IN BRIEF (Page 9)

Stocks rebound on optimism

Stocks on the Chinese mainland rebounded on Friday. The advance halted a six-day slide for the benchmark index, on speculation the government will lower lenders' reserve-requirement ratios and ease credit curbs to prevent the economy from slowing further.

The Shanghai Composite Index, which tracks the bigger of China's stock exchanges, climbed 44 points, or 2 percent, to 2,224.84 at the close, the biggest gain in two weeks. The CSI 300 Index added 2.1 percent to 2,386.89.

The Shanghai Composite slid 3.9 percent this week after reports showed growth in the world's second-biggest economy is decelerating.

ICBC becomes LBMA member

Industrial and Commercial Bank of China Ltd., the world's largest bank by market value, has joined the London Bullion Market Association (LBMA) as a full member. The move comes as China's imports of the precious metal gained to a record.

The Beijing-based bank will use the opportunity to forge itself into a global precious metal investment and management bank, according to an e-mailed statement from the lender. The LBMA is the London-based trade association that represents the wholesale over-the-counter market for gold and silver in London. China is the world's largest gold producer.

China supports power-stake bid

China supports a bid by China Three Gorges Corp to purchase a stake in Energias de Portugal SA, Portugal's biggest utility. A successful bid would benefit Portugal's economic development, said Shen Danyang, a spokesman for the Ministry of Commerce, on Friday.

Shen hoped that the Portuguese government would be fair and open in deciding on the successful bidder for the 21.35 percent stake in the State-owned power producer. Jornal de Negocios reported on Nov 12 that China Three Gorges, the operator of the country's biggest dam, made the highest bid, followed by Brasileiras SA.

Youku files Tudou lawsuit

Youku.com Inc, China's biggest online video website, said on Friday that it had initiated a lawsuit against its smaller rival Tudou Holdings Ltd for copyright infringement. The lawsuit was filed on the same day that Tudou asked Youku for 150 million yuan ($23 million) in compensation for the same alleged infringements.

Online video sites are currently encountering intensifying competition after making huge payments to secure content copyright and lure viewers.

China Daily - Agencies

(China Daily 12/17/2011 page9)