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Fri, Jul 20, 2007 - Page 0 News List

World Business Quick Take



LG posts quarter profit

LG Electronics Inc said yesterday that it swung to a net profit in the second quarter from a loss the year before, boosted by sales of mobile phones and appliances. The company, South Korea's largest consumer appliance manufacturer and a major global producer of cellphone handsets, earned 385 billion won (US$420 million) in the three months ended June 30, it said in a statement. LG posted a net loss of 9.7 billion won a year earlier. Sales rose 1.7 percent to 5.9 trillion won from 5.80 trillion won a year earlier.


US may charge Dow's Li

Dow Jones board member David Li said yesterday that US securities regulators are considering legal action against him as part of a trading investigation, but the Hong Kong banker denied wrongdoing. Li said in a statement that the US Securities and Exchange Commission informed him that it is considering "civil enforcement action" against him for alleged violations of US securities laws. The possible legal case against Li stems from an earlier lawsuit filed by the SEC against two other Hong Kong residents accused of illegal trading activity.


Barclays puts up a fight

Barclays PLC said yesterday it is considering altering its all-share offer for ABN Amro Holding NV in order to remain competitive with a higher rival offer from a consortium led by Royal Bank of Scotland PLC. The RBS group intends to bid 71.1 billion euros (US$97.8 billion), mostly in cash, for the Dutch bank, in the largest takeover battle in the history of the financial industry. Barclays' current proposed bid, all in shares, is worth at least 10 percent less. Barclays said yesterday that it is considering "possible alternative ... offer structures, including [the] introduction of a partial cash consideration."


Toshiba recalls batteries

Japanese electronics giant Toshiba Corp announced yesterday it began recalling about 5,100 Sony-made batteries for laptop computers in Japan and overseas. Toshiba spokesman Keisuke Omori said there have been three cases in which the batteries caught fire between September and last month. There were no injuries from the three fires; two in Japan and one in Australia, he said. The battery models to be recalled are different from those returned in a massive recall of Sony Corp lithium-ion battery packs last year. Subjects to recall are a total 5,100 batteries sold in Japan, the US, Europe, Australia and China, used for Dynabook, Dynabook Satellite, Satellite and Tecra, the spokesman said.


Steps listed to cool growth

China's sizzling economy expanded by a stunning 11.9 percent in the second quarter from a year ago, the government said yesterday, announcing that it would take new steps to cool the boom. The figures put China on track for a fifth straight year of expansion above 10 percent and moved it closer to overtaking slower-growing Germany as the world's third-largest economy. Inflation grew 4.4 percent last month, its fastest rate in more than two years, and the economy also is under pressure from a swollen trade imbalance and high energy consumption, the National Statistics Bureau said. Growth from April to last month exceeded forecasts and was a sharp rise over the 11.1 percent rate in the first quarter.

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