Two-year high

Gasoline imports last month jumped to the highest in at least two years as the government ordered refiners to ensure supplies. Imports increased to 79,882 metric tons, while exports of 240,000 tons were the lowest in a year, according to Customs data released in Beijing yesterday. In the first nine months of the year, imports of the auto fuel gained more than fourfold to 151,157 tons. Exports climbed 65 percent to 4.1 million tons in the first nine months.

Coal imports down

September coal imports shrank by 10 percent from August to 3.62 million tons, keeping the country a net exporter of the commodity for three months in a row, Customs data showed.

September coal imports were smaller than exports of 4.47 million tons for the month.

Imports for the first nine months totaled 38.61 million tons, exceeding exports of 38.01 million tons, but the country's net imports fell to 0.6 million tons.

Rumor scotched

Guo Shuqing, chairman of China Construction Bank, yesterday dismissed market talk that the lender might invest in Bear Stearns Cos, which is among the firms hardest hit by the US subprime mortgage crisis.

"We are a commercial bank, and commercial banking is our main business," Guo said. Guo's comments came a day after a Chinese official said CITIC Bank Corp Ltd would like to acquire a holding in Bear Stearns, the smallest of Wall Street's five big independent brokerages.

Reports 'untrue'

Angang Steel Co Ltd said yesterday media reports on its forecast for 2007 profit and sales revenue, which helped to send its shares to a record high on Tuesday, were not true. The stock had fallen 3.4 percent to HK$35.35 yesterday.

China's third-largest steel mill said in a statement it "has not authorized any person to make any representation relating to the expected profits and sales revenue" of the company.

Fund gets 3% return

China Southern Fund Management Co said yesterday it had plowed 70 percent of the $4 billion it raised from domestic investors last month into overseas stock markets and had achieved a 3 percent return. The fund, launched on September 19, started buying overseas-listed stocks on September 24 and had reaped a return of 3 percent as of October 12, the company said in a news release. It spent 70 percent of the $4 billion proceeds to buy stocks listed in Hong Kong, the United States, Japan, South Korea, Brazil and Russia, it added.

Strong debut

Shares in oil-equipment maker China Oilfield Technology opened at S$1.20 yesterday in their stock market debut in Singapore, double the issue price of S$0.60 in their S$127 million ($86.5 million) initial public offering.

The firm, which sold 127.5 million new shares and 84.1 million vendor shares in the share offer, said in a statement that the offer was 10 times subscribed. China Oilfield, which operates in the city of Daqing in Northeast China, said it would use the proceeds raised from the offer to increase output.

Marine motor deal

The world's leading power and automation technology group ABB signed an agreement with Wuhan Kawasaki Marine Machinery Co Ltd this week in Shanghai to provide four locally made marine motors. The motor products will be applied in the main power supply equipment of the ships. All the bid-winning motor products will be made locally by ABB Electric Machines Ltd in Shanghai.

Agencies-China Daily

(China Daily 10/18/2007 page14)