IN BRIEF (Page 13)

GM introduces entry-level car

General Motors Co (GM) has introduced its first sedan under a new China-only brand for entry-level buyers in the world's largest auto market.

The four-door 1.5-liter Baojun 630 sedan went on sale on Tuesday, priced at 62,800 yuan ($9,750) to 73,800 yuan, GM said. The car will be available through 120 dealers in eight cities, including Zhengzhou, Nanning, Changsha and Harbin.

Opera to boost base of users

Norwegian browser company Opera Software ASA aims to boost its user base in China to 100 million in three years and move to first place in the mobile browser market, the company said in a media briefing on Tuesday.

Chief Financial Officer Erik Harrell said Opera aims to have 500 million active users every month globally, and China is central to this strategy.

July steel output declines by 1%

China produced 59.3 million tons of crude steel in July, down 1 percent from June, the National Bureau of Statistics said on Tuesday.

Steel output normally declines during the summer as construction activities slow, and many in the industry were also expecting electricity shortages to have an impact on production.

Youku 2Q net loss narrows

Youku.com Inc, owner of China's biggest online video site, said its second-quarter net loss narrowed from a year earlier, helped by advertising sales.

The net loss was 28.1 million yuan, compared with 62.6 million yuan a year earlier. Ad sales accounted for 96 percent of total revenue, Youku said.

Vanke profit climbs 5.9%

China Vanke Co said first-half profit climbed 5.9 percent as the company sold more homes in smaller cities that were immune to government curbs targeting metropolitan areas.

Net income increased to 2.98 billion yuan, or 0.27 yuan a share, from 2.81 billion yuan, or 0.26 yuan, a year earlier, the company said in a filing to the Shenzhen Stock Exchange on Monday. Revenue increased 19 percent to 20 billion yuan.

HNA bids for airport assets

HNA Group, the parent of China's fourth-largest airline Hainan Airlines Co Ltd, is bidding for Hochtief AG's airports business, which it values at more than 1 billion euros ($1.42 billion), the Wall Street Journal reported.

HNA's airport unit was among the bidders short-listed to move to the second round of bidding, the newspaper reported, quoting HNA Executive Director Adam Tan on Monday.

Fujian province oil investment

China National Offshore Oil Corp has signed an agreement with Fujian province to invest 80 billion yuan by 2015, the Beijing-based oil company said in a statement on its website.

China Daily - Agencies

(China Daily 08/10/2011 page13)