Wed, Feb 22, 2012 - Page 10 News List

World Business Quick Take



Olympus official found dead

A top executive of Japan’s scandal-ridden Olympus Corp has been found dead in a park outside New Delhi, an apparent suicide, the Times of India said yesterday, quoting police. Tsutomi Omori, 49, who was head of Olympus’ medical equipment business in India, was found hanging from a boundary wall by a gardener in the park, which was part of an apartment complex in Gurgaon, just outside the capital, the daily said. “Police have recovered two suicide notes written in Japanese. While one of them was meant for Omori’s family, the other note only said: ‘I am sorry for bothering you’ in Japanese,” the newspaper added.


Mazda shares plummet 14%

Share prices of Japan’s Mazda Motor Corp tumbled more than 14 percent yesterday after reports that the troubled automaker plans to raise ¥100 billion (US$1.25 billion) in a new share issue. Mazda is to raise the cash as it comes under pressure from the strong yen and slow global demand, according to a report by national television network NHK, which did not cite its sources. The car company will also take out subordinated loans totaling ¥70 billion.


Twitter ‘firehose’ licensed

Twitter Inc agreed to license its “firehose” of data to Yandex NV, Russia’s most-used search engine, the companies said in a statement. Internet users can search for Twitter “tweets” via, the companies said. “New tweets will now become available in Yandex’s Blog Search results in a matter of moments,” according to the statement.


TNT reports major Q4 loss

Expensive fuel, a weak European economy and charges on its Brazilian operations have pushed TNT Express NV, the package delivery company, into a loss of 173 million euros (US$229 million) in the fourth quarter. The company had profits of 4 million euros in the same period a year ago. Revenues rose 2.8 percent to 1.85 billion euros. TNT rejected a hostile offer of 9 euros a share from United Parcel Service after the close of European trade on Friday, a bid that values TNT at US$6.43 billion. TNT said yesterday it is exploring “strategic partnerships” in Brazil and China.


Foreign investment up 9.7%

The economics ministry said foreign investment was up 9.7 percent last year compared with the previous year, totaling US$19.44 billion. A press release on Monday has the US as the top foreign investor with 55 percent. It is followed by Spain with 15 percent and the Netherlands with 6.7 percent of foreign direct investment. Most of the money went into manufacturing, at 44.1 percent. Financial services and insurance received 18 percent of the investment and commerce 9.5.


Mandala cleared to fly again

Indonesian carrier PT Mandala Airlines has been cleared to fly after being grounded for a year because of a massive debt, its second-biggest shareholder, Tiger Airways Singapore Pte Ltd, said yesterday. Mandala Airlines’ clearance to fly culminated a year of financial restructuring after the carrier was grounded in January last year due to its enormous debt. As a result of the restructuring, Indonesian investment company Saratoga Group holds a majority 51.3 percent stake, with Singapore budget carrier Tiger Airways owning 33.0 percent through wholly-owned subsidiary Roar Aviation Pte Ltd.

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