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Wed, Aug 22, 2007 - Page 10 News List

World Business Quick Take



Google tops online brands

Google and Yahoo are the top online brand names for US consumers, with MySpace a strong contender among young Internet users, a survey showed on Monday. The JupiterResearch survey showed Google was a favorite online brand for 36 percent of those surveyed, compared with 32 percent for Yahoo. But MySpace, the social networking site, was cited as a favorite by 32 percent of those in the age group of 18 to 24. Among other key online brands, Amazon was cited by 20 percent of those surveyed, eBay by 18 percent, followed by Microsoft with 11 percent, AOL 7 percent and Apple 3 percent.


Nike wins lawsuit in China

Nike has won lawsuits against two Chinese shoemakers and the local operations of a French supermarket chain over alleged illegal copying of its Air Jordan logo, a court official said yesterday. The Shanghai No. 2 Intermediate Court awarded Nike Inc, the world's largest sports apparel firm, a total of 350,000 yuan (US$46,100) in damages from Jinjiang Longzhibu Shoe Co, Jinjiang Kangwei Shoe Co and retailer Auchan, Xinhua news agency and other reports said. Nike said its employees found shoes made by the companies being sold for about 100 yuan a pair, while authentic Air Jordan shoes sell for many times that amount.


SK to convert bond holdings

South Korea's SK Telecom said yesterday it would become the second-largest shareholder in China Unicom Ltd (中國聯通) by converting US$1 billion in bonds into shares. The company, South Korea's largest mobile phone operator, said the move to forge a stronger strategic partnership would help it make inroads into the Chinese market. It said in a statement that the bond swap would give it a 6.6 percent shareholding and one director on the board of China Unicom. The Chinese firm is the nation's second-largest mobile carrier.


Blackstone to buy Goldakas

US private equity investor Blackstone Group LP has agreed to pay up to US$165 million to buy a majority stake in India's leading garment exporter, Gokaldas Exports Ltd, both firms have said. The New York-based company has reached an agreement to acquire a 50.1 percent stake in Gokaldas Exports and later make an open offer for an additional 20 percent as required by Indian laws, the companies said in a joint statement released late on Monday. Blackstone will invest up to US$165 million to complete the transaction, including the open offer, it said. This is Blackstone's third major deal in India this year.


Malaysian port in debt

Malaysian authorities are facing a scandal over debts allegedly exceeding US$1 billion incurred by the nation's main port authority, sparking concerns about a possible government bailout, politicians said yesterday. The issue is politically sensitive for Malaysian Prime Minister Abdullah Ahmad Badawi, who is widely expected to call for general elections before the middle of next year. Abdullah said last week he needed more details and refused to comment on media reports saying the Port Klang Authority has racked up debts totaling about 4.6 billion ringgit (US$1.3 billion) because of problems with the Port Klang Free Zone, a much-hyped shipping area that opened in western Malaysia last year.

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