Business news for Tue, 25 Dec 2007 & with word auction. 4 news.

SICHUAN Changhong Electrical Co acquired a controlling stake in Huayi Compressor Co through an auction on Monday to become the compressor maker's biggest shareholder. The country's second-largest television maker paid 234 million yuan (US$32 million) for 29.92 percent stake in Jiangxi-based Huayi which produces compressors for air conditioners and refrigerators, it said in a statement to the Shanghai Stock Exchange yesterday.

Art is hot. Despite turmoil in the financial markets, there are no signs that the art market is softening. The fall auction season in New York saw robust prices across most categories, with postwar and contemporary works in particular going through the roof. It seemed like a new record was being shattered every time an art auction was held.

SICHUAN Changhong Electrical Co acquired a controlling stake of Huayi Compressor Co through an auction yesterday to become the compressor maker's biggest shareholder, Changhong said in a statement today. The country's second-largest television maker paid 234 million yuan (US$32 million) for 29.92-percent stake in the Jiangxi-based Huayi which produces compressors for air conditioners and refrigerators, it said in a statement to the Shanghai Stock Exchange. Changhong's net profit in the first nine months of this year totaled 340 million yuan, jumping 39 percent from a year earlier on the booming electronics market. The TV maker has grabbed the lion's share of government-financed home appliance sales in rural areas. China promised to give farmers subsidies, about 13 percent, for buying household electrical appliances, in a bid to stimulate sluggish rural consumption and reduce the rising trade surplus, the Ministry of Finance and the Ministry of Commerce said over the weekend.

Nanosolar's eBay auction of one of its first solar panels was canceled over the company's decision to donate proceeds to charity, which is against eBay policy.