Business news for Thu, 27 Dec 2007 & with word source. 3 news.

CHINA National Postal and Telecommunications Appliances Corp, the country's biggest handset distributor, plans an initial public offering in the first half of next year, Sina.com reported yesterday citing an unidentified source. The Beijing-based distribution company sold 30.50 million handsets in 2006, 30 percent of the market size.

BAOSTEEL Group Corp Chairman Xu Lejiang was again elected as chairman of the company's listed unit, to fill a power vacuum after his predecessor Ai Baojun was appointed to a new government post. Xu, 48, was approved as a board director of Shanghai-listed Baoshan Iron & Steel Co at a shareholder meeting yesterday afternoon. He was later elected as chairman by the board, according to a stock exchange filing last night. Ai, 47, was yesterday named as a vice mayor of Shanghai. Ai took the chairman post of Baoshan Steel in April this year from Xu. Ai had held senior posts at Baosteel as well as at the listed arm since 1998. He joined the company in 1994. Xu became Baosteel's chairman early this year after Xie Qihua, 64, the renowned "Iron Lady," retired. Xu earlier became Baoshan Steel's chairman in May 2006, also replacing Xie. A senior Baosteel source said Xu's chairman role in the listed arm this time might be temporary. "The company is turning into a

General Motors announced that by 2008, it will source $1 billion worth of auto parts from India each year, according to Dow Jones. This is more than eight times the $120 million the company currently spends on parts manufactured in that country.