Mon, Jul 04, 2011 - Page 10 News List

World Business Quick Take

Agencies

AVIATION

Dreamliner arrives in Japan

Boeing Co’s 787 landed in Japan early yesterday to start a week-long dress rehearsal with All Nippon Airways Co (ANA), signaling the end is near to a delay of more than three years for the world’s first composite-plastic jet. The Dreamliner, which landed at Tokyo’s Haneda airport, will make test flights on ANA’s normal domestic routes. The exercises will ensure the plane fits into airport parking slots and can use boarding bridges and fuel hoses, airline spokeswoman Megumi Tezuka said. The trip is one of the final validations ahead of the 787’s entry into service as early as next month. Boeing missed the original May 2008 delivery target, stalling its ability to book profit from a model with an average list price of US$202 million and forcing customers to reshuffle their plans.

BANGLADESH

General strike held

A citizens’ group enforced a six-hour general strike in Dhaka yesterday, partially disrupting businesses and transportation, to demand that the government cancel a gas exploration deal with US energy giant ConocoPhillips. Last month, the government signed a production-sharing contract with the company to explore for gas in deep waters of the Bay of Bengal, but the National Committee on Protection of Oil, Gas and Mineral Resources, Power and Ports, says the agreement compromises the national interest. The country currently faces up to 780 million cubic meters of gas shortages each day.

CHINA

Growth target is ‘difficult’

The economic growth target for this year will be “difficult” to achieve, Vice Premier Wang Qishan (王岐山) said in a statement on the government’s Web site yesterday. It is hard to balance the economy and inflation “given complications and uncertainty in the global situation,” Wang told a conference in Hebei Province early this month, the statement said.

BEER

Fosters rejects takeover bid

The head of Australian beer giant Foster’s yesterday said he was not talking with SABMiller about their recent takeover bid, insisting his focus was on improving the business. Foster’s last month rejected an unsolicited A$9.51 billion (US$10 billion) offer from the international brewer, saying it undervalued the company, and chief executive John Pollaers said he was not engaged in further talks. “Our focus right now is just, fundamentally, turning this business around and making sure we realize the full potential of it,” he told ABC television’s Inside Business show. At the time of the offer, SABMiller said the proposal to buy Foster’s was in line with its strategy to create a global spread of businesses and it would continue to pursue discussions.

AUTOMOBILES

Chinese sales could pick up

Automobile sales growth may recover in the second half of the year after a slowdown in the first six months, Xinhua news agency said, citing the deputy head of China Association of Automobile Manufacturers Dong Yang (董揚). Auto consumption could rise from this month to December as liquidity is expected to ease, boosting consumer demand for mid and high-end passenger cars, Xinhua said, quoting Dong. A drop in oil prices and subsidies for -alternative--energy vehicles could also help to boost sales, it said. The rate of vehicle sales growth in the first half will be slower than the 4.2 percent increase during the first five months, Xinhua said, citing the auto association.

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