Japan's leading steelmaker, Nippon Steel Co, is in talks with China's largest steel manufacturer, Baoshan Iron & Steel Co, on a possible joint venture to provide steel sheet to automakers. The two steel giants were planning to set up a plant in Shanghai as early as 2002, the Nihon Keizai Shimbun newspaper said.

APEC festival

The APEC Youth Festival - APEC Young Leaders/Entrepreneurs Forum opened in Shanghai on Wednesday. More than 230 young entrepreneurs, scholars and government officials from all 21 APEC member economies attended the forum.

The theme of the forum is "building common prosperity by meeting challenges of young leaders and entrepreneurs in the new economy". The participants will deliver speeches, hold symposiums and join the virtual trade show.

Foreign capital

Contractual investment in Shanghai from the United States and Japan reached US$438 million and US$945 million, respectively, during the first half of this year, an increase of 26 per cent and 178 per cent over the same period last year.

According to statistics from the Shanghai municipal government, Japan is the biggest source of overseas investment in the city and the US comes third after Hong Kong, whose investment dropped by 23 per cent to US$406 million.

Shipyard shift

Shanghai Shipyard on the Huangpu River will be moved to Chongming Island within three or four years, to make way for the expansion of Pudong's Lujiazui Finance and Trade Zone.

The shipyard occupies an area of 440,000 square metres and the development project is expected to cost about 10 billion yuan (US$1.2 billion).

Maiden voyage

France's CMA-CGM launched its new container ship Verlaine in Shanghai on Tuesday. The ship can carry 6,712 TEU (twenty equivalent units). The ship, bound for Europe, is 300 metres long and 40 metres wide. CMA-CGM has built eight such ships to expand its container business.

Korean route

China Eastern Airlines is to begin operating charter flights from Shanghai to Kwangju, South Korea. The airline now serves eight South Korean destinations with 41 weekly flights.

New film

Kodak's newly released all-purpose MAX film in Shanghai provides professionals and photography novices a tool to obtain quality images in virtually any picture-taking condition.

The film makes use of Kodak's patented Advanced Development Accelerator, which is specially designed to work in combination with Kodak T-grain emulsion technology.

Airline pact

The Shanghai-based China Sky Aviation Enterprises Group consisting of six provincial airlines is to conduct goods transfer business at six cities where the airlines are based by opening up 74 air routes.

Agreements have been signed between the six airlines. The group will discuss co-operation in sharing aviation materials, curbing costs and improving management.

Plastics show

Three exhibitions sponsored by China Everbright Foreign Trade General Company and Shanghai Mould Technology Association are being held at Shanghai Everbright Convention and Exhibition Centre. Moulds, plastics, rubber and machinery will be on display. The four-day show which ends tomorrow has more than 400 exhibitors from more than 10 countries with 80,000 visitors.

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