World Business Quick Take

■ Automotive
GM slashes 30,000 jobs
General Motors Corp. Chief Executive Rick Wagoner, who said in June he would eliminate 25,000 North American manufacturing jobs by 2008, today said he will close 12 facilities and cut 30,000 jobs. The world's largest automaker will idle or reduce operations at nine manufacturing sites and several non-manufacturing facilities, Wagoner said at a press conference in Detroit. The closings will trim GM's annual costs by US$7 billion by the end of next year. "The decisions we're announcing today were difficult to reach because of their impact on their employees and the communities where we live and work," Wagoner said. "But these actions were necessary for General Motors to get its costs in line with the major global competitors."

■ Economy
Japan's economy growing
The Japanese government remained upbeat about the economy in its latest monthly report yesterday, saying strong consumer demand combined with a rebound in exports is keeping the nation's recovery going. The Cabinet Office's economic report for November kept the same language as in its previous reports for the fourth straight month, affirming that the economy was "recovering at a moderate pace." The government last upgraded its overall assessment of the economy in August. At that time, it declared the world's second-biggest economy had emerged from a lull. Economists watch for even subtle changes in language in these monthly reports for shifts in the official outlook on the economy. Recent economic indicators suggest Japan's economy, mired in nearly 15 years of sluggish growth, is gaining strength. Japan's gross domestic product grew at an annual rate of 1.7 percent in the July-September quarter, the fourth straight quarter of growth, lifted by consumer spending.

■ Markets
Euro gains on dollar
The euro moved higher against the US dollar yesterday, rising above US$1.18 after comments last week by the European Central Bank's president indicated that an interest rate rise was imminent. The 12-nation euro bought US$1.1803 in early European trading, up from US$1.1764 in New York late Friday. The British pound rose to US$1.7192 from US$1.7169. The dollar also was down against the Japanese yen after a weekend meeting between US President George W. Bush and Chinese President Hu Jintao (胡錦濤) failed to produce a breakthrough on Chinese currency policies. The dollar stood at ¥118.98, down from ¥119.15 on Friday. The euro was boosted on Friday by ECB president Jean-Claude Trichet's statement that the bank was "ready to take a decision" to lift interest rates.

■ Transport
China to buy `bullets'
China plans to place an order for 60 Japanese super-express Shinkansen "bullet" trains, according to a Japanese news report yesterday. The trains are modeled on East Japan Railway Co's high-speed "Hayate" trains, Kyodo News agency reported. The orders will be placed with Kawasaki Heavy Industries Ltd and other Japanese companies as part of a project to increase the speed of China's trains. The company did not immediately confirm the report. The Hayate-model bullet trains operate at a speed of about 275kph.