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World Business Quick Take

■ CURRENCY
Euro posts new high
The euro rose to a record against the yen after the G7 finance ministers refrained from saying Japan's currency was too weak and European officials said exchange rates weren't holding back their economies. The euro rose to ¥161.95 at 10:17am in London yesterday from ?161.31 in New York on Friday, after earlier touching ¥162.43 -- the strongest since the currency's 1999 debut. It was also at US$1.3554 against the US dollar after climbing to US$1.3577, the highest since January 2005, from US$1.3527. The G7 said in its Friday statement that global trade imbalances were narrowing, driving the euro to the highest since January 2005 against the US dollar.

■ ENTERTAINMENT
Toshiba to sell subsidiary
Japanese technology giant Toshiba Corp said yesterday it had decided to exit the film and DVD production and distribution business with the sale of its 100-percent owned subsidiary Toshiba Entertainment Inc to the Japanese firm Hakuhodo DY Media Partners Inc for an undisclosed sum to focus on its core electronics and energy operations. "In its future business in media content, Toshiba will concentrate resources on network technology, broadcasting and telecom technology and digital media products that can create a synergy with fields where the company already has established strengths," Toshiba said in a statement.

■ STEEL
Essar to buy Algoma
India's Essar group yesterday said it had signed an agreement to buy Canadian steelmaker Algoma for US$1.58 billion to tap business opportunities in North America. "Algoma provides us with an excellent platform for the Canadian and North American markets," Shashi Ruia, chairman of Essar Global Ltd, said in a joint statement with Algoma. The deal must be approved by Algoma's shareholders with at least 66 percent of the votes in favor.

■ ENERGY
OPEC commits to stability
OPEC is fully committed to ensuring the continuous supply of oil and maintaining the stability of the global crude market, the oil cartel's president said yesterday. "There should be no doubt that OPEC members are fully committed to ensure regular supplies to consumers and maintain market stability," said Mohammad al-Hamli, who is also energy minister of the United Arab Emirates. "This has been proven time and again, during crises brought about by severe weather conditions, geopolitical tensions or disruption of supplies caused by unrest," he told participants to an oil conference in Dubai.

■ BANKING
ABN's Q1 profits rise
ABN Amro NV reported its first-quarter earnings yesterday -- 10 days ahead of schedule -- amid the intensifying takeover battle surrounding the company. The Netherlands' largest bank said net profit rose 31 percent to euro1.31 billion (US$1.77 billion) in the first quarter due mostly to euro114 million in proceeds from the sale of mortgage operations in the US. ABN is in exclusive talks with Barclays PLC over a friendly merger. But on Friday, Royal Bank of Scotland Plc, Spain's Banco Santander Central Hispano SA and Belgian-Dutch bank Fortis NV sent a letter to ABN "inviting" it to talks aimed at splitting up ABN and selling off parts of its operations to each, a solution that is likely to be more lucrative for ABN shareholders, but which its management has resisted.


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