China Coal Energy may raise output

China Coal Energy Co plans to increase full-year coal output by more than 20 percent to 150 million metric tons, the National Development and Reform Commission said in a statement on its website Thursday. The company plans to produce 38 million tons in the fourth quarter to meet winter demand, the country's top economic planner said, without giving a year-earlier comparison.

Galaxy says Q4 'very positive'

Robert Drake, chief financial officer at Galaxy Entertainment Group Ltd, the casino operator part-owned by Permira Advisers LLP, commented on fourth-quarter outlook and the opening of its Macao resort, saying it was "very positive".

Galaxy's third-quarter earnings before interest, tax, depreciation and amortization, or EBITDA, more than doubled from a year earlier to HK$616 million ($79 million), according to a filing to Hong Kong's stock exchange Thursday.

Ruinian falls on share placement

Ruinian International Ltd fell by the most in more than three months in Hong Kong trading Thursday after the maker of nutritional supplements said it plans to raise $94 million from a stock sale.

The shares fell as much as 15 percent, the most since July 20, to HK$6.63, and closed the day at HK$6.85.

Ruinian raised HK$676.7 million ($87 million) in an initial public offering in February to fund expansion and product development. The Government of Singapore Investment Corp sold its entire stake in Ruinian in August for about $50 million.

Fosun to invest in medical, resource

Fosun International plans to invest in medical and resource areas overseas, president Wang Qunbin said at a briefing in Shanghai Thursday.

The Hong Kong-listed conglomerate also plans to expand investments in the insurance sector, chairman Guo Guangchang said at the same press briefing.

Rusal says no talks on Norilsk sale

Hong Kong-listed United Co Rusal said billionaire Chief Executive Officer Oleg Deripaska didn't discuss selling the company's 25 percent stake in OAO GMK Norilsk Nickel with fellow shareholder billionaire Vladimir Potanin.

"Rusal has no intention of selling its shareholding in Norilsk Nickel," the company said in an emailed statement Thursday, denying a report in the Kommersant newspaper Thursday about a meeting between the two businessmen. "As such, any speculation on this subject is baseless."

Pacific Basin sees dry-bulk upswing

Pacific Basin Shipping Ltd forecast an upswing in demand from next month through early 2011 as Chinese steelmakers rebuild stocks of iron ore.

The resumption of Indian trade following monsoons and increased demand for US grain shipments because of a Russian export ban will also drive volumes, the shipping line said in a Hong Kong stock exchange statement Thursday.

The company will continue to look for new vessels after adding 17 ships through purchases or long-term charters since December as the dry-bulk market rebounds from last year's global recession. Spot rates for handysize ships, the biggest part of Pacific Basin's bulk fleet, were 30 percent higher last quarter than a year earlier, according to the statement.

Bloomberg - Reuters

(HK Edition 10/29/2010 page2)