Investment reduced

THE Israel Corp said it would cut initial investment in its joint venture with China's Chery Automobile Co by nearly 45 percent amid tumbling sales of new cars.

The company will invest US$500 million in the Chery Quantum Auto during this year to next year, compared to a previous US$900 million. The firm will also lift its holdings in the venture to 50 percent from the original 45 percent. Chery will hold the remaining 50 percent.