BEIJING: China's central government has launched a 150 billion yuan ($21.79 billion) fund designed to support investments offshore by Chinese companies as well as the country's new Silk Road initiative. The first phase of the Guotong Fund, capitalized at 70 billion yuan, was registered on Nov. 25 in Hangzhou, according to a statement posted Wednesday on the website of the State-owned Assets Supervision and Administration Commission (SASAC). The statement cited equipment manufacturing as one type of offshore investment…
LONDON: British Prime Minister David Cameron admitted Thursday he had held a £30,000 stake in an offshore fund set up by his father, after days of pressure following publication of the so-called Panama Papers.
LONDON: Prime Minister David Cameron came under pressure to explain his family's financial affairs on Tuesday after the Panama Papers revealed his late father ran an offshore fund which avoided paying tax in Britain for 30 years.