Thu, Jan 05, 2012 - Page 10 News List

World Business Quick Take

Agencies

ELECTRONICS

Samsung PRC fab approved

South Korea yesterday approved Samsung Electronics’ plan to build a new plant in China to produce high-tech memory chips used in tablets and smartphones, the Ministry of Knowledge Economy said. Following the approval, the world’s largest memory chip maker will select a site for the plant and seek Chinese government permission with a view to starting production next year, the ministry said in a statement. Samsung had requested permission for its planned export of key technology relating to NAND flash memory chips. When completed, the plant will produce 10,000 12 inch wafers per month.

INTERNET

Google demotes Chrome

Google Inc demoted its Chrome browser in Web-search rankings after an advertising effort for the tool ran afoul of its own rules governing paid promotions. The company is “making manual action to demote” Chrome and lower its ranking for at least 60 days, Mountain View, California-based Google said in an e-mailed statement on Tuesday. Google’s remarks came in response to blog posts that made favorable remarks about the Chrome browsing tool and said they were sponsored by Google, said Aaron Wall, founder of SEOBook.com, which trains marketers on how to improve search results.

TRAVEL

Thomas Cook does shake-up

Thomas Cook yesterday said that three board members would leave next month, two of them early, as the travel firm shakes up its leadership in the wake of a funding crunch that triggered a collapse in its share price. The world’s oldest travel firm said non-executive directors David Allvey, Bo Lerenius and Peter Middleton would all retire at the company’s annual shareholder meeting on Feb. 8, but that only Allvey had been due to go after nine years of service.

AUTOMAKERS

Suzuki plans Indonesia plant

Japan’s Suzuki Motor Corp yesterday said it would build a new engine factory in Indonesia in a bid to help boost output of small cars in the fast-growing Southeast Asian market. The car and motorcycle maker has spent ¥10 billion (US$130 million) on a 1.3 million square-meter site in an industrial park outside Jakarta for its third Indonesian factory, Dow Jones Newswires said.

ENERGY

PetroChina buys Athabasca

China will take over full ownership of a Canadian oil sands project for the first time after Athabasca Oil Sands Corp announced on Tuesday it sold the remaining 40 percent of the MacKay River oil sands development to PetroChina (中石油) for US$673 million. Athabasca had previously sold PetroChina a 60 percent stake in two oil sands projects, including MacKay river, and the possibility of the Chinese taking over full ownership was included in that deal and approved by the Canadian government.

UNITED STATES

Manufacturing grows faster

US manufacturing last month grew at its fastest pace in six months, capping a late-year upswing, but a European slump and rising oil prices posed threats to the US economy in the new year. The Institute for Supply Management’s index of national factory activity hit its highest level since June, coming in above forecasts at 53.9, more evidence that the US economy picked up steam in the fourth quarter. A reading above 50 indicates expansion.

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