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World business quick take

Banking: Allianz to cut 3,000 jobs<
Allianz AG, Europe's biggest insurer, plans to eliminate as many as 3,000 jobs at its Dresdner Bank AG unit amid mounting losses. The Munich-based company said the job reductions will cost as much as 400 million euros (US$391 million) and Dresdner is expected to post break-even results next year.

Garments: Gucci Q2 net plummets<
Gucci Group NV said second-quarter profit fell 55 percent as sales of its signature products slowed. The world's third-largest luxury group said its full-year forecast could be at risk due to "political-economic turmoil." Net income fell to 42.8 million euros (US$42 million), or US$0.41 a share, in the three months ended July 31, from 95.4 million euros, or US$0.94, a year earlier, the company said in a faxed statement. Sales fell 6.9 percent to 577 million euros. Gucci CEO Domenico De Sole said in the statement the company might not be able to meet its objective of fully diluted net income per share of 2.60 euros unless demand remains stable.

Batteries: BYD may be charged<
BYD Co, China's largest rechargeable battery maker, denied yesterday that its Lithium-ion batteries were made using technology that violates the patent of Sanyo Electric Co's US unit. In a legal notice, BYD, which is based in south China's boomtown of Shenzhen, said it had not received any direct notice from Sanyo or legal documents from the US federal district court in southern California where Sanyo's US subsidiary, Sanyo Energy, said it has filed a lawsuit for patent infringement. BYD said its Lithium-ion rechargeable batteries were produced from its own research and development. The company has already appointed US legal advisers to look into the allegations and will "vigorously defend" itself if sued by Sanyo, it said.

Trade: WTO gets hung up<
Members of the WTO disclosed Wednesday that they were still far from agreement after five days of talks on reducing barriers to agricultural trade. Nations that want to see an end to farm subsidies and countries that are the biggest users of such payments accused each other of dragging their heels in the talks, which form part of a wide-ranging WTO trade round. "We are concerned that some members haven't engaged with specific proposals. Agriculture is the key," said Linnet Deily, US ambassador to the WTO. The US is one of the countries pressing for commitments on the elimination of export subsidies and major reductions in other support programs for farmers.

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