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Mon, Aug 06, 2007 - Page 10 News List

World Business Quick Take

AGENCIES

■ PRODUCT SAFETY

Fake toothpaste seized

Mozambican authorities have seized thousands of boxes of counterfeit toothpaste which they fear may contain a potentially deadly chemical. State radio said yesterday that the health ministry had banned all sales of Colgate Maximum Cavity Protection toothpaste and ordered storekeepers to remove it from their shelves. The fake toothpaste -- which has been sold by discount retailers in a number of countries including the US -- has nothing to do with Colgate-Palmolive Co. It contains diethylene glycol, a chemical used in antifreeze, which damages the kidneys and liver and can ultimately prove fatal to humans.

■ CAMBODIA

Economy too narrow

Cambodia's economy is too narrowly focused on its garment sector, World Bank chief Robert Zoellick said yesterday, suggesting it needs to build on its successes to draw investors to other industries. "Cambodia has a particular opportunity and need to develop a global brand," Zoellick said at the end of a two-day visit to the country, which has carved out a lucrative niche by selling itself to buyers as a labor-friendly textile producer. Cambodia's garment sector continues to expand, employing some 330,000 people in more than 200 factories and accounting for 80 percent of the country's export earnings.

■ FINANCE

Doha Bank opens in PRC

Doha Bank Ltd, Qatar's fourth-biggest lender by market value, said its representative office in China will begin operations on Wednesday in Shanghai. The office, part of the bank's expansion strategy, adds to its branches in New York and Dubai and its representative offices in Singapore, Tokyo and Turkey, the Doha-based bank said in a statement posted on the Doha Securities Market.

■ HOTELS

IFA to build in Seychelles

IFA Hotels & Resorts Co KS, a Kuwaiti hotelier partly owned by Saudi billionaire Prince Alwaleed bin Talal, said it will build a US$450 million resort in the Seychelles to expand its overseas operations. IFA will form a joint venture with Indian Ocean Resorts Ltd to build a five-star hotel, villas and a marina on the island of Ste Anne in the Indian Ocean island chain, the Kuwait-based company said. IFA aims to increase its overseas operations by developing four properties in Namibia, after opening its Yotel at the UK's Gatwick Airport in June and buying 25 percent of Thai property developer Raimon Land Pcl last year.

■ OIL

Refiners resume pay talks

Oil refiners in South Africa including BP Plc and Royal Dutch Shell Plc were to resume pay talks in Johannesburg yesterday to end a strike that has caused fuel shortages in Africa's largest economy, a labor union said. Keith Jacobs, deputy secretary-general of the Chemical, Energy, Paper, Printing, Wood and Allied Workers' Union didn't give further details in a telephone interview yesterday. South Africa's largest refinery, BP and Shell-owned Sapref, earlier said it is preparing for a shutdown as a result of the strike. Sapref can process 180,000 barrels of oil a day. Some South African filling stations have already run dry as truckers and fuel-depot workers joined the strike that began last Monday.

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