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Mon, Aug 20, 2007 - Page 10 News List

World Business Quick Take

AGENCIES

■ Minerals

NunaMinerals strikes gold

Greenland's largest mineral explorer, NunaMinerals A/S, found gold at its Storoe deposit and called the field a "promising" concession. Engineers found visible gold in six out of 12 drilling holes in the deposit, located 40km northeast of capital Nuuk, the company said yesterday in a statement. The Nuuk-based company said it will present yield estimates early next year. "The drilling tests confirm our expectations and we believe the gold project at Storoe is one of our most promising concessions," chief executive officer Ole Christiansen said in the statement.

■ Finance

Merkel wants transparency

German Chancellor Angela Merkel reiterated her call for increased transparency in global finance in an interview to be published yesterday. "At the end of the day we all risk paying the price of the opaqueness often associated with the selling on of loans," Merkel told the Bild am Sonntag newspaper. The market turbulence this week showed "to what extent it is necessary to have greater transparency in international financial markets," Merkel said. On Saturday German bank SachsenLB said it has had to be bailed out to the tune of 17.3 billion euros (US$23.3 billion) by the country's savings banks because of exposure to the US subprime loan crisis.

■ Architecture

Stop caring, politician says

Campaigners who launch court actions to save parts of Hong Kong's architectural heritage are damaging the city's international competitiveness, a leading politician said yesterday. Earlier this month, protesters failed in a last-ditch High Court application to prevent the demolition of Queen's Pier, the traditional landing point for British royals, in order to make way for a new by-pass. "If major projects are left open to legal challenge in the way that we have seen with the Queen's Pier ... I am afraid that local and international investors' confidence on contract rights and obligations in Hong Kong will be badly dented," James Tien (田北俊), chairman of the Liberal Party told local broadcaster RTHK.

■ Automobiles

Grube to represent DC

Rudiger Grube, a member of DaimlerChrysler AG's Board of Management, will represent the automaker on the board of a holding company overseeing Chrysler, a source familiar with the plan said. Grube will be a member of the Chrysler Holding LLC board, overseeing automaker Chrysler LLC and Chrysler's financial services operations, according to the company source, who declined to be identified on Saturday because an announcement has not been made.

■ Currency

Yen makes good ground

The yen advanced the most against the euro since March 2000 as the subprime mortgage crisis spread through global credit markets, pushing investors to sell riskier assets funded by loans made in Japan. The yen rose 5.2 percent to 154.10 per euro from 162.13 a week ago, the most since a 6.4 percent gain in the period ended March 31, 2000. The Japanese currency also gained 3.5 percent to 114.36 per US dollar over the same period. Currencies in New Zealand and Australia led the decline last week among major currencies against the yen, losing 9.6 percent and 8.8 percent, respectively. The Australian and New Zealand currencies are carry-trade favorites.

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