Wed, Jan 28, 2009 - Page 6 News List

World Business Quick Take

AGENCIES

■COMPONENTS

Fujitsu drops HDD heads

Japanese high-tech giant Fujitsu Ltd said yesterday it was ending production of hard disk drive (HDD) heads as part of an overhaul of the loss-making business. The firm said it would book a one-off loss of ¥5 billion (US$56 million) because of its earlier investment in a plant in Nagano city, northwest of Tokyo, to make the components. The facility will continue to make circuit boards and employees working in the HDD head business will be moved to new jobs, it said. The HDD head production will cease at the end of March, but Fujitsu is continuing talks with several companies over a possible sale of its overall HDD business, company spokesman Takashi Koto said.

■MOTORCYCLES

Yamaha recalls bikes

Japan’s Yamaha Motor Co said yesterday it would recall 53,814 motorcycles to replace a defect in rear-wheel shock absorbers that caused slight injuries to one rider. The TW200E models were manufactured between 1987 and 2001 and all were sold in Japan, the motorcycle firm said in a statement. The recall followed six reports of problems with the joint part owing to a lack of tenacity, the statement said. The problem could result in a breakdown of the part and a loss of stability. One rider was slightly injured when a TW200E motorcycle with the defect scraped a guardrail, a Yamaha spokesman said.

■ENERGY

Chinese imports doubled

China’s imports of oil products more than doubled last year as local producers were forced to scale down their activity, Xinhua news agency reported yesterday. Beijing imported 14.7 million tonnes of oil products, including gasoline, diesel oil and kerosene, last year, up 107.4 percent from the year before, Xinhua said, citing the China Petroleum and Chemical Association. China had to import more after local oil product firms cut or halted their operations, it said. The firms made the move because local price controls prevented them from passing on the cost of soaring global crude oil prices to consumers, it said.

■MINING

Group to buy coal stake

South Korean and Australian firms have agreed to acquire a major stake in an Australian soft coal mine, Yonhap news agency said yesterday. The consortium led by South Korea’s state-run Korea Resources Corp (KORES) will buy a 47.4 percent stake worth 37 billion won (US$26.6 million) in the Baralaba mine in Queensland, the report said. The consortium consists of KORES, SK Energy, Korea East-West Power and Australia’s Cockatoo Coal, it said. The mine will increase its production of soft coal to 4 million tonnes a year by 2013 from 500,000 tonnes, it said. Yonhap quoted KORES president Kim Shin-jong as saying the state mineral explorer would seek to participate in the development of eight other coal mines in Australia.

■INDIA

Bank cuts growth forecast

The central bank is cutting its economic growth forecast to 7 percent — down from an earlier estimate of 7.5 to 8 percent — but is leaving key interest rates unchanged. The bank says growth in industrial production and consumer demand has slowed, business confidence is deteriorating and the fiscal deficit has risen sharply. In his quarterly policy review, Reserve Bank of India Governor D. Subbarao said that the global slowdown clearly shows that emerging economies remain closely linked to developed markets.

■DEFENSE

Raytheon wins US contract

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