IN BRIEF (Page 13)

China applauds EU decision

China welcomes the European Union's decision to drop the anti-dumping and anti-subsidy investigation on Chinese wireless wide-area networking modems, according to a statement posted on the Ministry of Commerce's website on Thursday.

The decision will benefit the trade relationship between China and EU, the statement said.

Wuliangye net profit up

Wuliangye Yibin Co Ltd, one of China's top liquor brands, announced on Thursday that its net profit rose 33.91 percent in 2010 year-on-year to 4.35 billion yuan ($662 million).

Operating revenue jumped 39.36 percent to 15.5 billion yuan, said the distiller, based in southwestern Sichuan province, in its annual performance report to the Shenzhen Stock Exchange.

Insurer upbeat over 2011

China Life Insurance Co. expects business this year to be better than in 2010, Chairman Yang Chao said in Beijing on Thursday, according to Bloomberg.

Recent interest rate increases have benefited the company, he said, adding that it is hard to estimate the effect of further increases.

China Life is in talks with the China Insurance Regulatory Commission to obtain permission to invest in affordable housing, he said.

Bank: What Buffett plan?

China Merchants Bank Co President Ma Weihua said he isn't aware of a plan by Warren Buffett to make a strategic investment in the lender.

Reports said the bank will issue new shares in Hong Kong and Buffett could invest as much as $1 billion.

Report that Buffett had invested in the bank in 2006 and 2008 were later shown to be false.

Study: Pollution policies lagging

China needs to quicken its pace in setting up laws and policies to promote environmental liability insurance, according to a study sponsored by the China Development Research Foundation and Tokio Marine & Nichido Fire Insurance.

The measures are necessary in getting enterprises to buy environmental liability insurance, a policy that has been very popular overseas, said Zhou Daoxu, director of the policy research department at the China Insurance Regulatory Commission.

The country saw 31 serious pollution accidents caused by heavy metal last year.

Ministry tweaks rules on shares

Foreign-investment-controlled companies in China that issue shares on Chinese stock markets should apply for a new certificate if they want to reduce their holdings by more than 5 percent of the total capitalization, the Ministry of Commerce said in a notice, which was approved on Feb 25 and made public on its website on Thursday.

The notice also said most mergers and acquisitions valued below $3 billion can be approved by provincial commerce departments.

China Daily - Agencies

(China Daily 03/04/2011 page13)