Thu, Dec 13, 2007 - Page 10 News List

Business Quick Take



Sharp sues Samsung

Sharp Corp, Japan's biggest maker of liquid-crystal-display televisions, filed a lawsuit yesterday against Samsung Electronics Co, alleging infringement of patents in LCD modules. Sharp is seeking damages and a halt in Samsung's production and sale of LCD TVs and modules in South Korea that infringe on three of its patents, the firm said in an e-mailed statement. The suit, at the Seoul Central District Court, follows a filing by Sharp in the US on Aug. 6 against Samsung, the world's largest liquid-crystal- display maker, and two of its subsidiaries. The patents in the Korean case are for technologies to "achieve high brightness and high-speed response, as well as a wide-viewing angle," Sharp said.


China to end ban on JVs

China will soon end a ban on foreign investment banks setting up joint ventures, a concession that falls short of US calls for sweeping access to the world's best- performing capital market. The China Securities Regulatory Commission will start accepting applications from "qualified" local brokerages to set up ventures with foreign investors, the regulator said in a statement on Tuesday. The regulator will "in a few days" announce rules on relaxing requirements for foreign investors seeking stakes in Chinese partners.


Crown to buy Cannery

Crown Ltd, Australia's largest casino company, said yesterday it had agreed to buy privately held Cannery Casino Resorts for US$1.75 billion. Crown, which has a market capitalization of A$9.42 billion (US$8.25 billion), split from James Packer's Publishing & Broadcasting Ltd earlier this month after investors endorsed a plan to split PBL's gambling assets and media businesses into two separately listed firms. Crown CEO Rowen Craigie said the purchase of Cannery Casino was "strategically and financially compelling" for the company, which has acquired businesses in Canada, the US and Macau amid competition concerns in its home territory. The deal still needs regulatory approval in the US.


Infineon sets sales target

Infineon Technologies AG, Europe's second-largest semiconductor maker, expects sales growth of as much as 10 percent for fiscal 2008 compared with the prior year, excluding its memory-chip unit Qimonda AG. For fiscal 2009, the company forecast an earnings before interest and taxes margin, before extraordinary items and excluding Qimonda, of about 10 percent, the company said in its annual regulatory filing on Tuesday. Infineon last month said its fiscal fourth-quarter loss swelled to US$410 million after prices at its Qimonda division fell. CEO Wolfgang Ziebart plans to reduce the stake in the unit to "significantly" less than 50 percent by Infineon's annual meeting in 2009.


Men's wear auction held

A first-off auction of "vintage" designer wear for men at Paris' Drouot auction house fetched a higher-than-expected 134,200 euros (US$197,200) on Tuesday. While vintage womens-wear sales are frequent, the sale of 485 items of clothing and accessories made by some of Europe's top couturiers between 1960 and 2000 was a first in Paris. The bestseller was a 1992 autumn-winter woolen gabardine jacket designed by Jean Paul Gaultier that went for 7,930 euros, the auctioneers said.

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