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China approved Novartis AG's proposed acquisition of Nestle S.A.'s 52% stake in Alcon Inc. for $28.1 billion, but China is barring Novartis from selling certain products in the Chinese market and entering a partnership with a Taiwanese contact-lens maker.

Without disclosing financial terms, News Corp. said it will sell controlling stakes in three Chinese television channels and a library of Chinese movies to government-backed private-equity fund China Media Capital. The deal signals a rethinking of News Corp.'s strategy in China as the government refuses to loosen its grip on the country's media.

Legend Holdings Ltd., parent company of computer manufacturer Lenovo Group Ltd., says it will invest 10 billion yuan over the next five years in clean energy, new materials, technology, financial services, and other industries related to domestic consumption in China. The announcement comes after Oceanwide Holding Group Co. acquired a 29% stake in Legend for 2.76 billion yuan. Legend has also plans to list its shares and become a private company.

Government-controlled Chinese Academy of Sciences is asking for $404 million to sell a 29% stake in Legend Holdings Ltd., parent company of computer manufacturer Lenovo Group Ltd. The Academy will retain a 36% stake after the sale. For the quarter ended June 30, Lenovo posted a net loss of $16 million, and a 20% drop in revenue to $3.46 billion.

China's Alibaba.com Ltd. reports a 57% fourth-quarter net profit drop to 199.4 million yuan, and a 27% increase in revenue to 805.9 million yuan. Fourth-quarter operating profit dropped to 22% from last year's 29%. The company's 2008 full-year net profit rose 25% to 1.21 billion yuan. In 2009, Alibaba.com plans to hire between 2,000 and 3,000 new employees, raising staff costs by 25% to 30%.

The China Banking Regulatory Commission will permit Chinese banks to invest client funds in UK mutual funds and the UK stock market per an agreement reached with British financial authorities. The agreement is aimed at gradually expanding China's commercial bank markets and increase international risk control, investment management, and investment opportunities.