Business news for Mon, 17 Dec 2007 & with word commission. 16 news.

STATE energy, telecommunications and tobacco companies will be paying the highest portion of their profit as dividend to the central government from next year, reflecting their monopoly status. Twelve energy firms, including China National Petroleum Corp and State Grid Corp of China, five telecom operators led by China Mobile Communications Corp, and the China National Tobacco Corp are in the first category which has to pay 10 percent of their net profit, the State-owned Assets Supervision and Administration Commission said yesterday. China plans to start collecting dividends from the 150-plus state firms under the central government's direct control starting next year, with the money used to finance the nation's strategic planning and for social security purposes, the State Council, or China's Cabinet, has said. Another 99 large state-owned enterprises directly controlled by the central government, including metal producers and air carriers, which come into the second category,

AUSTRALIA'S largest retailer, Woolworths, says it will oppose the appeal by the New Zealand Commerce Commission (NZCC) against the NZ High Court's decision to allow the grocer to bid for The Warehouse Group.

WASHINGTON - Deficiencies in its computer system hamper the Securities and Exchange Commission's efforts to ferret out insider trading and other securities-law violations, congressional auditors found in a report issued Monday.

TIANJIN Port Co, operator of the busiest port in northern China, says it has received "conditional" regulatory approval for a private share placement to buy assets worth 4.1 billion yuan (US$556 million) from its parent. In May it said it planned to issue up to 226 million new A shares at 18.17 yuan each to acquire berths and the container handling business from its state-owned parent, Tianjin Port (Group) Co. China Securities Regulatory Commission gave approval for the deal on Friday with some conditions, Tianjin Port said in a brief statement to the Shanghai Stock Exchange, without elaborating. Formal approval is expected later, it said. After the announcement, Tianjin Port rose 2.56 percent to 24.88 yuan yesterday when its shares resumed trading after a suspension on Friday. The Shanghai Composite Index was down 2.62 percent. The deal would reduce business overlap between Tianjin Port and its parent and the amount of connected transactions, as well as improve the

CHINA will encourage the exploration and production of unconventional energy sources, such as oil shale, oil sands and natural gas hydrate, according to the 2007 edition of the guidelines for industrial restructuring. Sources with the National Development and Reform Commission said yesterday that development of these unconventional reserves would be supported by loans and tax breaks in the next few years. Last Friday, the NDRC - the country's top economic planning agency - began soliciting public opinion on the 2007 edition of the guidelines. A recent report by the Boston Consulting Group said China has expressed willingness to cooperate with multinational energy companies to develop unconventional reserves to increase supplies. China hopes to improve energy security by developing unconventional resources. The report said China's unconventional reserves were 16 times as large as conventional reserves. For instance, deposits of oil shale were estimated at two trillion tons in

PRODUCTION of China's first home-made regional jet is expected to be completed this week, Xinhua news agency said yesterday, citing the Commission of Science Technology and Industry for National Defense. The ARJ21-700 commercial passenger jet, which seats 78 to 90 people, will make its first flight in March and be delivered to the first customers in 2009. The plane was designed and made by the China Aviation Industry Corp.

CONSUMER prices in China are expected to fall significantly next year while consumption may replace export and investment to become a major driver of the country's economy, Deutsche Bank said. In a report released yesterday, the bank maintains the forecast of a modest slowing in the nation's gross domestic product to 10.4 percent in 2008 from 11.5 percent this year, according to its December issue of Asia Economics Monthly. "We expect CPI (consumer price index) inflation to fall visibly to an average of 3.8 percent next year, down from the 6.5 percent year on year in October and an average 4.6 percent in 2007." The German bank made its projection based on several trends highlighted recently by the National Development and Reform Commission: - Inflation has been mainly driven by food items and is structural in nature, although international and cost factors also played a role. - This year's domestic wheat and rice output has grown and will be sufficient to meet

THE Chinese mainland will let its commercial banks invest in UK stocks and funds in the first expansion of the country's international investment program outside Hong Kong. The nation reached an agreement with the UK financial regulator for investments by the banks under the qualified domestic institutional investor, or QDII, program, the China Banking Regulatory Commission said on its Website yesterday. The government is loosening restrictions on overseas investment to counter inflows from a record trade surplus that have driven up local stock and property prices, Bloomberg News said. The mainland will "soon" come to a similar agreement with the United States authorities, the regulator said. "Expanding the number of markets that QDII funds can invest in helps raise banks' investment and risk management capacities, and also helps investors diversify their risk," the statement said, without providing further details. The release didn't say when QDII funds

AUSTRALIA'S competition watchdog said yesterday it had rejected a proposal led by Singapore Telecommunications Ltd to build a multi-billion-dollar high-speed broadband network in Australia. The Australian Competition and Consumer Commission rejected the bid proposed by SingTel and eight other telecommunications groups, saying it did not have adequate audit mechanisms. "The undertaking gives the network owner a high degree of discretion in unilaterally determining non-price terms and conditions for the 15-year undertaking period, without independent regulatory review," ACCC Chairman Graeme Samuel said. "We could not accept so much discretion from a gas, electricity or rail firm. Access seekers would not know where they stood." The regulator, however, said it was generally comfortable with the pricing structured offered by the so-called "G9" consortium, and that it was open to receiving a revised proposal. David Tudehope, chief executive of

The Federal Communications Commission approved two new rules on Tuesday that are likely to reshape the nation's media landscape by setting new parameters for the size and scope of the largest news and cable companies.

Rates charged for piloting ships through the Houston Ship Channel will go up 6 percent on Jan. 1, with increases of 7 and 8 percent to follow in 2009 and 2010. The Houston Pilots requested the increase, which received unanimous approval by the Port of Houston Authority Commission Tuesday.

Barring any last-minute congressional acrobatics, Federal Communications Commission Chairman Kevin Martin will get his long-desired vote to revise rules on cross-media ownership.

A new report indicates that in its battles against insider trading and market manipulation, the commission declines to use one of the sharpest tools in its arsenal: the internal audits conducted by the stock and options exchanges.

EUROPE’S credit card industry expects a landmark ruling from the European Commission on fees this week that may determine the range of cards consumers will have in their wallets in future.

TEL AVIV (MarketWatch) -- Loews Corp., the New York investment-holding company, said it would spin off its interest in the Lorillard tobacco company to holders of its two classes of stock: Loews and Carolina Group. Lorillard would become a publicly traded company under the plan, Loews said in a statement on Monday. In the deal, Loews would swap each Carolina Group share for 1 Lorillard share. The Lorillard shares to be distributed in this swap account for 62% of Lorillard. The remaining 38% of Lorillard would go to holders of Loews shares. Loews said it would either swap that holding for Loews common shares "if market conditions are acceptable"; or if the swap isn't fully subscribed, it will distribute the 38% of Lorillard to Loews holders as a dividend. Conditions include receipt of an Internal Revenue Service ruling that the deal is tax-free to holders, clearance by the Securities and Exchange Commission, and others. Loews hopes to close the spinoff in mid-2008.

Federal Trade Commission Chairman Deborah Platt Majoras says her agency has done a credible job regulating the Big Three credit ...