves two new heavy oil projects in Saskatchewan, completed by 2016

CALGARY - Husky Energy Inc. has given the green light to two new heavy oil construction projects in Saskatchewan in the Lloydminister region. Calgary-based Husky (TSX:HSE) says the two projects will deliver a total of 20,000 barrels per day, with the first oil expected in 2016. Construction of the Edam East project has already started while work at the Vawn project is set to begin later this year. Husky Energy says the two projects are part of the company's plan to achieve a target of delivering a total of 55,000 barrels a day by 2016.

Hong Kong tycoon eyes Nordic electricity unit

Li Ka-shing, Asia's richest man, is looking to buy Fortum Oyj's electricity distribution business in Finland, a report said on Wednesday. A Dow Jones Newswire report cited a person familiar with the matter saying that the tycoon's infrastructure unit, Cheung Kong Infrastructure (CKI), is looking to acquire the operation and has hired bankers. The deal, which could amount to $2 billion, would be another acquisition made by Li recently in the European utilities sector, stable returns of which have appealed to Asian buyers, the report said.

EU likely to open probe into Hutchison, Telefonica deal: sources

BRUSSELS (Reuters) - EU antitrust regulators are set to open a lengthy investigation into Hutchison Whampoa's bid for Telefonica's Irish unit unless Hutchison offers concessions to sooth competition concerns, two people familiar with the matter said on Wednesday. Hong Kong-based Hutchison Whampoa, controlled by Asia's richest man Li Ka Shing, announced the 780-million-euro ($1.07 billion) offer for Telefonica's 02 Ireland unit in June, its latest deal to build up a presence in Europe.

Firms controlled by Asia's richest man face Australian tax fight

SYDNEY (Reuters) - The Australian Tax Office is pursuing unpaid taxes from companies controlled by Asia's richest man, Li Ka-shing, that relate to profits made in the country's power, gas and water industries. The Federal Court recently ruled against two companies related to Li's Cheung Kong (Holdings) Ltd <0001.HK>, ordering they pay A$776 million ($726.92 million) in unpaid tax and penalties.

Shanghai free trade zone will deal a blow to Hong Kong

Asia's richest man Li Ka-shing has warned that Shanghai's new free-trade zone will have a "big impact" on Hong Kong, urging the city to up its game to avoid losing out. China will allow unfettered exchange of its yuan currency in its first free-trade zone (FTZ), according to draft plans revealed exclusively by AFP this month, in a bold push to reform the world's second largest economy. The proposals showed the new Shanghai FTZ as an international trade and financial centre, which analysts say would challenge the free economy of Hong Kong.

Shanghai free trade zone will deal a blow to Hong Kong

Asia's richest man Li Ka-shing warned that Shanghai's new free trade zone will have a "big impact" on Hong Kong, urging the city to up its game to avoid losing out, his office said Wednesday. China will allow unfettered exchange of its yuan currency in its first free trade zone, according to draft plans revealed exclusively by AFP earlier September, in a bold push to reform the world's second largest economy. The proposals showed the new Shanghai FTZ as an international trade and financial centre, which analysts say would challenge the free economy of Hong Kong.
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