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World Business Quick Take

■ PROPERTY
HK flat fetches record price
A new Hong Kong apartment sold for a record HK$109 million (US$14.1 million), the South China Morning Post reported yesterday, as the city's booming market for luxury homes continued to strengthen. The 298m2 duplex apartment fetched HK$365,770 per square meter, the report said. The sale broke the record for a flat in the distinctive The Arch development on the opposite side of Victoria Harbor, which was sold in March.

■ BANKING
Bank of America profit falls
Bank of America's chief executive officer admitted disappointment on Thursday as the banking giant's third-quarter profit slowed sharply to US$3.7 billion because of swelling investment losses. The US' second-largest banking group said its latest quarterly earnings dropped a hefty 32 percent from a year earlier. Its profit fell short of Wall Street expectations, but its coffers bulged more than arch rival Citigroup -- the nation's biggest banking firm -- which disclosed a net profit of US$2.4 billion for the quarter on Monday. The bank unveiled earnings per share of US$0.82, versus Wall Street estimates of US$1.05.

■ STEEL
Baosteel may list overseas
China's largest steel producer Baosteel Group (寶鋼集團) yesterday outlined ambitious plans for a greater overseas presence, saying it hoped to list abroad and would look into foreign acquisitions. "I believe that Baosteel will definitely list in the international markets," company chairman Xu Lejiang (徐樂江) told reporters at a briefing in Beijing. "It will not just be in order to raise funds," he said, but to show that it is an international company. Xu did not provide details about the precise time or place for an overseas listing.

■ ENTERTAINMENT
Viacom opens up to Google
Viacom Inc chief executive Philippe Dauman said on Thursday the entertainment company could work with Google Inc down the road, despite a US$1 billion lawsuit it has filed against the Web search leader. The owner of MTV and Comedy Central networks sued Google and its video sharing site YouTube in March, accusing them of benefiting from clips of Viacom shows that were uploaded by YouTube users without authorization. Both sides have since taken steps to bolster copyright protection, but have yet to reach a compromise on the problem of safeguarding popular television shows and movies on the Web. "I suspect at some point in the future we'll work with Google," Dauman said.

■ INVESTMENT
Kirin mulling acquisition
Japanese brewer Kirin Holdings Co said yesterday it was considering a tie-up with pharmaceutical firm Kyowa Hakko Kogyo to broaden its businesses and offset sluggish local beer sales. "We contacted Kyowa Hakko Kogyo to have talks on the various possibilities of cooperating in our businesses," a spokeswoman said. "But we haven't made any formal decision." The Nikkei Shimbun reported earlier that Kirin planned to purchase more than 50 percent of Kyowa Hakko, possibly through a friendly tender offer that could cost more than ¥300 billion (US$2.56 billion). After forming a capital and business alliance with medical equipment giant Terumo Corp in July, Kirin aims to expand beyond brewing through mergers and acquisitions, the report said.


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