IN BRIEF (Page 10)

TIANJIN

Airbus in China

The State Council has given final approval for European plane maker Airbus to set up its first assembly plant in China.

Final government approval for the project in the northern port city of Tianjin was given on Wednesday and a ceremony will be held next Tuesday to mark the official launch.

BEIJING

Steel exports

China’s April steel products exports hit a record 7.16 million tons, as mills and traders raced to beat a change in export policy, according a report on Friday by Mysteel, an industry website.

China removed export rebates on most types of steel products while reducing the rebate on more valued-added products to 5 percent from April 15. It also said in April it would implement a licensing system for exporters, effective on May 20.

Low alumina demand

China’s consumption of alumina, the raw material used to make aluminum, may be less than expected this year as the government ramps up pressure on smelters to reduce production, industry sources said on Friday.

Lower demand could further reduce China’s imports of spot alumina, which fell 14 percent in the first three months of the year, and could weigh on world prices.

Tech expo

The 10th China Beijing International Hi-tech Expo (CHITEC) will be held in the capital on May 24-29.

CHITEC will host 60,000 square meters of hi-tech exhibitions, six rounds of projects promotions, eight professional forums and a large- scale job fair.

A finance forum will focus on the development and performance of private equity in the country.

Law symposium

The Fifth International Symposium on Competition Law and Policy was held in Beijing on Friday.

The event brought together some 100 officials and legal experts from China and abroad to discuss China’s proposed anti-monopoly law, which has been submitted to the National People’s Congress for approval.

SHANGHAI

Online news IPO

Eastday.com, Shanghai’s biggest online news portal, has begun preparations for a 2008 initial public offering on the city’s stock exchange, two sources said on Friday.

The sources said the Shanghai municipal government, the de facto owner of the website, has agreed in principle to allow Eastday.com to list, as part of the government’s plans to boost China’s media industry ahead of the 2008 Olympic Games.

HONG KONG

Share sale

Gome Electrical Appliances Holding Ltd, China’s top electronics retailer, and Warburg Pincus are selling new and existing shares for a maximum of about $351 million, a term sheet showed on Friday.

The company plans to sell up to 110 new shares at between HK$13.25 and HK$13.68 each in a top-up placement.

Agencies-China Daily

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