Mon, Aug 27, 2012 - Page 15 News List

World Business Quick Take

Agencies

CHINA

Wen calls for export stability

Premier Wen Jiabao (溫家寶) said on Saturday that more policies to stabilize the country’s exports are needed, Dow Jones Newswires reported. Wen, speaking during an inspection tour in the southern export center of Guangdong Province, also said the government should utilize tools, including tax rebates, to help exporters, Dow Jones said, citing state radio. The report said that Wen called for speeding up the transformation of the country’s foreign trade development model and putting more weight on cultivating national brands as well as intellectual property rights. Wen also reiterated the government’s stance to further boost imports to help international trade become more balanced, proactively deal with trade frictions and make more improvements to the national investment climate. Economic growth has slowed for six straight quarters, managing a 7.6 percent expansion in the three months ended June 30 for the worst performance in three years.

TECHNOLOGY

Suit was last resort: Apple

Apple Inc decided to take its patent infringement battle to the courts only after “repeatedly” asking close component partner and arch-rival Samsung Electronics Co to stop mimicking the company’s designs, chief executive Tim Cook told employees. “We chose legal action very reluctantly and only after repeatedly asking Samsung to stop copying our work,” Cook said in an internal memo obtained by media. Cook’s message sent to Apple employees late on Friday after a nine-member US jury found that Samsung had copied key features of the iPhone and iPad, and awarded Apple US$1.05 billion in damages. The ruling is a big blow to Google Inc, whose Android software powers the Samsung products. The verdict also empowers Apple in filing infringement cases against other Android manufacturers.

OIL INDUSTRY

Karl Thomson sells big stake

Neil Bush, son of one former US president and brother of another, is a partner in a venture seeking control of Karl Thomson Holdings Ltd, a financial services oil and gas company listed in Hong Kong. Triumph Energy Group Ltd, owned by Bush and Hui Chi Ming (許智明), conditionally agreed to pay HK$359.5 million (US$46.3 million) in cash for new shares equivalent to a 56 percent stake in Karl Thomson, according to a statement made on Thursday to the Hong Kong Stock Exchange. Bush, 57, is president of ATX Oil LLC and chairman of the Points of Light Institute, a charitable organization formed in 1989 by his father, then-US president George H.W. Bush, the statement said. Hui, 48, was chairman of Sino Union Energy Investment Group Ltd (中聯能源投資集團), an oil and gas business listed in Hong Kong, according to the statement.

SERVICES

UK’s Mouchel sells assets

The assets of British public services contractor Mouchel have been sold to a new firm owned by its lender banks and its management, after shareholders rejected an alternative restructuring plan, its administrator said on Saturday. The deal to sell the business to MRBL Limited means that all of Mouchel’s subsidiaries will continue to trade as usual, administrator KPMG said. Mouchel helps build and maintain Britain’s motorways, roads and schools, but struggled to recover from last year’s contract blunders, management resignations, failed takeover bids and tough trading. Shareholders on Friday rejected a plan that would have seen its lenders swap £87 million (US$138 million) of existing debt for a majority stake in the company.

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