Baidu’s CLOUD Investment and 3 Important Headlines from Labor Day
Baidu, Inc. (NASDAQ:BIDU) will spend more than 10 billion yuan, or $1.6 billion, in the construction of a cloud-computing center as part its mobile strategy. The firm has also introduced a new mobile Internet browser for Android that will help it direct more traffic through its own search engine.
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China Investment Corp. (CIC) has divested the majority of its investment in BlackRock, Inc. (NYSE:BLK), through an incremental offloading of shares over the past few months, according to the Financial Times. The company had held just below 3 percent, which was worth about $1 billion, and reports that it has profited from the investment.
United States Steel Corporation (NYSE:X) announces that it has reached a tentative new three-year labor agreement with the United Steelworkers union late on Sunday. The new arrangement will affect some 16,000 workers and comes after the existing contract expired on Saturday night. Meanwhile, the union remains in ongoing discussion with ArcelorMittal (NYSE:MT) concerning a similar agreement with that company; the existing contract has expired, but employees are continuing to work.
Alcoa, Inc. (NYSE:AA) has begun to take its loss-making factory on the Italian island of Sardinia offline, which includes laying off hundreds of employees. On the upside, Glencore is considering buying the property, and will give its assessment within a week.
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