IN BRIEF (Page 13)
Updated: 2012-04-18 08:03
Vale joins iron ore platform
The Brazilian miner Vale SA has become a member of China's first iron ore physical trading platform, which Beijing hopes will help it gain more influence over pricing and provide more transparency in the spot market, the platform's operator said on Tuesday. The move came after the miner earlier signed a memorandum of understanding with the China Beijing International Mining Exchange, which operates the platform. Other miners, including Rio Tinto and Fortescue Metals, also joined the platform.
People.cn IPO to raise $246m
People.cn Co Ltd, which operates the website people.com.cn of the People's Daily, is expected to raise up to 1.55 billion yuan ($246 million), priced at 20 to 22.5 yuan a share, in its upcoming initial public offering in Shanghai.
The company will issue about 69 million new shares in the IPO, which is over-subscribed by up to 1 billion yuan, or 195 percent.
Review goes on over Google bid
The Ministry of Commerce, the lone global regulator yet to approve Google Inc's proposed $12.5 billion purchase of Motorola Mobility Holdings Inc, said it is continuing its review of the transaction.
Ministry spokesman Shen Danyang declined to comment further or to provide additional details on when the process will conclude.
Google announced the plan to buy Motorola Mobility in August 2011 and the transaction has already won approval from regulators in the United States, Europe and South Korea.
China heads for top corn spot
China may displace Japan as the world's largest corn importer as early as 2014, as the demand for meat and feed grains expands along with its middle class, the US Grains Council said. "It could be a matter of two to three years," said Thomas Dorr, president of the council. "China has more than 4 million tons booked and delivered already."
Japan bought 15.3 million metric tons last year, according to the country's agriculture ministry.
China Daily -Agencies