Mon, Jun 19, 2006 page10

• World Business Quick Take

  • AGENCIES
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  ■ Telecoms
  Orascom may boost stake

  Orascom Telecom Holding SAE, the Middle East's largest mobile-phone operator by subscriptions, may boost its stake in Hutchison Telecommunications International Ltd (和記電訊) by 3.3 percent, chief executive officer Naguib Sawiris said on Saturday. Orascom, which agreed last December to buy a 19.3 percent stake in Hutchison for US$1.3 billion, wants to merge with the Asian telecommunications company, Sawiris said. Hutchison is a unit of Hutchison Whampoa Ltd (和記黃埔), which is owned by Hong Kong billionaire Li Ka-shing (李嘉誠). Sawiris is seeking to expand in Asia and Africa to make Orascom one of the world's 10 largest telecommunications companies.

  ■ Automobiles

  VW `planning price cut'

  Volkswagen, which is at odds with unions over high labor costs and over-staffing, is planning to cut the price of one of its volume cars and introduce a Brazilian-made model, an industry newspaper, Automobilwoche, said on Saturday. It said the company's head of brands, Wolfgang Bernhard, proposed to cut the cost of manufacturing the Polo, by 2,000 euros (US$2,500) per vehicle from 2008. The weekly said he also wanted to offer Europeans a no-frills model, the Fox, which is currently produced in Brazil. Volkswagen declined to respond, saying it did not comment on speculation about models. The company also partly denied a report in a news weekly, Der Spiegel, that 30,000, not 20,000 jobs in Germany, might be eliminated as Volkswagen raises productivity. VW's head of personnel, Horst Neumann, said through a spokesman he had not spoken of any specific number. The spokesman declined to say which number was correct.

  ■ Banking

  Lawmakers urge revisions

  Japanese ruling and opposition lawmakers urged the Bank of Japan yesterday to introduce asset disclosure rules after the central bank chief admitted having kept a scandal-tainted investment. "They should revise their internal regulations" on asset disclosure, said Toranosuke Katayama, a senior official of Prime Minister Junichiro Koizumi's Liberal Democratic Party. "I think at least assets held by a governor of the Bank of Japan must be disclosed," Katayama said. Embattled central bank chief Toshihiko Fukui said on Friday he made millions of yen in profits from an investment in a scandal-tainted fund that has triggered calls for his resignation. Fukui, who first made the investment just before taking office, pledged to report precise figures by tomorrow. Fukui, who was then in the private sector, had invested in the fund of Yoshiaki Murakami, a former bureaucrat who became an activist for shareholder rights.

  ■ Banking

  Japanese looking to Islam

  Japan will study Islamic financial practices in a bid to attract Middle Eastern oil money, a daily said yesterday. The government-backed Japan Bank for International Cooperation (JBIC) has formed a four-man advisory board of Islamic legal scholars the Nihon Keizai Shimbun said. JBIC will also study Islamic-style finance in a tie-up with Sumitomo Mitsui Banking Corp, Mizuho Corporate Bank and Bank of Tokyo-Mitsubishi UFJ, the business daily said. The aim is to help Japanese private financial institutions enter the Islamic financial market, Nihon Keizai said.
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