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Sinosteel sees IPO approval by June -China Daily

BEIJING, Jan 21 - Chinese state-owned metals trader Sinosteel plans to file for an initial public offering of Chinese A-shares before March and get all required approvals by June, Sinosteel president Huang Tianwen was quoted as saying on Thursday.
"Our plan is to list the shares on the A-market this year itself," Huang told China Daily. He did not specify which market the shares would be listed on or say how much it planned to raise.
China Daily said it planned to inject 95 percent of its assets into the listed firm. Sinosteel bought Australian iron ore miner Midwest Corp in 2008.
(Editing by Ken Wills)

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Nasdaq short interest ticks down in late December

 NEW YORK, Jan 12  - Short interest on the Nasdaq fell 0.84 percent in the second half of December, the exchange said on Tuesday, suggesting a decrease in bearish sentiment in the stock market.
Stocks  |  Funds News  |  ETFs News
As of Dec. 31, short interest fell to about 6.40 billion shares from 6.46 billion shares as of Dec. 15.
The Nasdaq's short ratio, or the average number of days it would take to cover outstanding short positions, decreased to 3.20 days from 3.42 days.
Investors who sell securities "short" borrow shares and then sell them, waiting for the stock to fall so they can buy the shares back at the lower price, return them to the lender and pocket the difference.
(Reporting by Rodrigo Campos, Editing by Chizu Nomiyama)

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Moody's asgns A1 issuer rtng to Energie Steiermark; otlk stable

Reuters has stopped distributing the full text of Moody's Investors Service press releases on ratings actions, effective April 1, 2009. The text of this Moody's Investor Service rating is available at www.moodys.com.


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Fed's Bullard-Job loss pace slowed

WASHINGTON, Jan 10 (Reuters) - A senior U.S. Federal Reserve official said on Sunday that while unemployment remains high, the pace of job loss has slowed and the main challenge for policy makers will be to adjust extensive securities purchases.

"Forces driving the U.S. economic recovery include stronger-than-expected global growth, especially in Asia," St. Louis Federal Reserve Bank President James Bullard said in a statement describing remarks prepared for delivery to the Global Interdependence Center in Shanghai.
"Other forces include recovering consumption expenditures, less stress in financial markets and stabilization in the housing sector," said Bullard, who is a voter on the Fed's interest-rate setting panel.
A copy of his remarks was made available in Washington (Reporting by Mark Felsenthal; Editing Bernard Orr)

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HK stocks to open up 1 pct; Chalco rises


HONG KONG, Jan 11 - Hong Kong shares are set to
rise 1.02 percent on Monday as strong export data for China in
December boosts confidence in the sustained growth of the world's
third-largest economy.
Shares in Aluminum Corp of China Ltd (Chalco)
(2600.HK)(601600.SS), the country's top aluminum company and the
world's third-largest alumina producer, were indicated 3.73
percent higher after the firm raised its alumina spot price by
7.1 percent to 3,000 yuan ($439) per tonne from Jan. 8.
[ID:nTOE607095].
The benchmark Hang Seng Index .HSI opened up 227.43 points
at 22,524.18. The China Enterprises .HSCE Index of top locally
listed mainland Chinese stocks rose 1.62 percent at 13,246.86.
Jiangxi Copper Co Ltd (600362.SS) (0358.HK), China's top
producer of the metal, gained 3.99 percent.
 (Reporting by Sui-Lee Wee, Editing by Jacqueline Wong)

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Chinese c.bank sets yuan mid-point at 6.8277

Tue Jan 5, 2010 8:19pm EST
 SHANGHAI, Jan 6 - The central bank set the
mid-point of the yuan's CNY=CFXS CNY=SAEC exchange rate
against the dollar on Wednesday as follows.
 Mid-point  Previous day's mid-point  Previous day's close
   6.8277            6.8278                   6.8272
 SOURCE: The People's Bank of China, the central bank, issues
the data through the interbank market, the China Foreign Exchange
Trade System (www.chinamoney.com.cn).
 The yuan may rise or fall 0.5 percent from its mid-point each
day, but it has moved only a small fraction of its band in most
trading sessions since it was revalued by 2.1 percent to 8.11 per
dollar on July 21, 2005.
 In the three years following the revaluation, the central
bank allowed the yuan to appreciate a further 19 percent against
the dollar. The yuan's traded peak since the revaluation was
6.8099, reached on Sept. 23, 2008.
 Since July 2008, however, the central bank has used the
mid-point to keep the yuan at a virtual peg to the dollar within
a narrow 100-pip range, to protect China's economy as it
confronted a slowdown due to the global financial crisis.
 (Reporting by Chen Yixin and Jacqueline Wong)

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RPT-China's stock mkt opens up 0.4 pct after new year

SHANGHAI, Jan 4 (Reuters) - China's key stock index started 2010 up 0.4 percent on Monday, led by large cap stocks after gaining a solid 80 percent in 2009 as one of the world's best performing major markets, underpinned by brighter prospects for economic recovery and corporate earnings.
The Shanghai Composite Index .SSEC opened at 3,289.750 points.
Minsheng Bank (600016.SS), one of the most actively traded stocks, rose 1.52 percent to 8.03 yuan.
"Investors are very optimistic about the market's trend in the first quarter of this year due to the economic and market outlook," said Zheng Weigang, head of investment at Shanghai Securities.
"Looking forward to the rest of the year, it will depend on how fast the government will exit its economic stimulus scheme."
Analysts said they expected the index should break through its 2009 peak of 3,478 points in coming weeks, with large-caps outperforming on market expectations that China would launch its first stock index futures in the first quarter.
The launch of the long-awaited futures, that has taken more than three years, will push up index heavyweights as institutions try to have a bigger say in pricing the derivatives. ($1 = 6.83 yuan) (Reporting by Lu Jianxin and Jacqueline Wong)

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HK stocks open down on U.S. rate rise concern

HONG KONG, Jan 4  - Hong Kong shares opened down
0.06 percent on Monday, as concern that U.S. interest rates may
rise sooner than expected because of upbeat jobs data weighed on
sentiment.
Huaneng Power (0902.HK) was up 0.91 percent. The Chinese
power producer said it would buy stakes in power and port
operators for a total of 8.625 billion yuan ($1.26 billion), to
expand its operations and geographical coverage. [ID:nTOE60300J]
The benchmark Hang Seng Index .HSI opened down 12.46 points
at 21,860.04. The China Enterprises .HSCEIndex of top locally
listed mainland Chinese stocks fell 0.02 percent to 12,791.33.
 (Reporting by Jun Ebias; Editing by Chris Lewis)

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