Sat, Jan 08, 2011 - Page 10 News List

World Business Quick Take

AGENCIES

FINANCE

IMF touts capital controls

The IMF on Thursday said that capital controls could be a valuable tool for countries to curb large capital inflows, citing emerging powers Brazil and India. “A number of emerging markets are facing substantial inflows of capital at the moment as their economies are recovering and growing rapidly,” IMF spokeswoman Caroline Atkinson said at a news briefing. Asked about Brazil’s latest step to curb its rising currency, Atkinson said the actions could be appropriate. Brazil’s central bank said commercial banks must deposit — in cash — 60 percent of their foreign-exchange bets above US$3 billion, or when the transaction is bigger than the bank’s assets.

AUTOMOBILES

Spy link to China suspected

French automaker Renault suspects that top managers suspended for alleged industrial espionage were supplying details of the company’s electric cars to China, Le Figaro reported yesterday. The daily cited “several internal sources” at Renault anonymously as saying that the company and the French secret service suspected Chinese involvement in the affair. Renault said on Wednesday it had suspended the three top managers, and company sources said they were suspected of leaking secrets about the electric cars, on which the company is staking its future.

SPORTS

Arena to be renamed

The place where NBA stars LeBron James, Dwyane Wade and Kobe Bryant helped return US men’s basketball to Olympic gold is being renamed for a US firm. The 18,000-seat Olympic basketball arena is going to be called the MasterCard Center, the Purchase, New York-based payments company said. It’s the first 2008 Olympic Games venue and first arena in Beijing to sell naming rights. The renaming will become official on Jan. 21.

ENERGY

Mitsui, Mitsubishi eye LNG

Japanese trading houses Mitsui and Mitsubishi are looking to take stakes in what would be Russia’s largest natural gas (LNG) project, planned for Siberia’s remote Yamal Peninsula, a report said on Thursday. The project, to be led by Russian energy giant Gazprom, would reach costs in an estimated range of ¥10 trillion to ¥20 trillion (US$119.75 billion to US$239.5 billion), the Yomiuri Shimbun reported. A Mitsui spokesperson said that the trading company was indeed “positively considering” participation in the project. Mitsubishi officials could not be reached for comment.

STEEL

Nippon, Tata form venture

Nippon Steel Corp, Japan’s largest producer, and Tata Steel Ltd formed a ¥40 billion venture to make automobile steel sheets in India. Tata Steel, India’s biggest steelmaker, will own 51 percent of the new firm, with Nippon Steel holding the remainder, the Tokyo-based firm said yesterday. The factory will be located in Tata Steel’s Jamshedpur complex. Production will start in 2013.

TELECOMS

Skype to buy Qik Inc

Skype Technologies SA, the biggest provider of international calling, agreed to buy startup Qik Inc to help develop premium mobile video services. The agreement, Skype’s first acquisition, is expected to be completed this month, the Luxembourg-based firm said on Thursday. Terms weren’t disclosed. The purchase of Redwood City, California-based Qik could help Skype grab a bigger piece of the mobile-videoconferencing market.

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