Fri, Mar 25, 2011 - Page 10 News List

World Business Quick Take

profit of US$0.06. Agencies

OIL

Japan fuel terminal reopens

Exxon Mobil Corp says its Japanese division has reopened its Shiogama Terminal, enabling the delivery of increased fuel supplies to the Tohoku area of Japan that was devastated by an earthquake and tsunami. The oil company said on Wednesday that the terminal received its first shipment of 1 million liters of gasoline and 1 million liters of kerosene on Tuesday. Exxon Mobil affiliate refiner TonenGeneral Sekiyu K.K. says the reopening restores the most critical link to the affected area. Exxon Mobil has made its terminal available for use by other companies with ready fuel supplies. The company says its four Japan Group refineries are now fully operational and running ahead of normal rates to meet increased fuel demand.

TELECOMS

CEO says prices too high

Takeover prices for some emerging-market telecom assets are too expensive to tempt UK mobile giant Vodafone, its chief executive told German financial magazine Capital. “The sums demanded are much too high. We were interested in some companies in Africa — but we left it,” CEO Vittorio Colao said in comments published on Wednesday. Colao said Vodafone would not follow Deutsche Telekom’s lead, which decided this week to sell its US mobile unit to AT&T, and dispose of its stake in Verizon Wireless. “I see no reason to part ways with this excellent company in the current situation,” he said.

VIETNAM

Inflation hits two-year high

Vietnam’s inflation rose to a two-year high this month, official estimates showed yesterday, as the government shifts from a longstanding focus on growth toward stabilizing its economy. The consumer price index (CPI) is expected to jump 13.9 percent year-on-year this month, the General Statistics Office reported. Rising inflation has become a key policy concern for Asian governments but consumer prices in Vietnam have risen faster than in neighboring countries. Average CPI in the first quarter rose by 12.79 percent against the same period last year, led by a 17 percent increase in food, the statistics office said.

RETAIL

Kingfisher profits rise

Kingfisher, Europe’s biggest home-improvements retailer, said yesterday that annual net profits rose 27.5 percent to £491 million (US$796 million) in 2010-2011. Kingfisher, which owns the B&Q chain in Britain and Castorama in France, said its profit after tax for the 12 months to Jan. 29 compared with net income of £385 million during the equivalent period in 2009-2010. “We have delivered another year of strong profit growth and cash generation in what continue to be challenging times for our customers around the world,” chief executive Ian Cheshire said in Kingfisher’s results statement.

MEMORY CHIPS

Micron sales top estimates

Micron Technology Inc, the largest US maker of computer-memory chips, posted second-quarter sales and profit that beat analysts’ estimates on increasing demand for chips used to store data on mobile phones and tablets. Revenue climbed 15 percent to US$2.26 billion in the period that ended March 3, Micron said in a statement on Wednesday. That compared with US$2.1 billion, the average of predictions compiled by Bloomberg. Micron’s net income fell 80 percent to US$72 million, or US$0.07 a share, from US$365 million, or US$0.39, a year earlier, the company said. Analysts on average projected per-share

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