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By Reuters Staff
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SHANGHAI (Reuters) - Schroders said on Monday it had received Chinese regulatory permission to form a majority-owned wealth management venture with a unit of Bank of Communications (BOCOM), the country’s fifth biggest lender.
FILE PHOTO: The company logo is seen at an office of Bank of Communications in Beijing, China, August 27, 2020. REUTERS/Thomas Peter
The announcement came days after Schroders applied to set up a wholly-owned mutual fund business in China, where the government fully opened up its giant financial sector to foreign companies last year.
“Schroders has long been committed to the Chinese market,” Peter Harrison, Schroders Group Chief Executive Officer, said in a statement.
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Big oil companies invests in startup that drills for clean energy
P and Chevron, new investors in Eavor Technologies Inc. include Temasek Holdings Pte Ltd, BDC Capital Corp, Eversource and Vickers Venture Partners.
(AFP)Premium
Eavor Technologies plans to expand geothermal power beyond places like Iceland that have volcanic conditions
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Companies including the venture arms of BP Plc and Chevron Corp. invested $40 million in a startup that aims to use the fossil fuel industry’s drilling experience to expand a technology that harvests low-carbon energy from heat below the earth’s surface.
Eavor Technologies Inc. plans to expand geothermal power beyond places like Iceland that have volcanic conditions. The technology could be a way to replace fossil fuels and nuclear power plants as a low-carbon source of electricity that can be dispatched to the grid whenever it’s needed.