Tue, Jul 19, 2011 - Page 10 News List

World Business Quick Take

Agencies

SOUTH KOREA

Inflation still above target

President Lee Myung-bak yesterday ordered the government to step up its fight to contain inflation and said he would convene a -ministerial-level meeting later in the week to gauge the current situation. Annual consumer inflation last month picked up slightly more than expected to 4.4 percent from 4.1 percent in May, remaining above the 4 percent ceiling of the central bank’s target band. Economists see it accelerating through next month before heading down.

MINING

Glencore to buy Marcobre

Swiss mining giant Glencore said yesterday it would buy a 70 percent stake in Peruvian mine owner Marcobre for US$475 million in cash. Marcobre owns Marcona Copper Property and the property’s exploration and development project Mina Justa, which contains resources of 413.3 million tonnes containing 0.79 percent copper.

ELECTRONICS

Samsung seeks MRIs, X-rays

Samsung Electronics Co is in talks to buy makers of MRI scanners and X-ray machines to challenge General Electric Co and Siemens AG in medical equipment. Samsung is in contact with some companies, senior vice president Jo Jae Moon, who leads a team of medical-equipment developers, said in an interview in Seoul on Friday, without elaborating on the potential targets. The company has said it plans to spend 1.2 trillion won (US$1.1 billion) in the medical-equipment business by 2020.

UNITED STATES

Equipment favored over staff

More companies hold an optimistic outlook toward investing in new equipment than hiring, a survey showed, another sign the labor market will struggle to improve. Fifty-four percent of companies said they would boost capital spending over the next 12 months, compared with 43 percent that plan to increase payrolls by the end of the year, according a results of a poll taken last month by the National Association for Business Economics issued yesterday. Respondents also scaled back forecasts for economic growth as sales and profits cooled. The employment index for last quarter dropped compared with the group’s April survey as more companies said they dismissed workers.

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