■Wal-Mart
Stake in Seiyu to rise
Wal-Mart Stores Inc, the
world's largest retailer, will pay Japanese Yen 52 billion (US$421 million) to raise its stake in Japan's Seiyu Ltd to about a third, becoming Japan's fifth-largest retailer's biggest shareholder. Wal-Mart will exercise its option to increase its holding in Seiyu to 34 percent on Dec. 27, Seiyu said in a release. The option allows Wal-Mart to pay Japanese Yen 270 per share for 192.8 million new Seiyu shares, the companies said earlier. Wal-Mart earlier this year bought a 6.1 percent stake to gain a foothold in Japan's US$130 billion general merchandise market, now dominated by Ito-Yokado Co, Japan's largest retailer, and Aeon Co.
■ Economic advisor
Bush stays with Friedman
President George W. Bush intends to stand by his choice of Stephen Friedman as his chief economic adviser, said Stephen Moore, president of a tax-cut advocacy group that campaigned against the selection. Since an administration official said Friday Friedman would be named to replace Lawrence Lindsey, criticism of that choice led to speculation he might not get the job. Moore, president of the Club for Growth, said White House officials told his group the plan hasn't changed and the delay reflects the complexity of Friedman's investments, which are linked to his compensation as a senior principal at Marsh & McLennan Capital Inc.
■ Coca-Cola
Bottler names president
Coca-Cola Co promoted Steven Heyer to president and chief operating officer, making the former television executive second-in-command less than two years after joining the world's largest soft-drink maker. Heyer, 50, has been in charge of Coca-Cola's marketing and brand development, and was appointed in April to head Latin American operations. He came to Coca-Cola in March 2001 from AOL Time Warner Inc's Turner Broadcasting System, where he was president and COO. Chief Executive Douglas Daft has been without a top lieutenant since former President Jack Stahl resigned almost two years ago after the company restructured into four regional divisions. Heyer will help Daft with day-to-day operations at Coca-Cola, which is trying to revive growth in international markets such as Brazil and bolster slow US demand for soft drinks.
■ Australia
Economy adds 60,000 jobs
Australia's economy added jobs for a second straight month as builders and retailers, buoyed by stronger demand, hired more full-time workers. The economy added 60,400 jobs, the Bureau of Statistics said. That's more than three times the 18,500 forecast in a Bloomberg News survey of 22 economists. The jobless rate rose to 6.1 percent from a two-year low of 6 percent as more people looked for work in an economy growing almost 4 percent annually. The economy is weathering a global slowdown that has cut exports and the worst drought in a century that has slashed farm production. Extra jobs will support consumer confidence and underpin retail spending, ensuring the economy keeps expanding. "The strong upside surprise in both total and full-time employment is undoubtedly a positive for consumer spending," said Anthony Thompson, senior economist at HSBC Bank Australia Ltd.
Agencies
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