Greece in advanced talks with China’s Cosco on Piraeus port

May 15 Greece is in advanced discussions with China’s Cosco to boost their cooperation in the country’s biggest port Piraeus , the Greek defence minister said on Friday.

Cosco, which currently manages two container piers at Piraeus Port, is also interested in acquiring a majority stake. Athens has put the port up for sale. Continue reading

Greece to finalise airports deal ‘immediately’ – source

…and Greek further capitulates to Germany’s Fourth Reich. If they ever get tired of being a German vassal state and decide to go with the economic ‘nuclear option’, don’t be shocked to find Russian military bases and Chinese owned shipping ports within Greek territory.

 

(Reuters) – Greece will finalise “immediately” a 1.2-billion-euro (£883.2 million) deal with Fraport (FRAG.DE) to run regional airports and reopen bidding for a majority stake in Piraeus port (Rolph.AT), a senior privatisations official said on Tuesday.

The asset sales had been in doubt after Prime Minister Alexis Tsipras’ leftist-led government took power in January but may be the latest concessions offered by his government to try to secure more bailout cash from international creditors. Continue reading

Fed clears China’s first US bank takeover

Just days after high-level US-China economic talks in Beijing, the Federal Reserve approved an application from Industrial and Commercial Bank of China to buy a majority stake in the US subsidiary of Bank of East Asia.

The transaction will make ICBC the first Chinese state-controlled bank to acquire retail bank branches in the United States.

ICBC has been the most aggressive of China’s “big four” banks in expanding overseas.

According to the Fed the bank has total assets of roughly $2.5 trillion.

It will buy up to 80 percent of the US unit of the Hong Kong-based Bank of East Asia, which operates 13 branches in New York and California.

The broad expansion of China’s footprint in the US market comes amid a series of financial reforms in China that could begin to open the lucrative market to US firms.

Full article: Fed clears China’s first US bank takeover (Yahoo!)