Business news for Fri, 21 Dec 2007 & with words administration+department. 3 news.

A PUBLISHING group listed on the Shanghai Stock Exchange yesterday became the country's first media company to issue shares in all its operations, including editorial units. Liaoning Publishing and Media Company Limited's shares opened at 16.63 yuan, 258 percent higher than its initial public offering price of 4.64 yuan. Its shares closed at 19.93 yuan yesterday. The listing "is an important achievement in the systematic reform. It marks new success while deepening reform in the publishing and distribution industry," said Ouyang Jian, deputy director of the Publicity Department of the Central Committee of the Communist Party of China, in a congratulatory letter. Ouyang hoped that Liaoning Publishing would provide further experience for the reform of the publishing and distribution system. The department, the General Administration of Press and Publication and the Liaoning provincial government all approved the commercialization of Liaoning Publishing. Observers

Philadelphia Mayor-elect Michael Nutter said Friday that a U.S. Department of Commerce official would be his administration's budget director, according to news reports.

Officials skeptical of any action in '08 The Treasury Department released a long-awaited study Thursday on overhauling the corporate tax code that detailed several options but made no recommendations, possibly signaling the Bush administration's intention to not push for changes in the president's final year.