Business news with words development+growth. 60 or more news.

LONDON (MarketWatch) -- Kirk Kerkorian's Tracinda is going to buy 35% of Delta Petroleum for $684 million, or $19 a share, the companies said Monday. The investment is at 23% premium to Friday's close. This transaction will allow Delta Petroleum to accelerate development drilling activities in its core areas, including the Piceance and Paradox Basins. "Under (CEO) Roger (Parker's) leadership, Delta Petroleum has become a very important company in the industry, with valuable resource plays, a strong asset base and well-positioned exploration projects that we believe hold significant growth potential," Tracinda said.

The film industry was the brightest spot in economic development in 2007, say state experts, and despite layoffs at Intel and the national labs, New Mexico continues to have low unemployment and healthy growth.

SHARES of China Pacific Insurance (Group) Co ended 60.6 percent higher on its Shanghai debut yesterday following strong buying sentiment. The Shanghai-based insurer ended at 48.17 yuan (US$6.58) yesterday, after touching an intraday high of 51.97 yuan. It opened at 51 yuan yesterday. "Going public has been a dream for us in our 16-year development, and now the dream comes true," said Gao Guofu, chairman of the insurance group. "The opening price is a good figure and we believe we can sustain growth to give returns to our investors." Pan Hongwen, an associate actuary, said the shares are still reasonably priced though they are near the top limit of his expected price range of 40 yuan to 50 yuan. He suggested selling the shares if they rise to more than 55 yuan within six months. China Pacific will seek H-share listing as soon as possible and the preparation work on Hong Kong listing is carrying out quite smoothly, Gao said. He declined to make a specific

CHINA should take measures to cool economic growth and cut energy consumption, an official with the National Development and Reform Commission said. "Current economic growth, 11.5 percent or above 11 percent, is too fast and at too high a cost," Han Yongwen, the planning agency's secretary general, said at a conference in Beijing on Saturday. The world's fourth largest economy grew by more than 11 percent through the first three quarters of 2007, Bloomberg News said. Chinese government is trying to cool growth in the world's fastest-growing major economy without triggering a sudden slowdown that may cost jobs and leave factories idle. Japanese companies including Toyota Motor Corp urged China in September to slow the pace of its expansion on concern overheating in Japan's biggest trading partner may cause economic turmoil. "The central bank should use interest rate policies more boldly to damp investment expansion and asset price increases," Lin Yifu, head of

BOSTON (MarketWatch) -- Drug stocks climbed into positive territory early Friday, as shares of Altus Pharmaceuticals were on the rebound after being crushed on Thursday on news that Genentech Inc. was pulling out of a key drug development partnerhip. The Amex Pharmaceutical Index advanced 0.7% to 345.50 and the Amex Biotechnology Index moved up 1% to 812.20. Altus shares were up 6% at $5.75, the day after the company announced Genentech was exiting from a pact to develop a human growth hormone product using Altus' drug delivery technology. Also on the rebound was Amicus Therapeutics , up 4% at $9.95. Amicus shares were hit hard on Thursday after analysts issued notes stating recently-released clinical data on the company's Fabry disease drug indicate it might not be as effective as a rival medication marketed by Genzyme Corp. Shares of Genzyme were up 2% at $76.21.

Hotel pays $819,826 as part of tax break Baltimore has collected its first profit-sharing check from one of the major development projects that got tax breaks from the city over the past decade to help spur economic growth.

CHINA risks an investment rebound in 2008 after new projects increased rapidly this year, an official from the nation's top planning agency said at an economic forum yesterday in Beijing. Guo Lanfeng, a deputy department director at the National Development and Reform Commission, said local officials will want to show strong growth next year for political reasons, after a government reshuffle. "The economy can overheat any time, anywhere, unless we take measures to prevent it," Guo said.

THE international private equity firm the Carlyle Group yesterday announced a US$21-million investment in DIO F&B Group, creating a strategic partnership with the Chinese food and beverage restaurant chain. The investment, funded by Carlyle Asia Growth Partners Group, or CAGP, will support DIO's franchise expansion, staff training and brand building, said a senior official with the Carlyle Group. DIO F&B Group now runs more than 300 chain restaurants under the seven-year-old brand "DIO Coffee" in 23 provinces and cities across China. With the fund, the group expects to expand to 1,000 outlets within five years. "DIO's sustained development and stable operation inspired our confidence in the company's adaptable expansion model and high growth potential," said Wayne Tsou, managing director of the Carlyle Group and head of CAGP. "Carlyle will leverage its expertise in the consumer and retail industry and rich brand building experience to help DIO

BOSTON (MarketWatch) -- Shares of Altus Pharmaceuticals plunged 40% to $5.91 early Thursday, following news that Genentech Inc. is pulling out of a development pact for Altus' human growth hormone product ALTU-238. The product, which is in Phase II testing, employs Altus' proprietary drug delivery technology. According to a statement released late Wednesday, Genentech has decided to return North American commercialization rights to Altus. An option for Genentech to sell the product abroad has expired. Despite the setback, Altus said it plans to resume clinical testing of the therapy in mid-2008, and will update investors on its development plan during the first quarter.

Drug stock benchmark indexes edge higher early Thursday while shares of Altus Pharmaceuticals plunge on news that partner Genentech Inc. is pulling out of a development pact for their experimental human growth hormone product.

BOSTON (MarketWatch) -- Drug stock benchmark indexes edged higher early Thursday while shares of Altus Pharmaceuticals plunged on news that partner Genentech Inc. was pulling out of a development pact for Altus' experimental human growth hormone product. The Amex Pharmaceutical Index was up fractionally at 344.92 and the Amex Biotechnology Index was marginally higher at 796.74. Altus shares were down 40% at $6.00.

SHANGHAI'S fixed asset investments accelerated through November, the city's statistics bureau said yesterday, adding that funds pumped into urban infrastructure and manufacturing rose while that for property development declined. In the first 11 months of the year, Shanghai's FAI climbed 9.7 percent from a year earlier to 399.3 billion yuan (US$53.9 billion) for a rise of 1.6 percentage points over the growth through October. "Shanghai's fixed-asset investments have kept a steady pace of growth, boosted by the promising outlook for the city's economy," said Chen Xiao, a spokesman for Shanghai Statistics Bureau. "The city's six pillar industries grew a little slower compared with other manufacturing sectors due to controls on polluted and highly energy-consuming enterprises." Shanghai's six key industries - electronics, vehicle, fine steel, petrochemical processing, equipment and biomedicine - saw their combined investment jump 12.8 percent year on year to

SPENDING on Shanghai's fixed assets accelerated through November as increasing investment in urban infrastructure and manufacturing combined with sustained growth in property development, the Shanghai Statistics Bureau said today. In the first eleven months, Shanghai's fixed assets expenditure increased 9.7 percent from a year earlier to 399.3 billion yuan (US$53.9 billion). The pace was 1.6 percentage points higher than the growth through October. ``Shanghai's fixed-asset investment has kept a steady growth momentum, boosted by the promising outlook of the city's economy,'' said the bureau's spokesman Chen Xiao. ``The city's six pillar industries grew a little bit slower compared with other manufacturing sectors due to controls on sectors known for both high pollution and energy consumption.'' Urban infrastructure spending increased 28.8 percent to 129 billion yuan while investment in manufacturing rose 14.9 percent to 127 billion yuan. Shanghai's six key industries –

New jobs for some provicincial Communist leaders The 17th Congress of the ruling Chinese Communist Party (CCP) in October 2007 has been followed by a wide-ranging reshuffle of senior positions in provincial governments where future national leaders are being groomed. The changes confirm the ascendancy of the "princeling" party faction made up of sons of former high officials, many of whom are thought to be capable modernisers. China's president, Hu Jintao, has also been able to bring the sometimes wayward southern province of Guangdong under the control of one of his loyalists. These developments suggest that for the next several years Chinese elite politics is likely to remain centred on an alliance between princelings and Mr Hu's own power base, the so-called Communist Youth League (CYL) faction made up of officials who worked their way up in China's poorer western provinces. China's recent swathe of personnel changes has important policy implications. They represent the latest attempt by Mr Hu and Wen Jiabao, the premier, to further consolidate their hold on power, allowing them to pursue their political priorities more effectively. Since gaining power Mr Hu and Mr Wen have tried to place more emphasis on rural development and the plight of social groups that have failed to benefit from China's rapid economic growth. ...

SPENDING on China's urban fixed assets slid slightly last month, another outcome of the tighter monetary policies that aim to contain China's fast growing economy, the National Bureau of Statistics said yesterday. The economic barometer may continue to fall after the government lending curbs take further effect, analysts said. Urban fixed-asset investment in the first 11 months rose 26.8 percent from a year earlier to 10.06 trillion yuan (US$1.36 trillion). The growth pace slowed a bit from the 26.9-percent gain through October. Spending on property development expanded 31.8 percent to 2.16 trillion yuan, accelerating further from the 31.4-percent increase in the first 10 months. Investment in coal exploration and production rose 24.1 percent to 145.2 billion yuan while petroleum and natural gas saw their spending increase 9.6 percent to 164.6 billion yuan. "A slowdown for investment growth in November shows that the recent credit control in China is starting to cool

HOUSING prices in 70 major Chinese cities jumped by 10.5 percent in November, according to an official with the country's top economic planning body. The growth rate was the largest monthly rise since July 2005 when China started to cover more cities in its monthly housing price survey. From January to November, housing prices grew by 7.3 percent year on year, with the cost of new homes jumping 7.9 percent, Cao Changqing, director of the pricing department under the National Development and Reform Commission, said in an online interview. Rising property prices, driven up by speculation, have become a major concern for Chinese citizens. "Despite falling sales, housing prices in parts of Beijing, Shanghai, Guangzhou and Shenzhen still remain high," he said. Prices are expected to remain stable as macro-control policies are starting to yield results, Cao said. The government introduced a string of policies to cool off the red-hot real estate market.

Economic growth in China and other East and Southeast Asian countries will slow in 2008 because of volatility in global financial markets and high oil and commodity prices, the Asian Development Bank said Thursday.

THE year-on-year growth rate of China's home prices last month hit a two-year high, a senior official in the nation's top planning body has said. The average home price in 70 major cities rose 10.5 percent last month compared with a year ago, and average new home prices grew 12.2 percent year-on-year, Cao Changqing, head of the pricing department at the National Development and Reform Commission, said yesterday in an online interview. But Cao did not reveal last month's growth rate over October. The average housing price in these cities has increased six consecutive months, including November. In the first 11 months of this year, home prices in 70 cities increased 7.3 percent from the previous year, while new residences jumped 7.9 percent. Shenzhen and Guangzhou's home prices began to drop gradually after hiking in previous months, while home sales in popular areas such as Beijing, Shanghai, Shenzhen and Guangzhou have decreased, Cao said. Property policies will meet the

CHINA'S economy is likely to grow at a slower pace next year if the government's tighter monetary policies take effect, the Asian Development Bank said yesterday in a report. "Economic growth in the People's Republic of China, the region's growth engine, will slow to 10.5 percent in 2008 from 11.4 percent in 2007 if government measures to cool the economy begin to take hold," the ADB said in its December issue of Asia Economic Monitor. So far this year, the central bank has raised its benchmark rate five times and the reserve requirement ratio 10 times in its efforts to contain an increasingly overheating economy and surging stock markets. "But given that the investment surge continues unabated and the stock indexes continue to rise, a further monetary tightening is widely expected before the end of the year," said the report. China's growth in the first three quarters hit a record 11.5 percent and is projected to sustain double-digit levels for the

CHINA'S exporters should prepare themselves for a new rule in Europe to restrict trade of products with harmful substances, said senior officials with Bureau Veritas yesterday. The new rule - Registration, Evaluation, Authorization and Restriction of Chemicals - will take effect in June next year. The law is designed to control risks and protect people's health and the environment and requires suppliers to offer details of a product's components. "The new rule is of extreme importance to future trade," said David Horlock, vice president of New Services Development of Bureau Veritas, a Paris-based firm providing conformity assessment and certification services. "If Chinese exporters don't get prepared, they will lose the growth opportunities to other markets," added Horlock, who argued the rule was not a trade barrier, but would provide a chance to establish a better partnership between China and European countries. But to understand the new rule, people