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CHINA electronics giant Suning Appliance Co ended its plan on acquiring Beijing Dazhong Electrical Appliance Co because the two sides failed to reach agreement in some areas, the Shenzhen-listed company announced yesterday. "The company and its financial adviser have negotiated with Dazhong and it has estimated the acquisition costs and risks, but the two sides can't reach agreement on key terms," the country's second-largest home appliance retailer told Shenzhen Stock Exchange. "Since Suning insists on a stable operation it decided to scrap the acquisition plan," the Nanjing-based retailer said. Suning spokesman Zhu Jiagui said he had yet to get details about the statement. Suning's shares dropped 8.13 percent to 62.80 yuan (US$8.52) in Shenzhen yesterday. The company announced in April that it was in talks with Dazhong after its major rivals - China Paradise Electronics Retail Ltd and Gome Electrical Appliances Holdings Ltd - formed alliance. Suning

BOSTON (MarketWatch) -- Drug stocks cruised into positive territory early Wednesday, with many of the blue chip pharmaceutical issues gaining as much as two percentage points. The Amex Pharmaceutical Index hopped 1.4% to 357.24 and the Amex Biotechnology Index edged up 1.9% to 822.95. Schering-Plough Corp. was a notable exception, with shares down 4% to $27.77. A Congressional committee announced on Tuesday that it plans to investigate the integrity of a key study for it and partner Merck & Co.'s popular cholesterol-lowering drug, Vytorin. Merck investors appeared to be largely unfazed by the news, pushing shares up 1% to $18.26.

STEELMAKER Corus has announced plans to raise prices next year in the face of the increasing costs of key materials such as iron ore and coal.

SAN FRANCISCO (MarketWatch) -- Key Energy Services Inc. said Friday it plans to offer up to $400 million of senior notes due 2017 through a private placement. The debt issue would depend on market conditions and some of Key Energy's domestic subsidiaries will fully guarantee the notes. Funds raised from the notes will be used to retire $393 million loans under its existing senior secured credit facility. When the offering is completed, it will end its existing commitment to its previously announced term loan facility.

HONG Kong's stocks rose, driving the Hang Seng Index to a fourth straight record. China Construction Bank Corp led mainland lenders higher on speculation the nation's economic boom will spur borrowing. China Eastern Airlines Corp, the nation's third-largest carrier, climbed after profit almost doubled in the last quarter. "Investors are buying Chinese banks as the economy is doing well," said Chris Tang, chief investment officer of Marco Polo Pure Asset Management in Hong Kong, which manages US$200 million in assets. "The blue chips have been announcing results that are beating estimates, which is supporting the market." CNOOC Ltd climbed after crude oil on Monday topped US$93 a barrel in New York. Sun Hung Kai Properties Ltd paced declines among the city's property developers, the best performers of the past week, after it announced plans to sell new shares, Bloomberg News said. The Hang Seng Index added 51.32, or 0.2 percent, to close at 31,638.22 in Hong