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World Business Quick Take

■ Electronics
NEC reports kickbacks
Japanese tax authorities have notified electronics company NEC Corp that 10 of its employees received roughly ?500 million (US$4.1 million) in kickbacks for fictitious orders they made to subcontractors, the company said yesterday. The Tokyo-based computer and network equipment maker said a tax inspection found that the workers were involved in improper deals worth ?2.2 billion over the past seven business years. NEC said it is considering seeking compensation and filing criminal complaints against the workers.

■ Labor
Sanyo Di workers strike
More than 1,800 workers for Japanese digital camera producer Sanyo Di Solutions Co have gone on strike in Vietnam to protest a proposal on changes in working hours, a company official said yesterday. The strike started on Monday and continued yesterday, an official of the company said from Dong Nai Province's Bien Hoa 2 industrial zone, where the company is based. "It seems that the workers did not want to work on shifts, as recently proposed by company leaders. Under the new rule, they would not have Saturday and Sunday off as usual, but would take two days off after four working days," the official said.

■ Retailing
Coles share price falls
Shares in Australia's second-largest retailer Coles Group Ltd fell sharply yesterday after Kohlberg Kravis Roberts & Co walked away from a consortium vying to buy the business, raising the possibility that a rival bid headed by Wesfarmers Ltd could proceed unchallenged. Coles shares fell more than 4 percent yesterday before recovering slightly to A$16.70 (US$13.70). KKR's withdrawal has strengthened the chances of a group led by local industrial conglomerate Wesfarmers for securing Coles' assets. Wesfarmers is offering A$16.47 per share, putting the value of Coles at about A$19.7 billion (US$16.1 billion).

■ Energy
APEC seeks cooperation
APEC countries agreed to seek closer cooperation between all oil and gas companies to improve energy trade flows and supply security. All companies, not just national oil companies, need to cooperate to improve transparency in the market and help free up trade, Australian Industry Minister Ian Macfarlane said at a media briefing during the APEC energy ministers meeting in Darwin, Australia. An earlier draft communique from the meeting referred specifically to the impact in the market of state-owned oil companies. "It's about ensuring not only a transparency in the market but also a free flow of oil and gas products across borders," Macfarlane said.

■ Auctions
Tycoon wins throne
The king of Macau's gambling industry, Stanley Ho (何鴻燊), paid HK$13.76 million (US$1.76 million) for an imperial throne at auction in Hong Kong that Christie's said was the highest ever bid in that art category. Ho, 85, made the winning bid by telephone for the gilt-incised, five-panel, lacquer throne dating from the 1662-1722 reign of the Qing Dynasty emperor Kangxi (康熙), a Christie's spokeswoman said. Asked what Ho planned to do with his new chair, and whether he might put it in one of his casinos, the Christie's spokeswoman said: "We have to check with him."

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