Fri, Nov 30, 2012 - Page 15 News List

World Business Quick Take



India probes allegations

India is investigating allegations that suppliers from Taiwan, the US, China and Malaysia sold solar cells in the nation below cost and whether retroactive duties should be imposed. There is sufficient evidence to warrant an investigation into dumping claims filed by local manufacturers Indosolar Ltd, Jupiter Solar Power Ltd and Websol Energy System Ltd, India’s Ministry of Commerce and Industry said in a Nov. 23 statement on its Web site. The investigation will cover imports of both crystalline silicon and thin-film photovoltaic cells sold in the country between Jan. 1 and June 30 last year. Suppliers, importers and users of the cells have until Jan. 2 to respond, it said.


Firms’ China output tumbles

Major Japanese automobile makers say that Chinese production of their vehicles fell sharply last month amid a territorial dispute between the two nations that has led to boycotts of Japanese products in China. Toyota Motor Corp said yesterday that its Chinese output tumbled 61 percent to 30,591 units, its third straight monthly decline. Chinese output from Nissan Motor Co sank 44 percent to 61,360 units, while production from Honda Motor Co declined 54 percent to 26,302 vehicles, the companies said.


Siemens to buy UK firm

German industrial conglomerate Siemens AG is to buy a railway business division from the UK’s Invensys PLC for £1.74 billion (US$2.8 billion). Siemens said its supervisory board approved the purchase of the firm specializing in railway signaling software and technology on Wednesday. Siemens said the firm, which has around 3,200 employees and revenues of £775 million, will strengthen its railway automation unit based in Berlin.


Paper’s owner seeks partner

Russian billionaire Alexander Lebedev is seeking an investment partner to help absorb losses from his ailing British newspaper the Independent, according to yesterday’s the Times. Lebedev, who bought the Independent and the Independent on Sunday for £1 (US$1.6) less than three years ago, admitted in an interview with the Times that finding a partner would be difficult given continuing losses. The Independent, which has a circulation of 80,000, is expected to lose £14 million over the coming year.


Google to buy marketer

Google Inc has agreed to buy marketing firm Incentive Targeting in a move that gives the tech giant more tools to work with retailers on discounts and other promotions, the two firms said on Wednesday. Terms of the deal were not disclosed. According to its Web site, Incentive Targeting partners with retail chains to provide marketing for manufacturers of grocery and consumer products, using technology to deliver relevant promotions.


US online spending rises

US online spending rose 17 percent on the Monday after Thanksgiving, as tablets and smartphones allowed shopping any time and anywhere. US consumers spent about US$1.46 billion on “Cyber Monday,” compared with US$1.25 billion a year ago, making it the heaviest online spending day in history, research firm ComScore Inc said on Wednesday. Consumers no longer wait until Black Friday and have started shopping as early as Thursday evening, which will help Internet sales reach US$43.4 billion this holiday season, according to ComScore.

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