Hong Kong billionaire Li Ka-shing is supposed to be close to secure a 3.7 billion pounds or 5.95 billion dollars worth bid for German utility giant E. ON AG's (EONGY. PK: News ) U. K. power unit. From the deal the octogenarian billionaire will get control over half of Britain's electricity network.

Li Ka Shing Foundation has given a grant of $28 million to University of Alberta to establish a research centre for viral studies. This is the biggest ever single grant received by the university.

This facility aims to develop new cures, vaccines and undertake research to lessen the impact of viral infections.

According to a Forbes magazine report, Asia's richest man, Li Ka-Shing has supposedly made a $50 million investment to acquire a minority stake in the online streaming music service, Spotify, which is looking at global expansion and is likely to offer more premium services.