Business Services Industry
Unit of China State-Run Agency to Buy U.S. Financial-News Provider Market News.
Knight Ridder/Tribune Business News, December, 2003
Kyodo News International, Tokyo Knight Ridder/Tribune Business News
Dec. 10--NEW YORK--Xinhua Financial Network Ltd., a unit of China's state-run Xinhua News Agency, said Tuesday it will buy U.S. financial news provider Market News International Inc.
It will be the first time a Chinese company has purchased a U.S. financial news agency.
Terms of the deal, expected to close next month, were not disclosed.
The announcement was apparently timed to coincide with Chinese Premier Wen Jiabao's visit to Washington to meet President George W. Bush, a sign China is willing to compete with foreign news agencies in financial news distribution.
In China, demand for financial market news from the United States and Europe has been...
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