Airbus sees deferrals by 2-3 Chinese start-ups

European planemaker Airbus said two to three small Chinese start-up airlines could be forced to delay delivery of aircraft in 2009-2010 as they struggle in the wake of the global financial crisis. But Airbus, which competes with Boeing to sell planes to China Southern Air, Air China and China Eastern, and smaller players such as Sichuan Airlines said it already hit its 2008 China firm order target, now at 140.

Chalco shuts down 38 pct of annual alumina capacity

Aluminum Corp of China Ltd, the world's No 3 alumina maker, said yesterday it had shut down 38 percent of its total annual alumina capacity, the second major capacity shut announced in two weeks due to sliding prices and weak demand.

The move was made after its announcement to cut 18 percent of production last month. Chalco also said it had completed the issue of 5 billion yuan five-year bonds, the second tranche of a 10 billion yuan medium-term issue, with annual interest of 4.58 percent. The first batch of 5 billion yuan had been issued in June.

SOHO China: '09 investment to top 8.8b yuan

Property firm SOHO China Ltd said yesterday its investment in property next year will top the 8.8 billion yuan it will spend this year.

Chairman Pan Shiyi said at the Reuters China Summit that the country's property market could hit bottom next year, presenting a good opportunity to buy land usage rights in Beijing and Shanghai. "We will expand our spending next year," Pan said at the summit at the Reuters News office in Beijing.

Pan said SOHO would reverse the first-half net loss, of 145.8 million yuan, to post a profit for all of 2008, and he predicted a profitable year in 2009 as well.

Domestic zinc smelters slash output as margins bite

Stung by the twin woes of plunging prices and shrinking margins, China's Zhuzhou Smelter and Huludao Zinc are slashing output, joining a growing list of Chinese metal firms battling weak demand at home and abroad.

The cut comes as a slowing domestic economy and growing fears of a world recession have forced galvanized steel makers to lower output, pulling down world zinc prices by 33 percent since late September. And more cuts are on the cards, analysts said.

China's top refiners to cut November runs by 5 pct

China's top refineries will process 5 percent less crude oil in November from last month's record levels, due to ample domestic fuel stocks and weakening demand in the face of the global economic slowdown.

Twelve major plants that account for more than a third of China's capacity, most of them on the eastern and southern seaboards, will refine 2.46 million barrels per day (bpd) of crude this month, down from 2.59 million bpd in October when China's largest plant revved up operation, a Reuters poll showed.

Reuters

(HK Edition 11/07/2008 page2)