Fri, Feb 08, 2013 - Page 15 News List

World Business Quick Take

Agencies

INTERNET

Yahoo marketing on Google

Yahoo is counting on rival Google to help accelerate its revenue growth. As part of an arrangement announced on Tuesday, Yahoo’s Web site will begin drawing upon Google’s massive online advertising network to show marketing messages related to the content that is being perused. Google already distributes similar ads to thousands of Web sites. It retains part of the revenue generated from the ads shown on its partners’ sites. The revenue split with Yahoo was not disclosed.

TELECOMS

Alcatel-Lucent CEO quits

Alcatel-Lucent CEO Ben Verwaayen is leaving the loss-making French-US telecoms equipment maker after a failed four-year bid to turn the business around. Verwaayen’s surprise departure comes as Alcatel-Lucent reported losing 1.37 billion euros (US$1.85 billion) last year, compared with a gain of 1.1 billion euros a year earlier. Investors cheered the news, with shares jumping 7.7 percent in early trading to 1.40 euros.

SOFTWARE

Fujitsu unveils cuts, merger

Fujitsu Ltd, Japan’s biggest corporate software services provider, will eliminate 5,000 jobs and merge its large-scale integration (LSI) chip business with that of Panasonic Corp to boost global competitiveness. The venture will design LSI chips and contract out their manufacture, a joint statement the companies released yesterday said. Development Bank of Japan has been asked to help finance the venture, the firms said.

COURIERS

FedEx lays off US execs

FedEx Corp, the world’s second-biggest package delivery company, said on Wednesday that it would lose more than 10 percent of its US-based executives under a voluntary buyout plan. The Memphis, Tennessee company says its personnel will leave the company in stages through May 2014. In December, FedEx offered employees up to two years’ pay to leave. It is seeking to reduce annual costs by US$1.7 billion by 2016.

AUTOMAKERS

EADS sale aids Daimler

A one-off gain from a stake sale helped offset a slight drop in operating profit for Germany’s Daimler AG in the final quarter of last year. The Stuttgart-based company yesterday said that fourth-quarter net profit was 2.3 billion euros, up from 1.79 billion euros in the same quarter last year, thanks to the sale of 7.5 percent in European defense company EADS. That sale, which reaped a gain of 709 million euros, masked a 2 percent fall in Daimler’s operating profit in the period to 8.6 billion euros.

EMPLOYMENT

Australia jobless rate steady

Australia’s jobless rate held steady at 5.4 percent last month, data showed yesterday, with the economy creating a net 10,400 jobs. The Australian Bureau of Statistics said an increase in part-time employment offset a decline in full-time positions, with the total number of jobs created in the month slightly short of expectations.

MACROECONOMY

No rate cut for India: IMF

India’s central bank should refrain from cutting interest rates until inflation is contained even as the nation faces a subdued economic recovery, the IMF said in a statement released on Wednesday. GDP will climb 5.4 percent in the 12 months through March this year, and 6 percent the following fiscal year, while inflation will ease to 7.2 percent by March next year from 7.8 percent in March this year, the IMF said.

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