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Sat, Oct 15, 2005 - Page 12 News List

World Business Quick Take

AGENCIES

■ Textiles
China warns on textile deal

China will not sign any textile agreement that hurts its textile industry, the Commerce Ministry said yesterday in its first reaction to the breakdown of the latest round of talks with the US. "China will not sign any agreement which will hurt China's rights and is unfavorable towards the healthy development of its textile industry," the commerce ministry said in a statement. The two sides walked away from the talks, originally scheduled for two days, after the morning session Thursday without an agreement or even a date for another round. China and the EU averted a trade war in June when they agreed to limit the growth of 10 Chinese textile exports to 8.5-12.5 percent until the end of 2007.

■ Trade

EU to hold meeting on trade

EU foreign ministers will hold an emergency meeting next week on world trade talks, which have long been mired in crisis because of trans-Atlantic disputes over farm aid, diplomats said yesterday. The meeting in Luxembourg next Tuesday was called by France to discuss the WTO negotiations but will also assess bird flu developments and aid to quake-stricken Pakistan. France, which has an important farm lobby and has always come out in defense of farm subsidies, called the emergency meeting to make sure the EU will not make excessive concessions during to the talks and does not exceed its mandate. The talks at the World Trade Organization to revamp global trade flows need progress to make the deadline for an outline agreement at a meeting in Hong Kong in December.

■ Motorcycles

Yamaha sues distributors

Yamaha Motor Corp is suing two distributors of motorcycles and all-terrain vehicles and a dealership, accusing them of violating its copyright and trademark rights by selling Chinese-made knockoffs of Yamaha-brand vehicles in the US. The complaint was filed Wednesday against Yamoto Motor Corp, Patriot Motorcycles Corp and Family Motor Sports Inc. It seeks unspecified compensatory and punitive damages and a court order forcing the defendants to destroy any products or materials that infringe on the Yamaha Motor's trademarks. Yamaha Motor claims Yamoto has adopted a corporate trademark, logo design and Web site address that's nearly identical to Yamaha's in order to trade on Yamaha's name and reputation to help fuel sales of copies of Yamaha motorcycles and ATVs.

■ Automobiles

Toyota recalls Prius cars

Toyota Motor Corp issued a recall yesterday for about 160,000 Prius cars sold mainly in the US and Japan due to a potential software glitch that may cause the hot-selling gas-electronic hybrid to stall. A spokesman said there were no safety concerns but Toyota had decided to offer repairs free of charge. The problem may cause the gasoline engine to stall but the electrically powered brake and steering operation would continue to function normally, he added. The voluntary recall follows an investigation by the National Highway Traffic Safety Administration of the US into complaints about problems with the Prius stalling. The administration said in June that it had received 33 reports of engine stalling in last year's and this year's models of Prius vehicles. Over 85 percent of the incidents occurred when the car was being driven at speeds ranging from 56kph to 104kph.

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