Brazil to invest US$66bn
Brazilian President Dilma Rousseff announced on Wednesday a nearly US$66 billion investment package to beef up the nation’s ailing road and rail systems. The investment includes laying 10,000 kilometers of train tracks and building or widening 7,500 kilometers of federal highways. Rousseff said the government would soon announce other packages aimed at airports, ports and transportation on waterways, as well as other areas where serious deficiencies are seen as hobbling the South American giant’s growth. Rousseff’s announcement comes as Brazil gears up to step into the world spotlight as the host of the 2014 soccer World Cup, as well as the 2016 Olympics.
FDI in China slides 8.7%
Foreign direct investment (FDI) in China fell 8.7 percent last month, the government said yesterday, as the economy continued to feel the pinch of slowing global growth and the European debt crisis. Overseas companies invested US$7.58 billion in factories and other projects in China last month, the commerce ministry announced. For the first seven months of the year, FDI fell 3.6 percent year-on-year to US$66.67 billion. Last month’s result was the worst fall since December and continues a downward trend that goes back to November, with the exception of May, when it eked out a marginal gain of 0.05 percent.
A US judge on Wednesday urged the chiefs of Apple and Samsung to negotiate a truce in their high-profile patent trial in California, saying it was “time for peace.” US District Court Judge Lucy Koh asked the heads of Apple and Samsung to speak on the phone in order to reach a legal settlement before the matter is put in the hands of jurors, probably late next week. “I see risk here for both sides; I think it’s at least worth one more chance,” Koh said, while asking that Apple chief Tim Cook and Samsung boss Kwon Oh-hyun personally connect to end the dispute. “If what you all had wanted is to raise awareness that you have IP [intellectual property] on these devices, message delivered,” she said. “In many ways, it’s message delivered. It’s time for peace.”
Cisco profit increases 56%
Cisco’s earnings jumped 56 percent in the latest quarter compared with last year, when it was in the throes of a restructuring program. The results beat expectations, and Cisco rewarded investors by raising its dividend by 75 percent. Cisco said it earned US$1.9 billion, or US$0.36 per share, in its fiscal fourth quarter, spanning May to last month. That compares with income of US$1.2 billion, or US$0.22 per share, in the same period a year ago. Revenue rose 4.4 percent to US$11.7 billion, beating estimates.
Lenovo posts slower growth
Lenovo Group (聯想) said its latest quarterly profit rose 30 percent, but growth slowed amid global economic weakness. Beijing-based Lenovo, the world’s second-largest PC maker, yesterday said it earned US$144 million in the three months ending June 30. The profit growth rate was down from the previous quarter’s 59 percent increase. The latest growth was supported by strong sales in developing countries, with PC shipments up 59.2 percent in the Asia-Pacific region and Latin America, and 62.3 percent in Europe, the Middle East and Africa.