Tycoon to buy Israeli satellite operator

A company owned by Chinese tycoon Wang Jing is taking over an Israeli satellite operation firm for $285 million.

Wang said the deal is expected to help Beijing Xinwei Telecom Technology to access "scarce resources" in outer space, as the number of available positions on some satellite orbits is falling.

Wang is known for his plan to build a $50 billion canal project spanning Nicaragua, connecting the Atlantic and Pacific Oceans.