Chinese shares close lower

SHANGHAI – Chinese share prices fell 1,63 per cent amid volatile trade yesterday after Chinese Premier Wen Jiabao’s eight per cent economic growth target set for 2007 failed to boost the market, dealers said.

Wen set the target in an opening speech of the annual session of the National People’s Congress, China’s parliament, but it did little to alleviate renewed pressure on steel and financial stocks, they said. The annual congress, which is due to run for 12 days, is largely a rubberstamp body, but investors will look for hints policy change that could impact a market that is up about 140 per cent since January 2006.Many believe the Chinese equities market to be overheated.Endemol chief operating officer resigns AMSTERDAM – The chief operating officer of television production company Endemol NV has resigned, Endemol said yesterday, without citing a specific reason.”Endemol and Tom Barnicoat have mutually agreed that Barnicoat will step down with immediate effect,” the company said in a statement, adding that he would receive a severance package of 2,6 million pounds in addition to his pension and stock options.Endemol, best known for creating the ‘Big Brother’ programme format, is controlled by Spain’s Telefonica SA.It has been publicly listed in Amsterdam since Telefonica floated a 25 per cent stake in November 2005, with an eye to selling the company.Bacardi in Absolut race LONDON – Bermuda-based drinks group Bacardi, maker of the world’s leading rum brand, has written to the Swedish government to express its interest in buying Swedish vodka brand Absolut, the Financial Times reported yesterday.Sweden’s centre-right government presented a bill to parliament on Friday to sell state holdings in six companies including the owner of the Absolut Vodka brand, Vin and Sprit.The FT said that analysts had valued V and S at about 4,3 billion euros.The Swedish government has not said when it will sell the stake in V and S and the other state-owned companies, or whether it would sell all or just part of its holdings.Sri Lanka’s budget airline gets licence COLOMBO – Sri Lanka’s new state-run budget airline secured a provisional licence to fly after technical problems delayed its maiden test flight by over eight hours, officials said.A Mihin Air flight flew to India’s southern city of Thiruvananthapuram from the island’s sole international airport late Sunday and returned around midnight, airport officials said.The flight to the shortest international destination from Sri Lanka’s Bandaranaike international airport was held up due to problems with the plane’s nose wheel, officials said.The flight from Colombo was a requirement for Mihin Air to get an “air operating certificate” from the Civil Aviation Authority of Sri Lanka.No paying passengers were on board the test voyage.The certificate gives Mihin Air clearance to operate and handle all other aspects of a commercial flight using a leased Fokker-27 aircraft.Nampa-AFP-APThe annual congress, which is due to run for 12 days, is largely a rubberstamp body, but investors will look for hints policy change that could impact a market that is up about 140 per cent since January 2006.Many believe the Chinese equities market to be overheated.Endemol chief operating officer resigns AMSTERDAM – The chief operating officer of television production company Endemol NV has resigned, Endemol said yesterday, without citing a specific reason.”Endemol and Tom Barnicoat have mutually agreed that Barnicoat will step down with immediate effect,” the company said in a statement, adding that he would receive a severance package of 2,6 million pounds in addition to his pension and stock options.Endemol, best known for creating the ‘Big Brother’ programme format, is controlled by Spain’s Telefonica SA.It has been publicly listed in Amsterdam since Telefonica floated a 25 per cent stake in November 2005, with an eye to selling the company.Bacardi in Absolut race LONDON – Bermuda-based drinks group Bacardi, maker of the world’s leading rum brand, has written to the Swedish government to express its interest in buying Swedish vodka brand Absolut, the Financial Times reported yesterday.Sweden’s centre-right government presented a bill to parliament on Friday to sell state holdings in six companies including the owner of the Absolut Vodka brand, Vin and Sprit.The FT said that analysts had valued V and S at about 4,3 billion euros.The Swedish government has not said when it will sell the stake in V and S and the other state-owned companies, or whether it would sell all or just part of its holdings.Sri Lanka’s budget airline gets licence COLOMBO – Sri Lanka’s new state-run budget airline secured a provisional licence to fly after technical problems delayed its maiden test flight by over eight hours, officials said.A Mihin Air flight flew to India’s southern city of Thiruvananthapuram from the island’s sole international airport late Sunday and returned around midnight, airport officials said.The flight to the shortest international destination from Sri Lanka’s Bandaranaike international airport was held up due to problems with the plane’s nose wheel, officials said.The flight from Colombo was a requirement for Mihin Air to get an “air operating certificate” from the Civil Aviation Authority of Sri Lanka.No paying passengers were on board the test voyage.The certificate gives Mihin Air clearance to operate and handle all other aspects of a commercial flight using a leased Fokker-27 aircraft.Nampa-AFP-AP