What's news

China Daily | Updated: 2012-11-30 07:50

Stock prices fall for fourth day

Chinese mainland stocks fell for the fourth consecutive trading day on Thursday, as the benchmark Shanghai Composite Index declined by 0.51 percent, or 10.04 points, to 1,963.49. The Shenzhen Component Index closed at 7808.96, down 0.57 percent, or 45.1 points. The combined turnover on the two bourses decreased to 65.4 billion yuan ($10.38 billion) from 67.7 billion yuan the previous trading day.

Wood price index launched

China has launched a national wood price index in Guangzhou, capital of the southern province of Guangdong, as part of a program by the National Development and Reform Commission to cover all the country's key wood commodity and service prices. Officials say 11 more indices are expected, each covering a different sector. Zhou Wangjun, deputy director of the commission, said the wood index was important in strengthening China's influence on the international wood market.

Japan automakers' output plunges

Toyota Motor Corp's production fell by the greatest amount in at least a decade amid the dispute between China and Japan over the Diaoyu Islands. Japan's biggest carmaker said on Thursday its China output in October tumbled 61 percent to 30,591 vehicles. Nissan Motor Co reported production fell 44 percent last month, the biggest decline since 2009, and Honda Motor Co said output tumbled 54 percent also a record.

UK approves LME sale to Hong Kong

The UK's financial regulator has approved the 1.4 billion pound ($2.17 billion) sale of the London Metal Exchange to Hong Kong Exchanges and Clearing Ltd, the LME said in a statement on Thursday. The deal remains subject to a Dec 5 court hearing on related capital reduction. If conditions are satisfied, the transaction will be effective on about Dec 6, the LME said.

Changan Auto selling JV stake

China Changan Automobile Group, the parent of Chongqing Changan Automobile Co, is selling its stake in a 50-50 car venture with PSA Peugeot Citroen for 2 billion yuan ($321.17 million), a property exchange said on Thursday. Chongqing United Asset and Equity Exchange said Changan Auto was selling its stake using a public auction.

Shenzhen Airlines joins Star Alliance

Shenzhen Airlines, a subsidiary of Air China, joined the Star Alliance network on Thursday, taking the number of members in the world's largest airline alliance to 27. It took the carrier 16 months to prepare itself to meet the 87 requirements for joining the alliance. It adds some 400 daily flights to 70 destinations in the alliance's network, including five new destinations.

Medical insurance gap to hit $12.2b

China's gap in medical insurance funding is expected to reach 75.87 billion yuan ($12.2 billion) in 2014, according to the Beijing branch of Swiss Reinsurance Co Ltd, the National Business Daily reported on Thursday. The shortfall in medical security in the Asia-Pacific region may grow to $197 billion by 2020, according to a report from Swiss Reinsurance. The report looked at 13 Asia-Pacific countries and regions.

Pre-owned home market rebounds

Pre-owned home sales in Beijing saw a strong rebound in November, with total transactions hitting 14,000, close to the peak in August, industry statistics showed on Thursday. By Nov 26, 11,286 pre-owned homes were sold, up 27.1 percent on the previous month. On a yearly basis, the increase was 83.2 percent.

China Daily - Agencies

(China Daily 11/30/2012 page14)