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World Business Quick Take

■ Electronics
LG profits rise
South Korea's largest home appliance maker, LG Electronics Inc, said yesterday its third quarter operating profit was up 94.5 percent from the previous three months to 279.9 billion won (US$267 million). The result beat market forecasts of around 206.2 billion won for the three months to September. Compared with a year earlier, however, operating profit was down 21.2 percent. Sales stood at 6.01 trillion won, up 7.2 percent from the previous quarter but down 1.5 percent from a year earlier. Net profit was up 4.2 percent quarter-on-quarter to 156.9 billion won but down 48.5 percent year-on-year.

■ Electronics
IBM reports earnings drop
IBM's net profit dropped in the third quarter by 2.4 percent to US$1.52 billion as a US$525 million charge on overseas profits cut into better than expected revenue. Third-quarter revenue fell 7.8 percent to US$21.5 billion from US$23.4 billion a year earlier, but the shortfall reflected the fact that IBM no longer includes revenue from its PC business, which it sold in May to China's Lenovo Group Ltd (聯想). In other key sectors, revenue ticked upward. The company's global services business, which provides computer consulting and outsourcing to companies, rose 3 percent to US$11.7 billion from US$11.3 billion a year earlier, while sales of mainframe computers and servers rose 7 percent to US$5.1 billion. Software also rose 5 percent to US$3.8 billion, the company said. The tax charge of US$525 million was to allow IBM to repatriate to the US some US$9 billion in overseas profit.

■ Gambling
Singapore gets culture
Singapore's Keppel Land Ltd. and US-based Harrah's Entertainment Inc. yesterday said they are teaming up with Paris-based Centre Pompidou, a contemporary museum, to create a cultural center in Singapore as part of their bid to operate a casino resort in the city-state. "The new [cultural] center, to be designed by the world-renowned architect Daniel Libeskind, will provide a `Uniquely Singapore' experience for visitors" that will complement Harrah's and Keppel's vision for a world-class integrated resort, the two companies said in a joint statement. Among the most visited places in France since opening in 1977, the Centre Pompidou boasts a rich collection of modern and contemporary art, a vast public library, cinemas and performance halls, a music research institute, and educational activity areas.

■ Energy
Analysts praise Russia
Russia's growing state energy role has attracted investors and has brought greater clarity to the sector, despite criticism from free market proponents, analysts at the Moscow conclave of the World Economic Forum said yesterday. The forum -- best known for its influential annual gathering of top business executives, politicians and social leaders in Davos, Switzerland -- is holding a session in Moscow, the first in Russia since the 2003 arrest of oil tycoon Mikhail Khodorkovsky raised widespread concerns about Russia's path. The discussions yesterday, the second and last day of the meeting, were focused on how Russia can best manage the colossal oil revenues filling state coffers as well as improving conditions to attract much-needed foreign direct investment. The Russian state has moved to take over 30 percent of the country's oil output.

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