DreamWorks eyes China
DreamWorks Animation yesterday said it plans to build a US$3.2 billion theme park in Shanghai, as the US film giant seeks to bolster its presence in the booming Chinese entertainment market. The studio’s newly formed China joint venture, Oriental DreamWorks, is set to open the theme park in 2016, the creator of megahits like Shrek and Kung Fu Panda said in a statement. The 20 billion yuan (US$3.14 billion) project — called the Dream Center — will comprise entertainment facilities, animation exhibitions and commercial developments including hotels and shopping areas in Shanghai’s Xuhui district, it said.
Energy privatization begins
The country wants binding bids for its state-owned natural gas company and gas grid operator by the end of next month and hopes to complete their sale in late autumn as it revives its privatization drive, a government official said on Monday. Hoping to regain credibility with international lenders keeping the country afloat, the new conservative-led government has made speeding up privatizations a priority, but has admitted delays from repeat elections in May and June. The government’s priorities also included the sale of gambling firm OPAP, the old Athens airport as well as buildings in Athens and on the islands of Corfu and Rhodes.
Esprit shares jump
Shares in global clothing retailer Esprit yesterday jumped 28 percent on the Hong Kong stock exchange after the company appointed a new chief executive. Esprit’s shares rose to HK$12.74 in afternoon trade following the appointment of Jose Manuel Martinez Gutierrez to replace Ronald van der Vis as chief executive.