China's business press carried the following stories on Wednesday. China.org.cn has not checked the stories and does not vouch for their accuracy.

FMG sways in China iron ore talks—Beijing Business Today

After unilaterally terminating iron ore supply contracts with China in October, Fortescue Metals Group (FMG) has recently changed its tone, saying that it is still in negotiation with Chinese steel mills about supplying iron ore at earlier-agreed rates.

In August, FMG and China's steel mills agreed on discounts for the second half of the year that was higher than global mining giants Rio Tinto and BHP were offering other Asian mills. In return, FMG was supposed to get up to $6 billion in funding from Chinese investors to expand production.

However, after FMG failed to get the financing by the deadline on September 30, its Chief Executive Officer Andrew Forrest said the company would stop offering Chinese steelmakers an earlier agreed discount on its iron ore, a move that was widely deemed to be a unilateral termination of contracts.

China to continue eliminating outdated facilities—Shanghai Securities News

The state government is planning to roll out further measures to eliminate outdated production facilities in the power, coal, steel, cement, non-ferrous metal, coke, papermaking, leather and printing sectors, Shanghai Securities News reported Wednesday.

The new measures, to be jointly implemented by multiple ministries and commissions including the National Development and Reform Commission, the Ministry of Environment, the Ministry of Commerce and the People's Bank of China, will limit the supply of land to projects using outdated facilities and producing surplus output.

Export of high energy-consuming and high-polluting products will be strictly curbed and higher power, water and natural gas rates will be applied to outdated facilities.

Central Huijin to help banks replenish core capital—Shenzhen Economic Daily

It is rumored yesterday that China's big-four commercial banks will be given permission from one of their major stakeholders, Central Huijin Investment Co., to replenish their core capital with profits they are supposed to turn over.

If true, the four banks will no longer need to raise funds from the stock market, a private equity official was quoted as saying. "It will be a strong support to the stock market."

Spokesmen from the four banks did not deny the rumor.

"It is good news; such a possibility can't be ruled out," said an official from the Industrial and Commercial Bank of China.

An official from the watchdog earlier estimated commercial banks will need to raise 300 to 400 billion yuan to replenish their core capital next year.

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