Thu, Dec 23, 2010 - Page 10 News List

World Business Quick Take



US clears McAfee deal

Intel said on Tuesday that US anti-trust regulators have cleared its US$7.68 billion acquisition of computer security firm McAfee, but the deal is still being examined in Europe. “The Federal Trade Commission has concluded its review of the proposed McAfee transaction and has cleared it,” Intel vice president for investor relations Kevin Sellers said in a note on Intel’s investor relations Web site. “We are continuing to work with the staff at the European Commission as they continue their review,” Sellers added.


Dreamliner delivery delayed

Boeing Co’s Japan unit will explain delays in delivering its 787 Dreamliner aircraft within several weeks, said Michael Denton, president of the unit of the world’s second-biggest planemaker. “We are aware that we caused great disappointment to our customers,” Denton told reporters yesterday in Tokyo. “We will do everything we can” to deliver the aircraft. All Nippon Airways Co is scheduled to receive the first 787 in the first quarter of next year after a series of delays.


Dubai World cuts stakes

Dubai World’s port management arm said yesterday it is cutting its stake in five Australian ports through a deal with Citi valued at US$1.5 billion. Under the terms of the agreement, DP World will continue to manage the ports in Brisbane, Sydney, Melbourne, Adelaide and Fremantle. It says it will “monetize,” or sell off, 75 percent of its shares in the Australian operations. Unloading its stake to New York-based Citigroup’s Citi Infrastructure Investors will help the sea cargo handler pay down debt while remaining active in the Australian market.


Nike misses expectations

Nike Inc posted future orders data that missed many analysts’ expectations on Tuesday, sending shares of the world’s largest athletic shoe and clothing maker down almost 6 percent. Nike also said it might undertake some targeted price increases to help offset rising cotton costs. Future orders, excluding currency exchange rates — a key measure of sales growth — rose 11 percent. Nike’s net income in the fiscal second quarter rose 22 percent to US$457 million, or US$0.94 a share, from US$375 million, or US$0.76 a share, in the year-earlier period.


Trade with China jumps

Booming iron ore and coal exports boosted commerce between Australia and top trading partner China by 8.8 percent this year and more than trebled it over the past decade, data showed yesterday. The trade department said China remained Australia’s largest export market with total shipments growing to A$90.3 billion (US$89.7 billion) — 17.6 percent of total trade — over the 12 months to June.


IMF sells 403 tonnes of gold

The IMF said on Tuesday it had completed the sale of more than 403 tonnes of gold, part of a two-year drive to shore up the multinational lender’s finances. There were no immediate details of the final sale, but the IMF has previously announced the sale of 200 tonnes to India, 10 tonnes to Mauritius, 10 tonnes to Sri Lanka and 10 tonnes to Bangladesh. The sale to those countries was said to be around US$7.6 billion. IMF members agreed in 2008 that the fund could sell an eighth of its gold assets in order to diversify its financial model so that it no longer relies on lending.

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