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Tue, Apr 03, 2007 - Page 10 News List

World Business Quick Take

AGENCIES

■ TELCO
AT&T eyeing Telecom Italia

US telecommunications giant AT&T said on Sunday it was in negotiations for a potential indirect investment in Telecom Italia. The company statement said the proposal is for AT&T to purchase a one-third stake in Olimpia, a holding company that owns approximately 18 percent of Telecom Italia. As part of these negotiations, America Movil also is considering an investment for one-third of the shares of Olimpia. AT&T's investment is contingent on America Movil's investment. AT&T is in negotiations on the potential investment to acquire the interest from Pirelli, which owns 80 percent of Olimpia. Olimpia holds only Telecom Italia assets.

■ MOBILE PHONES

Growth estimate revised

Nokia Siemens Networks, which began operations last Sunday, said yesterday it expects "very slight" growth this year, downgrading earlier estimates by the two companies that formed the joint venture. "Over the last couple of months, there has been a narrowing of visibility and indications of a slowdown in spending in some regions," Nokia said. "As a result, Nokia and Nokia Siemens Networks today are updating the outlook for the mobile and fixed services infrastructure market for 2007." "The companies now expect very slight market growth for the mobile and fixed infrastructure and related services market in euro terms in 2007," Nokia said.

■ AUTOMOBILES

GM to unveil new cars

General Motors Corp will unveil a new pair of concept cars in its Chevrolet and Buick lines at this month's Shanghai Auto Show, which runs from April 22 through April 28, GM China said yesterday. The cars will be among 40 vehicles the company and its Chinese joint venture partners plan to display as GM increasingly looks to China to offset sluggish sales and crippling legacy costs elsewhere. GM said the concept cars include the latest version of the Chevrolet Volt, the company's extended-range electric passenger vehicle which was introduced in January at the North American International Auto Show in Detroit, Michigan.

■ CHINA

Authorities launch probe

Labor authorities have launched an investigation into allegations that McDonald's, KFC and Pizza Hut are underpaying local part-time workers, state media said yesterday. Labor officials in the southern province of Guangdong, where the issue was first uncovered by local media, have broadened their investigation from the provincial capital Guangzhou to the whole province, the People's Daily said. The Guangzhou-based New Express reported last week that McDonald's, KFC and Pizza Hut had violated labor laws by underpaying part-time workers by up to 40 percent.

■ TRANSPORT

TGV to make record bid

France's TGV fast train is to make a bid to beat its own world speed record today, amid reports that in recent unofficial tests it reached nearly 570kph. Weather conditions permitting, a TGV train will be driven during the afternoon along a stretch of the new high-speed line built between Paris and the eastern city of Strasbourg. On Saturday Le Parisien newspaper reported that in a recent trial a TGV train travelled at 568kph -- well in excess of the 513.3kph record which was set by a TGV train in 1990.

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