World Business Quick Take

■ Energy
US advises Iraq
Washington advising Iraq on establishing a state company to take over management of the oil sector by July as US-led occupation forces hand power to a new Iraqi government, a US official said on Sunday. "We are helping set up a mechanism that allows them to have a state oil company but also allows a significant outside investment into the industry," said Robert McKee, the outgoing oil chief in the US-led administration of Iraq. McKee, who will be replaced by Mike Stinson from yesterday, said Iraq had no choice but lure international investment even if the oil industry remained in state hands. He said Iraq needed tens of billions of dollars to double output to 5 million barrels per day in the next five years.

■ Cellphones
Alcatel to sell handset unit
Alcatel SA, the world's biggest maker of broadband Internet equipment, is about to sell its handset unit to China's Nanjing Panda Electronics Co, La Tribune said, citing unnamed people in the industry. Paris-based Alcatel reached an agreement with the Chinese phonemaker 10 days ago, according to the daily. Alcatel, which began talks last year via its Chinese unit, Alcatel Shangai Bell, had shortlisted Panda and TCL, the newspaper said.

■ Aircraft
UPS looks to cancel order
United Parcel Service Inc (UPS), the world's largest package-delivery company, is in talks to cancel more than US$1.6 billion of aircraft ordered from European Aeronautic, Defense & Space Co's Airbus SAS division as clients shift to cheaper ground-based services, the Wall Street Journal Europe said. UPS aims to cancel at least 20 of the 90 Airbus 300-600 planes it ordered in 1998 and 2001, the paper said, citing people familiar with the situation. It had received 32 of the planes by the end of January.

■ Telecoms
NTT expects profit jump
Japanese giant NTT said yesterday it expects recurring profit to grow 52 percent in the year to March next year from an estimated profit for the current year. Nippon Telegraph and Telephone Corp plans to generate ¥117 billion (US$1.07 billion) in group recurring profit, up ¥40 billion from its forecast for the year to this month. According to its business plan filed with the government, which still owns a stake in the former monopoly, NTT aims to increase revenue by 7.4 percent to ¥363 billion in the next fiscal year while cutting total costs by 5.7 percent to ¥246 billion.

■ Petroleum
Singapore firm to expand
Singapore Petroleum Co Ltd said yesterday it will buy British Petroleum Singapore's one-third stake in Singapore Refining Company Pte Ltd and one-sixth equity interest in Tanker Mooring Services Co Pte Ltd in a deal worth about US$140 million. Singapore Petroleum said the acquisition would double its refining capacity and strengthen its position as a leading petroleum products supplier in the Asia Pacific region. It said the acquisition is expected to be completed by June 30. The Singapore Refining Company is owned by a consortium that includes Singapore Petroleum and BP Singapore and runs an oil refinery situated on Singapore's Jurong Island with a maximum capacity of 285,000 barrels per day.