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☆ IMAX's buyout proposal of China unit falls through
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +1 min

People wait for movie screening at an IMAX theatre inside the Wanda Plaza in Xinxiang, Henan province, China March 23, 2018. REUTERS/Stella Qiu/File Photo Acquire Licensing RightsOct 10 (Reuters) - IMAX China (1970.HK) said on Tuesday that its shareholders have rejected a proposal of its U.S.-based parent (IMAX.N) to buy the remaining stake in the Hong Kong-listed company for about $124 million. IMAX, which currently owns 71.6% of its Chinese subsidiary, had offered to buy IMAX China at HK$10 ($1.28) per share in July, a 49% premium to the 30-day average closing price at the time. The remaining 28.4% stake of IMAX China was valued at about$98.7 million, as of the company's last closing price. IMAX had sought to take full control of its China unit to improve the company's operational flexibility and apply its technology in the Chinese market.

Persons: Stella Qiu, Upasana Singh, Varun Organizations: REUTERS, HK, Thomson Locations: Xinxiang, Henan province, China, Hong Kong, Bengaluru

CNN —Days of heavy rain have caused severe flooding in China’s leading grain-producing region in the northeast, killing 14 people and raising concerns about food security as floodwater inundated farmlands. As the storm moved further north, another 14 deaths were reported Sunday in the city of Shulan in Jilin province. Firefighters operate a drainage machine near a village in the city of Mudanjiang in northeastern China's Heilongjiang province on August 5. A cornfield is submerged by floodwater in a village in Hebi city, Henan province on August 5. A flooded farm in Xinxiang city, Henan province on August 5.

Persons: Doksuri, Zhang Tao, floodwater, Typhoon Khanun, Xi Jinping Organizations: CNN, Xinhua, Firefighters, China’s Ministry of Water Resources, Communist Party, Ministry of Agriculture, Rural Affairs, National Bureau of Statistics, China Meteorological Administration, Qiushi, Communist Locations: China, Beijing, Hebei, Shulan, Jilin province, Heilongjiang, Mudanjiang, China's Heilongjiang, Jilin, Harbin, Shangzhi, Wuchang, Liaoning, Hebi city, Henan province, Henan, Xinxiang city

The comments marked the first time the two nations have been lumped into the list of major emitters that island states say should be held to account for damage already being wrought by global warming. "We all know that the People's Republic of China, India - they're major polluters, and the polluter must pay," Browne said. To date, climate vulnerable countries have called on historical emitters like the United States, United Kingdom and the EU to pay climate reparations. China itself has previously supported the creation of a loss and damage fund but has not said it should pay into it. The EU and United States have said that China, the world's biggest greenhouse gas emitter, should pay.

☆ Fearing COVID, workers flee from Foxconn's vast Chinese iPhone plant
▼ + stars: | 2022-10-31 | by ( Ryan Woo | ) www.reuters.com time to read: +4 min

He walked through the night, keeping to a northerly route, towards his hometown of Hebi, every step taking him farther away from iPhone maker Foxconn's (2317.TW) Zhengzhou plant, the Taiwan-based group's largest in mainland China. "There were so many people on the road," Yuan told Reuters on Monday, declining to give his full name because of the matter's sensitivity. "People would be called away in the middle of work, and if they don't show up the next day, that would mean they had been taken away," Yuan said. On Sunday afternoon, the company told Reuters in an emailed statement that workers were allowed to leave if they chose to. "I'll never go back to Foxconn," said Yuan, who has since been transported to Hebi and put under quarantine.

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