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World Business Quick Take

■ Computers
Mike Cannon moves to Dell
Dell Inc on Wednesday named Selectron Corp chief executive Mike Cannon as the man to head up the computer company's newly formed global operations division, where he will oversee all manufacturing, procurement and supply chain activities. Cannon will report directly to Michael Dell. Cannon's hiring is the latest in a flurry of changes to the senior ranks of the company. Solectron said its chief financial officer, Paul Tufano, will serve as interim CEO of the electronics manufacturer until a permanent replacement is found.

■ Economy
Strong Japanese growth
Japan's economy grew by an unexpectedly strong 1.2 percent in the fourth quarter of last year, or an annualized pace of 4.8 percent, helped by gains in consumer spending, the government said yesterday. The fast clip marked a significant improvement on the three months to September, when the world's second-largest economy had expanded by a tepid 0.1 percent from the previous quarter, according to the latest estimates. The data lent support to the Bank of Japan's case for a rise in its super-low interest rates from 0.25 percent, although market views are divided on whether the central bank will make a quick move at its meeting next week.

■ Trade
Korea-US FTA round ends
The US said on Wednesday it has completed "the most successful" round of negotiations with South Korea to forge a free trade agreement since talks began in June last year. The two allies are racing to conclude what could be the biggest US trade deal in 14 years by the end of March to give the US Congress its requisite three months to consider the deal. "We just completed our seventh and, in my view, the most successful negotiating round so far in the KORUS [Korea-US] FTA," chief US negotiator Wendy Cutler told reporters in Washington.

■ Music
Second EMI profit warning
Shares in music company EMI Group PLC tumbled more than 10 percent on Wednesday after it issued its second profit warning in as many months. EMI, which has Norah Jones, Coldplay, Robbie Williams and the Beatles back catalog on its books, blamed poor CD sales in North America as it forecast that revenues from its recorded music unit would fall by around 15 percent for the 2006 financial year. Those declines meant profits will be "significantly below current market expectations," the company said. EMI shares closed 12 percent lower at £2.1075 (US$4.13) on the London Stock Exchange, after earlier losing 15 percent.

■ Luxury goods
LVMH posts higher profits
LVMH Moet Hennessy Louis Vuitton, the Paris-based luxury goods empire, said on Wednesday its wines and spirits division led a 30 percent increase in net profit last year, as champagne drinkers moved upmarket to more expensive brands of bubbly. The maker of Louis Vuitton bags, Hennessy cognac and TAG Heuer watches posted net profits of 1.88 billion euros (US$2.46 billion) for last year, compared with 1.44 billion euros the previous year. Revenue jumped 10 percent to 15.31 billion euros from 13.91 billion euros. Chairman and CEO Bernard Arnault said the results "confirmed the strong potential of our high-growth, rising-star brands and the group's leading position in emerging markets."

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