Producer prices rise
Producer prices rose at the fastest pace in three months last month as the cost of staple foods including vegetables and fruits increased. Prices paid to producers were up 4 percent from a year earlier, compared with a gain of 3.1 percent in August, the Bank of Korea said in a statement in Seoul yesterday. Prices gained 1 percent last month from the previous month, the most since July last year. Prices of agricultural, forestry and fisheries products gained 30 percent last month from a year earlier, the most since June 1981, the report showed. Vegetable prices rose 126 percent and fruit costs rose 58 percent.
Apple, Verizon may team up
Apple Inc plans to make a version of its popular iPhone 4 available through Verizon Wireless by early next year, the New York Times reported. The iPhone is now available only through AT&T Inc. Adding Verizon Wireless, the largest US mobile phone operator, could significantly boost sales of Apple’s phones, which face rising competition from smartphones that use Google Inc’s Android operating system. The Times, citing an anonymous source briefed by Apple, reported the development late on Friday. The Wall Street Journal also reported the move earlier in the week. Both Verizon Wireless and Apple declined to comment.
Daewoo to branch out
Daewoo Shipbuilding & Marine Engineering Co, the world’s second-largest shipyard, will move into the wind power and renewable energy industries as it seeks to triple revenue to 40 trillion won (US$35.7 billion) and boost its operating margin to 10 percent by 2020, the company said yesterday in an e-mailed statement. Daewoo Shipbuilding reported revenue of 12.4 trillion won and operating profit of 684.5 billion won last year. The company’s operating margin fell to 5.5 percent last year, from 9.3 percent in 2008, according to data compiled by Bloomberg.
Constellation shocks EDF
French electricity generator EDF said on Saturday it was shocked and disappointed that Constellation Energy has decided to pull out of a project to build a nuclear power plant in the US state of Maryland. “EDF is extremely disappointed and shocked to learn that Constellation has unilaterally decided to withdraw from the Calvert Cliffs 3 project,” the company said in a statement. Earlier, Constellation Energy had said it was unable to obtain a workable US federal loan guarantee for their joint venture, Unistar, to build the third-generation reactor. The company said the federal loan guarantee application had not been withdrawn, but that its cost was “unreasonably burdensome and would create unacceptable risks and costs for our company.”
Gates going to Seoul
More than 100 global business leaders including Microsoft founder Bill Gates have confirmed they will attend next month’s G20 business summit in Seoul, organizers said yesterday. They said Gates, who now co-chairs the charitable Bill and Melinda Gates Foundation, would be among 112 executives taking part in the Nov. 10 to Nov. 11 event on the sidelines of the G20 leaders’ summit. Companies will include Royal Dutch Shell from the Netherlands, France’s Total, the ING financial group from the Netherlands, Bank of America, Hewlett-Packard and Switzerland’s Nestle, organizers said in a statement.