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By Times Staff Writer
Published October 30, 2007

China tops U.S. for firms in world's top 10

China Life Insurance Co. surpassed AT&T Inc. in market value, giving China more of the world's 10 largest companies than the United States for the first time. Five of the 10 biggest companies by market capitalization are now Chinese, compared with three that are in America, after China's benchmark stock index almost tripled this year. "China is one of the most exciting economies," said Jim Rogers, chairman of New York-based Beeland Interests Inc. "The market is willing to pay a lot more for future growth." China Life, PetroChina Co., China Mobile Ltd., Industrial and Commercial Bank of China Ltd. and China Petroleum and Chemical Corp. are now in the list of the world's 10 biggest companies by market value. Only two of those are in the top 50 by sales. The three U.S. companies in the top 10 by market value are Exxon Mobil Corp., General Electric Co. and Microsoft Corp. Exxon Mobil retains its No. 1 place.

NBC, Fox team up with online venture

The most ambitious attempt by television companies to retain their audiences on the Web began Monday, and the early reviews have been surprisingly good. Hulu.com, a joint venture between NBC Universal and News Corp., features many episodes of hit NBC and Fox shows and a small sampling of movies, all with one-quarter the commercial minutes of regular TV. The fledgling company has learned from the mistakes of other TV networks, which haven't been willing to take their shows to popular online hangouts. Most have kept their free, ad-supported shows on their own Web sites and expected their brand names to attract viewers. Hulu will syndicate its shows to four of the Web's most popular destinations, plus allow viewers to embed streaming clips or entire shows on their blogs.

Media General may sell five TV stations

Media General Inc., owner of the Tampa Tribune and WFLA-Ch. 8 in Tampa, said Monday it is exploring the sale of five stations in the Southeast, including two in Florida. The Richmond, Va., company is exploring the sale of WCWJ in Jacksonville and WMBB in Panama City, along with WTVQ in Lexington, Ky., KALB in Alexandria, La., and WNEG in Toccoa, Ga., an independent, satellite station for WPSA in Spartanburg, S.C. The decision to consider selling the mid-sized stations comes "as a result of our ongoing analysis of our portfolio," said Marshall N. Morton, president and chief financial officer. Earlier this month, the company announced its third-quarter earnings had plunged 88 percent as advertising revenue slumped from results boosted by political ad sales a year ago. The company said profit for the quarter ended Sept. 30 fell to $2.5-million, or 11 cents per share, from $20.6-million, or 87 cents per share, a year ago.

[Last modified October 30, 2007, 00:26:35]