IN BRIEF (Page 13)

Alibaba seeking Temasek funds

Alibaba Group Holding Ltd has held discussions with Singapore's Temasek Holdings Pte about providing financing to buy the 40 percent stake in Alibaba held by Yahoo! Inc, according to people familiar with the matter.

Temasek may help fund an offer in return for a bigger share of privately owned Alibaba Group, said the people, who declined to be identified because the discussions are confidential. Temasek isn't interested in owning Yahoo!, one person said.

Yuan at record against dollar

The yuan hit a record high against the dollar on Monday, up 30 percent on the US currency since its landmark revaluation in July 2005, as worries over dollar liquidity eased.

Traders said concerns about a shortage of dollars in the market abated at the end of the weeklong National Day holiday last week.

The People's Bank of China set a mid-point rate of 6.3586, slightly weaker than its last fixing before the holiday, indicating that the government will manage the exchange rate on its own terms.

Sinopec to buy Daylight Energy

China Petrochemical Corp, the nation's biggest refiner, agreed to buy Daylight Energy Ltd for C$2.2 billion ($2.1 billion) in its largest acquisition this year, gaining Canadian oil and shale-gas reserves.

The State-owned company known as Sinopec Group offered C$10.08 a share in cash, Calgary, Alberta-based Daylight said on Sunday.

The deal would give the Beijing-based company access to more than 120,000 hectares of land in areas rich with oil and natural gas, adding to its expansion outside Asia after falling crude prices made valuations attractive.

Honeywell and Sinochem JV

Honeywell International Inc on Monday signed an agreement with Sinochem Group to form a joint venture (JV) in China to produce and sell blowing agents for energy-efficient foam insulation.

The JV, to be located in Taicang in Jiangsu province and with production slated to begin in late 2013, will produce a non-ozone-depleting blowing agent used in insulation for appliances, construction, transportation and other applications.

"This joint venture with Sinochem will help meet the growing demand for this material," said Andreas Kramvis, president and CEO of Honeywell Specialty Materials.

CASS cuts growth outlook

The Chinese Academy of Social Sciences (CASS), a major government think tank, on Monday cut China's growth estimate for 2011 to 9.4 percent from a previous forecast of 9.6 percent.

CASS attributed the slowdown partly to the country's intense economic restructuring, which is aimed at reducing reliance on government stimulus.

In its latest macroeconomic report, the think tank forecast that fixed-asset investment will grow 23.8 percent this year and consumption will rise by 17 percent.

China Daily - Agencies

(China Daily 10/11/2011 page13)