Biz Scene

MARKET

Bond sale

Tangshan Iron & Steel Co, the publicly traded unit of China's second-biggest steelmaker, will this week attempt to fund increased production by selling 3 billion yuan in bonds that can be converted into shares.

The sale, first announced on July 31 and set for December 14, received approval from the China Securities Regulatory Commission on December 10, the Tangshan, Hebei Province-based company said in a statement to the Shenzhen Stock Exchange yesterday.

Airline alliance

Air China Ltd and Shanghai Airlines Co will join Star Alliance today to boost their overseas networks and sales.

The two carriers will gain access to the more than 16,000 daily flights operated by Deutsche Lufthansa AG, UAL Corp's United Airlines and the other 15 Star members. The entry ceremony will take place at Beijing Airport's Terminal 3.

The airlines follow China Southern Airlines Co in joining an alliance as China's economic growth makes overseas trips affordable to more people.

BIZ UNUSUAL

Food for thought

A restaurant catering to pregnant women opened recently in Beijing, and claims to be the nation's first of its kind. The Hui'ai nutrition for pregnant women-themed restaurant is located near a gynaecology and obstetrics hospital, ensuring customer traffic. Many details in the indoor design including bathroom and dining tables all meet the special needs of pregnant women. The dishes cater to the specific dietary needs of pregnant women. However, customers said 240 yuan for one day is high despite the delicious food and comfortable environment.

Suits for hire

Job hunters always want to dress up professionally for interviews to impress their potential employers, but most college graduates with no income cannot afford expensive high-quality suits. To tap into job-hunters' needs, Zhang Ming, a college student in Chongqing, is renting out suits for 30 yuan a day. During recruitment peak periods, Zhang has notched up some 3,000 yuan per month.

"Most students don't like wearing suits every day, and it is not an economical idea to spend thousands of yuan buying a suit just for an interview which cannot be used very often, so why not rent?" Zhang said.

GRAPEVINE

Bank stake

China Life Insurance Co is in talks to buy a 20 percent stake in the Agricultural Bank of China, the 21st Century Business Herald reported, citing unidentified sources.

China Life will probably need to pay up to 100 billion yuan for the stake, the Guangzhou-based newspaper said. The two companies have the same rural growth strategy, the report said.

The government has yet to announce a plan to reorganize the bank.

(China Daily 12/12/2007 page15)