IN BRIEF

Regulators reviewing Taobao monopoly

Industry regulators are studying whether Taobao Mall engaged in a monopoly, after a group of small- and medium-sized vendors launched a protest last month against the country's largest business-to-consumer shpping site operated by Alibaba Group Holding Ltd.

The Ministry of Commerce suspects Taobao Mall may have held a monopoly, Nie Linhai, deputy commercial counselor of the ministry's department of electronic commerce and information, told China Daily on Oct 31.

He added that the ministry is discussing this issue with the Ministry of Industry and Information Technology and National Development and Reform Commission.

Internet

QQ.com launches Olympic strategy

One of China's leading Internet service portals, qq.com, run by Tencent Holdings Ltd, has launched its Olympic strategy plan by announcing 10 video programs during the London Olympic Games next year.

The company said for the London Olympic Games, which will be held from July 27 to Aug 12 next year, it will send about 100 journalists to the event while about 400 editors will be in Beijing to enhance the coverage. The programs will be updated continually during the event.

Energy

Sinopec in talks to buy stake in Galp unit

China Petrochemical Corp, or Sinopec, which paid $7.1 billion for Repsol YPF SA's Brazilian unit, is in talks to buy a stake in Galp Energia SGPS SA's division in Latin America's second-biggest oil producer, according to people with knowledge of the matter.

Galp is negotiating with Sinopec and at least one other party before a bidding deadline this month, said one of the people, who declined to be identified as the process is private. The Chinese refiner may also bid for a share in Marathon Oil Corp's Angolan operations, two people with knowledge of the asset sale said.

Technology

Bill Gates opens door to help China

The Ministry of Science and Technology has signed a memorandum of understanding with the Bill & Melinda Gates Foundation to invest together in research and development of new products and technologies to help with global health and agriculture.

Under the $300 million project, for every dollar the foundation gives to support selected China-grown products and technologies that can help advance health and agriculture, particularly in the developing world, the ministry will offer $2 as grant money.

Pharma

BMS plans more tie ups with research

International drugmaker Bristol-Myers Squibb (BMS) is to invest 200 million yuan ($31.4 million, 23 million euros) in partnership-building with its counterparts and domestic research institutes on the development and launch of new products in China, Jean-Christophe Pointeau, president of BMS (China) Investment Co Ltd, said on Nov 1.

The US-based company has just launched a diabetes medicine in China in cooperation with UK-based pharmaceutical company AstraZeneca Plc and is in partnership talks with Pfizer Inc for a cardiovascular disease medicine development, likely to be launched in China next year.

Finance

CIC buys stake in GDF Suez

China Investment Corp (CIC), the country's sovereign wealth fund, on Oct 31 signed an agreement to pay GDF Suez 2.3 billion euros ($3.2 billion) in exchange for a 30-percent stake in the French company's exploration and production division.

CIC chairman Lou Jiwei signed the agreement in Beijing with Gerard Mestrallet, chairman and chief executive officer of GDF Suez.

CIC also agreed to pay 600 million euros for a 10-percent stake in GDF Suez's Atlantic LNG liquefaction facility located in Trinidad and Tobago. The deal is expected to be finalized at the end of the year.

Deals

Lashou may float shares on Nasdaq

Daily-deals website Lashou Group plans to raise up to $100 million in an initial public offering on the Nasdaq to expand its marketing efforts and delivery systems, according to a filing to the stock exchange.

Lashou, which was launched in March 2010, operates in 500 cities or towns in China. Its business model is like Groupon Inc, where users buy discounted deals from merchants who have revenue-sharing agreements with Lashou.

Telecom

VelaTel to deploy 4G networks through JV

US-based VelaTel Global Communications Inc announced Nov 1 that it would form a joint venture with a Chinese company to deploy fourth-generation (4G) communication and information service networks in the Asian country.

The joint venture with China's Next Generation Special Network Communication Technology Co Ltd will use the TD-LTE technology to bring high-speed, low-cost wireless Internet connections to both businesses and individuals.

Machinery

US energy firms want more coal alliances

US-based companies are looking for more opportunities to build cooperative relationships with the Chinese mining industry by providing machinery, safety equipment and clean coal technology.

A delegation of US-based energy companies, including Peabody Energy Corp, Kress Corp, Jupiter Oxygen Corp and Caterpillar Global Mining Greater China and Korea, a division of Caterpillar Inc, led by US Commerce Department officials, came to China in late October to seek partnerships with Chinese businesses.

China Daily-Agencies