Cotton futures prices rally by most in more than 1 year

Cotton futures prices in China rose by the most in more than a year as the world's largest producer and consumer of the commodity set a higher-than-expected reference price to subsidize farmers in the Xinjiang Uygur autononous region. The commodity for January delivery on the Zhengzhou Commodity Exchange climbed 2.4 percent to 16,210 yuan ($2,613) a metric ton, the biggest gain for a most-active contract since January of 2013.

Equities reach 6-week high on stimulus expectations

Stocks in the Chinese mainland climbed on Tuesday, sending the benchmark index to a six-week high, on speculation the government will take further steps to bolster economic growth. The Shanghai Composite Index climbed 1.9 percent to 2,098.28 points as trading resumed after a holiday. China outlined a package of measures to support expansion last week, including railway spending and tax relief, after easing funding restrictions for financial companies earlier this year.

China starts importing corn from Brazil, officials say

China has allowed imports of corn from Brazil from the start of this month, Chinese quarantine authorities said on Tuesday. The government of Brazil flagged the move late last year, but the start date was not revealed at that time. "China is adding more supply origins to meet growing demand in the long term," said an industry analyst with an official think tank. "Brazilian supplies can be very competitive with those from the United States."

Nanjing department store to buy into UK retail group

Nanjing Xinjiekou Department Store Co will buy an 89 percent stake in Highland Group Holdings Ltd, which owns United Kingdom department store chain House of Fraser, the Chinese company said on Tuesday. Nanjing Xinjiekou said it will pay for the UK company in cash with internal funds and money raised through debt financing, without disclosing an investment amount. Both sides have completed negotiations on the deal and Xinjiekou said its board has approved the plan.

FX regulator says quotas fixed for short-term debt

China has set a quota for the total amount of short-term foreign debt banks and companies can borrow in 2014 at $43.39 billion, the nation's foreign exchange regulator said on Tuesday, implying a rise of 16 percent from last year. The State Administration of Foreign Exchange did not give a comparative figure, though it has previously said the quota was $37.3 billion in 2013.

Travel websites said to be in talks about merger

Baidu Inc's Qunar travel website is in discussions to merge with Ctrip.com International Ltd, according to two people with direct knowledge of the talks. The companies are discussing a range of possibilities, from a full-blown merger to a partnership, the people said, asking not to be identified because the negotiations are private. The talks are at an early stage and may not result in a final deal, the people said.

(China Daily USA 04/09/2014 page14)