;AFP;CD

;AFP;CD
ANPAf..r..
Brief-CNAC-airline
Air China takes majority stake in Hong Kong-listed CNAC
JP/HONGKONG

Air China gets top
stake in CNAC

HONG KONG: China's flagship carrier Air China has been handed
a controlling stake in Hong Kong-listed aviation services company
China National Aviation Co Ltd (CNAC), the airline said on
Monday.

The 69-percent slice of the company was transferred to the
carrier as part of a deal to increase the attractiveness of Air
China ahead of a planned international listing, reports said.

In exchange for the capital injection, CNAC's parent, CNAC
Group, has been made a 22.5-percent shareholder in the airline,
which is expected to be floated for around US$500 million to $600
million later this year, or early next year.

Air China is the principle airline in China, flying to 69
domestic and 34 international destinations. --AFP

;AFP;
ANPAf..u..
Netherlands-food-retail
Dutch food giant Ahold sells off Spanish operations
JP/NETHERLANDS

Ahold sells off
Spanish operations

ZAANDAM, Netherlands: The Dutch food retailing giant Ahold
said on Sunday it had sold its operations in Spain to the private
equity investment firm Permira Funds for about 685 million euros
(US$850 million).

Ahold, the third biggest company in the world in its sector,
said last November it wanted to dispose of its Spanish
operations, which include 600 supermarkets and hypermarkets in
mainland Spain and the Canary Islands.

They had a turnover of two billion euros in 2003.

The deal, due to be finalized by the end of the year, is part
of the review of the group's activities undertaken by its
management after a financial scandal in 2003 which brought Ahold
to the brink of bankruptcy.

Ahold also hopes to sell off its Bi-Lo chain of supermarkets
in the United States by the end of the year. --AFP

;AFP;
ANPAf..u..
SKorea-banking-Citigroup
South Korea financial watchdog to probe Citigroup
JP/SKOREA

S. Korea watchdog
to probe Citigroup

SEOUL: South Korea's financial watchdog said on Monday it
would launch a regular inspection of U.S. financial giant
Citigroup's private banking operations here by the end of this
year.

Citigroup was ordered last month by Japanese regulators to
close its private banking operations for violating banking laws.
The bank was also banned from taking part in Japanese government
bond auctions.

The Financial Supervisory Service, however, said its probe is
not "directly linked" to Japanese sanctions.

Citigroup has expanded operations in South Korea since it
acquired KorAm Bank, the country's sixth largest lender, in
April.

The U.S. bank has also agreed to buy the non-memory division
of South Korean microchip giant Hynix Semiconductor. --AFP