■ Auto Industry
Mitsubishi recalls vehicles
Mitsubishi Fuso Truck & Bus Corp, Japan's third-largest truckmaker, said it will recall about 136,000 vehicles to fix faulty front and rear wheel hubs.
The recall, which will start mid-December, will affect trucks, buses and coaches made between July 1983 and November last year, the company said in filings to Japan's transport ministry. No accidents related to the recall have been reported, the company said. Fuso, 65 percent owned by Daimler-Chrysler AG, in June began recalls of more than 848,000 vehicles in Japan, or about 60 percent of the Fuso vehicles that are in use. Fuso covered up defects and repaired some vehicles without notifying the transport ministry about the problems.
■ Auto Industry
DaimlerChrysler must pay
A jury ordered DaimlerChrysler AG to pay US$98 million in damages to a couple whose baby died when a Dodge Caravan seatback failed in a crash, according to the family's lawyer. The jury awarded US$98 million in punitive damages to punish the company today after saying earlier that the family was entitled to US$7.5 million to compensate for injuries suffered in the crash, said Jim Butler, a lawyer for the family. There have been more than 500 deaths and injuries in cases involving allegations about seat-latches in Chryslers, according to Clarence Ditlow, president of the Center for Auto Safety in Washington.
Cingular Wireless cuts jobs
Cingular Wireless LLC, the largest US cellphone company, plans to cut 7,000 jobs, or nearly 10 per cent of its workforce, a news report said yesterday. The move was made to take advantage of cost-cutting oppor-tunities brought by Cingular's US$41 billion takeover of AT&T Wireless Services Inc last month. Company spokesman Mark Siegel told Bloomberg that the cuts would come next year. The layoffs are part of Cingular's aim to cut costs by US$2 billion by 2007.
Server market grows
The global market for computer servers grew to US$11.5 billion in factory revenue in the third quarter, a 5.5 percent increase from a year earlier, market researcher IDC said. International Business Machines Corp, the world's largest computer maker, increased its lead over Hewlett-Packard Co and Sun Microsystems Inc in the worldwide server market, IDC said in a statement distributed by Business Wire. IBM's share of the US$11.5 billion market for servers, machines that run company databases and Internet sites, increased to 32 percent from 31 percent a year earlier.
Kirin buys into Dalian Daxue
Kirin Brewery Co, Japan's biggest beverage maker by sales, said it will spend 3.9 billion yen (US$37.6 million) for a 25 percent stake in China's Dalian Daxue Brewery Co. Tokyo-based Kirin plans to double the Chinese brewer's yearly beer production capacity to 400,000 kiloliters by December 2008, the company said yesterday. "China's beer consumption is rising," Vice President Naomichi Asano said during a Tokyo news conference. "Our purchase will help us expand our Chinese market share." Japanese breweries such as Kirin and Asahi Breweries Ltd, Japan's second biggest, are expanding overseas and diversifying their alcoholic products.