World Business Quick Take

■ Commerce
Top US trade official named
US President George W. Bush announced on Thursday that he had picked Republican lawmaker Rob Portman of Ohio, a close personal friend who helped him win re-election, to be US trade representative. If confirmed by the US Senate, Portman would replace Robert Zoellick, who has moved on to be Secretary of State Condoleezza Rice's senior deputy at the State Department. Portman would find himself faced with trade disputes with key allies; a fight in the US Congress over a commercial deal with Central American nations and the Dominican Republican; and difficult WTO talks. Portman, a former international trade lawyer who was first elected to Congress in 1992, has served on the powerful House Ways and Means Committee.

■ Airlines
HK extends surcharges
Cathay Pacific Airways and eight other airlines operating in Hong Kong received approval to extend surcharges on tickets by two months to the end of May because of soaring fuel prices, Ming Pao Daily reported. Hong Kong's Civil Aviation Department received applications from 21 of the 41 carriers currently permitted to levy fuel surcharges, and is still reviewing 12 cases, the newspaper said. Each passenger will pay an average of HK$40 (US$5) to HK$130 per trip, the newspaper said. The nine airlines are: Cathay Pacific, Hong Kong Dragon Airlines (港龍航空), Philippine Airlines, Air China (中國航空), China Eastern Airlines (東方航空), China Southern Airlines (南方航空), Indian Airlines, United Airlines and Royal Nepal Airlines, the report said.

■ Takeovers
Japan delays rule changes
Japan's Cabinet yesterday postponed changes that would have made acquisitions easier for overseas companies to help give domestic businesses more time to adopt takeover defenses. Cabinet members agreed that a change to the Commercial Code allowing the use of stock traded in other nations to pay for takeovers in Japan won't be enforced before 2007, a government statement said. Enforcement had been planned for next year. The decision may derail Japanese Prime Minister Junichiro Koizumi's plan to double overseas direct investment in Japan by 2008. Some ruling party politicians oppose changes to the code because of methods used in a takeover fight between Internet company Livedoor Co and Fuji Television Network Inc for control of a Tokyo radio station.

■ Telecoms
Qwest sweetens MCI deal
Qwest Communications International Inc on Thursday formally raised its offer for long-distance carrier MCI Inc to US$8.5 billion, upping the ante in a bidding war with telecom giant Verizon. As revised, Qwest said its US$26-a-share bid carries a value more than 25 percent higher than the US$20.75-a-share offer to which MCI has agreed with Verizon Communications, according to a filing that Qwest made with the Securities and Exchange Commission. MCI quickly responded, saying that it would conduct a "thorough review" of Qwest's latest offer and that its board would have a response by the close of business on March 28. Terms of the sweetened offer call for consideration to be paid as US$10.50 per share in cash, along with US$15.50 of Qwest stock based on an exchange ratio of Qwest shares per each outstanding MCI share.