Mon, Jan 17, 2011 - Page 10 News List

World Business Quick Take



Egypt agrees to export

Egypt agreed to export 1,193 tonnes of cotton in the week ended on Thursday, the Alexandria Cotton Exporters Association said in its weekly bulletin yesterday. The country has shipped 91,588.5 tonnes of cotton valued at US$344.4 million since the marketing year began on Sept 1. Of last week’s sales, Egypt will ship 432 tonnes of Giza 88 cotton variety and 761 tonnes of Giza 86, the association said. Egypt produces the world’s finest extra-long staple cotton, which is stronger and softer than shorter staple cotton.


Sugar controls to continue

India deferred a plan to end controls on sugar producers as rising food prices fuel inflation, the Business Standard reported, citing Farm Minister Sharad Pawar. The Indian Sugar Mills Association last year asked the government to stop setting the benchmark price for sugar cane and the monthly sales quota for mills, which are required to sell 10 percent of their output at below-market prices to the government for resale to the poor.


Deals signed with Qatar

Portugal and Qatar signed memorandums of understanding for cooperation in renewable energy and tourism, Prime Minister Jose Socrates said in Doha yesterday. The two countries also discussed investment opportunities, Socrates said, adding that his country plans to open an embassy in the Gulf Arab country.


Emirates extends deadline

Emirates Telecommunications Corp extended a deadline to reach an accord on its US$12 billion offer for control of Kuwait’s Zain, saying there were “unforeseeable delays” to complete the diligence process. The bid by Abu Dhabi-based Emirates Telecom, also known as Etisalat, to buy about 46 percent of Zain, Kuwait’s largest mobile phone operator, expired on Saturday. Etisalat got commitments from Zain investors holding about 40 percent of the company, three people involved in the talks said on Friday, declining to be identified because the talks are confidential. Etisalat didn’t set a new deadline in its statement yesterday. Etisalat’s effort to purchase Zain is aimed at deepening its presence in the Middle East, where Zain operates in countries from Kuwait and Iraq to Bahrain after selling most of its African assets last year to Indian billionaire Sunil Mittal’s Bharti Airtel Ltd for US$9 billion.


Tetangco can stay on

Central bank Governor Amando Tetangco “has done an excellent job” and can stay for a second term after his fixed, six-year term ends by mid-year, Finance Secretary Cesar Purisima said yesterday. A veteran of the central bank for more than three decades, Tetangco, 58, has kept inflation below 5 percent in the past 21 months, allowing Bangko Sentral ng Pilipinas to keep its benchmark interest rate at a record low since July 2009.


Garuda to launch IPO

Indonesia’s national carrier Garuda Indonesia will this week launch its initial public offering (IPO) around Hong Kong, London and New York. Its scheduled listing on Feb. 11 may raise up to 10.3 trillion rupiah (US$1.1 billion) through the sale of 9.32 billion shares, or 36 percent of its capital, at between 750 and 1,100 rupiah each, likely to be the biggest listing on the Indonesian share market.

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