Business news for Tue, 25 Dec 2007 & with word commission. 15 news.

CHINA'S military enterprises are encouraged to conduct group listings and are expected to raise between 50 billion yuan (US$6.75 billion) and 60 billion yuan from public share sales by the end of 2010, a senior official said. The majority of these enterprises will complete their reform to turn into shareholding companies in five years, which paves the way to trade shares publicly, said Wu Fenglai, head of the Reform Department under China's Commission of Science Technology and Industry for National Defense. In his article published yesterday in the China Securities Journal, Wu noted that military enterprises, except wholly state-owned ones, welcome foreign investment. Depending on their influence in national security, the country's military enterprises are divided into wholly state-owned, state-controlled and state-invested. "Most of China's military enterprises are allowed to source funds from the capital market and foreign investors," said Wu. China issued a new

CHINA'S futures market will be developed actively, but with caution, while the planned introduction of index futures should not disturb the stock market's performance, said the China Securities Regulatory Commission's Chairman Shang Fulin yesterday during a forum. "China will further diversify futures products and improve the risk control mechanism to create stable development in the futures market," Shang said during the 2007 China Finance Forum. He also demanded adequate preparations for the launch of index futures, which has long been anticipated. It will allow investors to sell short on China's stock markets for the first time. China has completed systematic and technical preparations for introducing index futures, Shang told Xinhua news agency in October. However, the launch of index futures has been postponed several times due to worries over its influence on a stock market presently in a correction period, industry analysts said. The index futures might be

CHINA'S electricity output at the world's biggest hydropower project rose about 25 percent this year after new generators were installed. The Three Gorges station generated 60.86 million megawatt-hours of electricity so far this year with output until the end of the year expected to touch 61.6 million, the State-owned Assets Supervision and Administration Commission said in a statement on its Website yesterday, according to Bloomberg News. China Three Gorges Project Corp, the parent of Shanghai-listed China Yangtze Power Co, is developing the Three Gorges Dam on the Yangtze River, Asia's longest. Located in central Hubei Province, the project is slated by 2009 to generate 84.7 million megawatt-hours of power a year and is part of the government's plan to end electricity shortages in the world's fastest-growing major economy. China added 5,000 megawatts of new capacity at Three Gorges this year, bringing the total capacity to 14,800 megawatts, the commission said. Water flow at

SINOPEC Corp said it expects to process 42.5 million tons of crude oil in the final quarter this year, up 7.5 percent from the third quarter, as China's largest refined oil supplier acts to counter a fuel shortage. The amount represents an increment of 500,000 tons over its original fourth-quarter plan, according to China Petrochemical News, a newspaper of Sinopec's state-owned parent, China Petrochemical Corp. This also surpasses the 42.38 million tons estimation made early this month. China has suffered a diesel shortage in October and November due to soaring crude prices and capped domestic pump prices for refined oil products. Domestic refineries had cut production to stem losses from the yawning price gap. The National Development and Reform Commission has since asked state refineries to increase processing volumes and raised domestic fuel prices by as much as 10 percent at the start of November. Sinopec said yesterday the supply condition was basically back to normal,

SANYO Electric Co, the Japanese electronics maker targeting its first profit in four years, may have its shares removed from the Tokyo Stock Exchange after misstating six years of financial results. The shares are on watch for possible delisting, the exchange said on its Website after Osaka-based Sanyo disclosed yesterday it understated losses from April 2000 to March 2006. Japan's Securities and Exchange Surveillance Commission recommended Sanyo be fined 8.3 million yen (US$72,650), Bloomberg News said. The misstatements may hamper recovery efforts by a company that had to be bailed out by creditors including Goldman Sachs Group Inc last year. Sanyo last month said it plans to invest 350 billion yen to focus on operations such as rechargeable batteries and cells that convert sunlight into energy. "Sanyo would have to further reorganize its business" if the shares become delisted, said Naoki Fujiwara, who helps oversee US$3.2 billion as chief fund manager at Shinkin

HARRAH'S Entertainment Inc has received final regulatory approval needed to complete the largest casino buyout ever, a year after Apollo Management LP and TPG Inc agreed to the US$17.1 billion purchase. The National Indian Gaming Commission approved the acquisition, removing the last regulatory hurdle to the purchase, Las Vegas-based Harrah's said in a statement. The transaction will be completed in early 2008, the company said. Harrah's, the world's largest casino company, received permission from Illinois, Nevada, Indiana and six other regulators in the states where it operates. The buyout firms agreed in December 2006 to acquire Harrah's for US$90 a share, attracted by its real-estate holdings and ability to generate cash, according to Bloomberg News. Indian approval was needed because Harrah's runs tribal casinos. Founded in 1937 in Reno, Nevada, Harrah's owns the Bally's, Caesars and Flamingo casinos in Las Vegas as part of its holdings, most of which are in the United

The Federal Communications Commission doesn't need a procedural overhaul, despite criticism from...

The Equal Employment Opportunity Commission said Wednesday that employers could reduce or eliminate health benefits for retirees when they turn 65 and become eligible for Medicare.

Southeast Alaska's halibut fishing industry will face a lower catch limit again this season if recommendations made this month by the International Pacific Halibut Commission stand. A 28-percent drop in catch limits means commercial fishermen and processors would face hard time …

CHINA'S futures market will be developed with both enthusiasm and caution, Shang Fulin, chairman of the China Securities Regulatory Commission told a forum today. The planned introduction of index futures will be guaranteed not to disturb the stock market, he said. "China will further diversify the futures products and improve the risk-control mechanism to pave the way for stable development of China's futures market,'' Shang said. He also demanded good preparations for the launch of index futures, which have been long anticipated to allow investors to sell short on China's stock markets for the first time. China has completed systematic and technical preparations for introducing index futures, Shang told Xinhua News Agency in October.

WASHINGTON - The Republican chairman of the Federal Communications Commission is disputing Democratic assertions that a new rule loosening restrictions on media ownership is full of loopholes and will lead to a wave of mergers and fewer choices for consumers.

Singapore Airlines' cargo unit said on Monday that it has received notification of alleged infringements from the European Commission in an investigation into airfreight surcharges and rates.

Conestoga Energy officials said the largest ethanol plant yet built in Kansas started production Monday. The Arkalon Ethanol plant is a 110 million-gallon-per-year plant. Its capacity will be 50 million gallons greater than the Gateway Ethanol plant in Pratt, according to the Kansas Corporation Commission's most recent figures. Nick Hatcher, chairman of the Conestoga Energy board of directors, confirmed Monday that production had started at the plant. Conestoga Energy spokesman Dusty Turner has said the Arkalon plant could be producing as much as 300,000 gallons of ethanol per day within a month. The 150-acre site is about eight miles northeast of Liberal. The plant takes up about 40 acres.

Harrah's Entertainment Inc. has tentatively cleared the last remaining regulatory hurdle to the largest casino buyout ever. Harrah's said Monday that the National Indian Gaming Commission has approved the company's $17.7 billion purchase by private equity buyers Apollo Management and Texas Pacific Group, pending final commission review. The conditional approval means Harrah's can go forward with the deal, which is expected to close in early 2008. Harrah's and the buyers received the go-ahead for the deal last week from the Nevada Gaming Commission, capping a 10-week campaign to obtain approvals from state gambling regulators in eight states, including Iowa and Missouri. Indian Gaming Commission approval is needed because Harrah's operates several tribal casinos as well. Harrah's used to manage a casino north of Topeka before the Prairie Band Potawatomi tribe took over operations in July. Harrah's, which had nearly $10 billion in revenue last year, operates more than 50 casinos including Caesars Palace and the Imperial Palace in Las Vegas and Bally's in Atlantic City.

Air Canada said it had been included in the European Commission’s investigation into price fixing on freight services. The airline added that it might suffer a liability as a result. Air Canada, Canada’s biggest airline, said it was cooperating with investigators. It said it had received an official charge sheet, which sets out the commission’s preliminary assessment in its investigation into suspected anticompetitive cargo pricing activities. The activities include the levying of certain fuel surcharges by a number of airlines and cargo operators in breach of antitrust laws. The European Commission last week charged several airlines, including British Airways , Lufthansa and SAS, with fixing freight service prices. Cathay Pacific and Singapore Airlines said they too had received a notice from the commission.