World Busines Quick Take

■ Commerce
Daiei looking for help
Debt-ridden Japanese retailer Daiei is considering seeking help from a state-backed corporate body, reversing an earlier reluctance after pressure from its creditors, officials said yesterday. "I have asked the body to continue conducting its assessment of our assets," Daiei president Kunio Takagi told reporters. He said no final decision on seeking help had been made. Daiei, which operates around 250 supermarkets and has been eyed up by US investors including retail giant Wal-Mart, had said previously it would ask for support from private companies but not the state-backed Industrial Revitalization Corp of Japan. But its main creditor banks UFJ, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp on Tuesday pressured Daiei to seek public help, warning they could otherwise stop extending assistance. "I think Daiei is gradually coming to understand our position," UFJ president Takamune Okihara told reporters.

■ Energy
Oil futures top US$54
Crude oil futures retreated from record levels of more than US$54 a barrel in Asian trade yesterday, as traders nervously monitored developments in strike-hit Nigeria and recovery efforts in the Gulf of Mexico. Crude for November delivery on the New York Mercantile Exchange fell US$0.28 from its overnight settlement to US$52.23 in mid-afternoon trading in Asia. On Tuesday, light, sweet crude hit another all-time high of US$54.45. Many market observers say prices are likely to continue to skyrocket because of continuing supply concerns.

■ Music downloads
MSN Music hits Japan
Microsoft Corp will begin its music download service in Japan with an initial offering of 50,000 songs, a spokeswoman for the US software giant's online service unit said yesterday. The Japanese version of MSN Music, which launched in test form last month and went officially live on Tuesday in the US, will start here on Wednesday, offering music from more than 10 recording companies. The fee ranges from ?158 yen (US$1.40) to ?367 (US$3.30) a tune, according to Atsuko Doi, the spokeswoman. Available songs will grow to more than 100,000 by the end of the year. Microsoft hopes such music services will help spread the latest version of its Windows Media Player entertainment-focused system among consumers. The software system allows people to watch and record live television, listen to music and watch DVDs.

■ Beverages
China to keep beer crown
China will be the world's biggest beer producer this year for the third year running, brewing more than 27 billion liters of the beverage, an industry expert said yesterday. This year's output exceeds last year's by about 2 billion liters, or 7.4 percent, Xiao Derun, director of the beer branch of the China Distillers Association, was quoted as saying by the official Xinhua News Agency. Drinkers in China consumed 25 billion liters of beer last year, pushing consumption past the US and into the global top spot for the first time. China's beer market is still dominated by domestic brands such as Tsingtao and Yanjing, but international names such as Budweiser, Suntory, Carlsberg and Fosters also have a major presence in the country.