IN BRIEF (Page 10)

United IPO 'raises $2.2b'

United Co Rusal Ltd, the world's largest aluminum producer, raised HK$17.4 billion ($2.2 billion) in the first initial public offering by a Russian company in Hong Kong, said two people familiar with the sale.

The company, controlled by billionaire Oleg Deripaska, priced 1.61 billion new shares, or a 10.6 percent stake, at HK$10.80 each, said the people, who declined to be identified. The final pricing gives Rusal a market value of $21 billion, about 12 percent less than Aluminum Corp of China Ltd, the nation's largest producer of the metal. Rusal offered the shares at HK$9.10 to HK$12.50.

GE profit declines

General Electric Co's fourth-quarter profit fell less than analysts estimated as the finance arm absorbed losses and shipments of aviation and energy equipment slowed from a year earlier.

Profit from continuing operations declined 22 percent to $3.03 billion, or 28 cents a share, from $3.87 billion, or 36 cents, a year earlier, Fairfield, Connecticut-based GE said. The average estimate was 26 cents a share in a Bloomberg survey of analysts. Revenue fell to $41.4 billion from $46.2 billion, also exceeding estimates.

Air travel slump

Air travel in the Asia-Pacific region declined 5.7 percent in 2009 and recovery is expected to remain fragile, an industry group warned.

Regional airlines are expected to report significant losses for 2009 following losses of $4.3 billion suffered in 2008, the Kuala Lumpur-based Association of Asia Pacific Airlines said.

Tablet textbook talks

Apple Inc is in talks with McGraw-Hill Cos and Hachette Book Group to include educational and trade titles on its tablet computer, according to sources.

McGraw-Hill's education unit is discussing getting electronic textbooks and parts of its online learning system onto the tablet, said the sources.

Bloomberg News-AP

(China Daily 01/23/2010 page10)