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World Business Quick Take

■ Investment
Bank of Scotland goes east
Royal Bank of Scotland (RBoS), the second-biggest British bank, announced yesterday it would invest ?900 million (US$1.6 billion) in Bank of China. RBoS will lead a US$3.1 billion investment in 10 percent of China's second-largest bank, the group said in an official statement to the London Stock Exchange. The British bank will nominate a director to sit on the Bank of China board and has committed to retain its investment for at least three years. It has no plans to increase it. RBoS will raise its share through the disposal of its 2.2 percent shareholding in Spain's Santander Central Hispano (SCH) bank, it also announced. The transaction -- subject to regulatory approvals -- was expected to be completed by the fourth quarter of this year.

■ Corporate
Manners motivate workers
Good manners on the part of management influences to a high degree the motivation of employees and contributes to a positive company image, according to a survey by CGC Claus Goworr Consulting among 600 top managers in Germany. The respondents also saw a close link between good behavior and personal success which were crucial elements in networking. Some 90 percent of the executives polled said they would place greater emphasis on respectful behavior in their companies. Executives listed achievement ability as the most important criteria for up-and-coming leaders followed by credibility and self-esteem. Most of the executives however underestimated the importance of honesty, loyalty and respect, the consultancy firm said. Most managers linked a good working atmosphere and motivation among employees to behavior of management.

■ Asia
Office-space demand rises
Demand for office space and expansion of multinational corporations are helping to drive up the property market in Asia, a Jones Lang LaSalle (JLL) report said yesterday. Hong Kong posted a 12.4 percent increase in Grade A rentals compared with the previous quarter, JLL research showed, while Makati, the financial district of Manila, had the second highest quarter-on-quarter growth of 9 percent. Singapore's 6.6 percent followed. Increases in capital values were the highest in Seoul at 13.7 percent, followed by Bangkok at 5.4 percent. "The growth in office demand is showing no sign of letting up," said Jane Murray, JLL's head of research for the Asia-Pacific region. In major Chinese cities where new developments are still coming on stream, rental increases were more modest.

■ Indonesia
Power outage hits Java, Bali
A massive power outage throughout Indonesia's most crowded islands of Java and Bali brought businesses and commuters to a halt yesterday. Traffic on the streets of Jakarta, Bogor and other cities came to a stop, while thousands of commuters waiting for electric railway trains servicing the capital and suburbs were left stranded and businesses in the capital were disrupted. "Something happened with the Java-Bali network system," an official with the state power company PLN said. "Work is underway, but we still don't know what exactly happened." One power-company official said the outage was caused by damage to the steam-generated power plants on East Java, but an investigation was underway.

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