IN BRIEF (Page 18)

Travelex wins approval

A Travelex venture won approval to set up Beijing's first non-bank currency exchange after the regulator on Wednesday permitted non-financial institutions to offer such services to individuals, the Shanghai Securities News said.

Travelex SMI Technology (Beijing) Ltd, a joint venture between London-based foreign-exchange operator Travelex and Hong Kong technology SMI, was the first company to receive a license from the local currency regulator.