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World Business Quick Take

■ PORTS
LA container traffic drops
The busiest port complex in the US could see its first decline in container traffic in four years because of the housing market slump and a loss of consumer confidence that is making retailers cautious about importing goods. Volume at the adjoining Los Angeles and Long Beach ports had been expected to increase by 5 percent to 9 percent this year over last year, but now container traffic may remain flat or even decline, officials said on Friday. The ports handled about 15.8 million cargo containers last year and they had record growth in exports this summer.

■ FINANCE
Eurozone ministers meet
The euro's recent record strength will be in focus today when finance ministers from the 13-state eurozone meet in Luxembourg to hammer out a joint message to take to an upcoming G7 meeting. The eurozone wants a tougher line on exchange rates from finance chiefs from the G7 richest countries when they meet in Washington, said Jean-Claude Juncker, the chairman of the Eurogroup of finance ministers. Eurozone finance ministers are to be joined tomorrow at the Luxembourg meeting by their counterparts from the full 27 EU members for talks focusing on public finances.

■ BANKING
More subprime crisis pain
The head of UBS publicly admitted on Saturday that the giant Swiss bank had underestimated the crisis in the US subprime home loans credit market and that several top executives paid for that mistake with their jobs. UBS president Marcel Ospel told the Neue Zuercher Zeitung newspaper the bank had over-invested in subprime-related instruments, even though he stressed its size and other activities would help it pull through. "We poorly evaluated the impact of changing interest rates" in the US, which triggered the problems in that country's mortgage sector, he said.

■ ENTERTAINMENT
Hollywood close to strike
Talks between Hollywood writers and studios abruptly broke off for the weekend, dimming hopes of averting a strike that could cripple the US TV industry. The Writers' Guild of America has been in talks since July with studios represented by the Alliance of Motion Picture and Television Producers. In statements on Friday, each side accused the other of intransigence and expressed frustration at the sluggish pace of negotiations. The writers' contract expires on Oct. 31. Studios and TV networks have accelerated filming of shows and movies and begun stockpiling scripts in case of a strike.

■ AUTOMOBILES
VW forms pact with Proton
German auto giant Volkswagen is close to forming a pact with Proton with at least an initial 20 percent stake in the loss-making Malaysian carmaker, a report said yesterday. The Edge business weekly newspaper said Volkswagen would either take the stake in Proton or a new company into which Proton assets would be injected. "Volkswagen is also seeking management control and will require the government to underwrite any losses at Proton for at least three years," it said. The report came after reports that Volkswagen boss Martin Winterkorn would visit Malaysia soon to conclude a deal.


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