Porsche triples profits
Luxury sports car maker Porsche AG said on Monday its net profit this fiscal year more than tripled with help from a revaluation of its 22 percent stake in Volkswagen AG and strong results from its core business. Porsche said it earned 4.24 billion euros (US$6.18 billion) for the full year, up from 1.39 billion euros a year earlier. The revaluation resulted in a one-time addition of 520.80 million euros. Pretax profit for the year ended July 31 more than doubled to 5.86 billion euros from 2.11 billion euros in the previous fiscal year.
Gore joins capital firm
Former US vice president Al Gore is becoming a partner at Silicon Valley's most storied venture capital firm. Kleiner Perkins Caufield & Byers said on Monday that Gore, who campaigns to slow global climate change, will join the Menlo Park, California-based venture capital firm as a partner focused on alternative energy investments. The venture firm, which since 1972 has backed seminal computer start-ups ranging from Sun Microsystems to Compaq Computer to Amazon.com and Google Inc, has emerged in recent years as a leading funder of alternative energy companies.
IMF to help Liberia
The IMF struck a "milestone" deal with member countries allowing it to provide debt relief to Liberia, the fund said on Monday. Member states have made pledges totaling more than US$842 million, the IMF said in a statement. "Today's milestone is a critical step in moving Liberia onto a path toward comprehensive debt relief," IMF chief Dominique Strauss-Kahn said in the statement. It was the first concrete achievement for the new IMF director, who took over his post on Nov. 1. Ravaged by a decade of civil war, Liberia has a multilateral debt of US1.5 billion for a total debt of US$3.7 billion.
Saudi buys jumbo jet
The world's 13th-richest man has taken executive jetsetting to a new level with the first VIP order for the A380 superjumbo. Saudi prince Alwaleed bin Talal, who topped the Forbes Arabia rich list last year, has invested a small piece of his estimated US$20 billion fortune in an Airbus "Flying Palace." The plane is out of most tycoons' range with a retail price of US$310 million. Airline customers for the mega-jet, which can seat up to 850 people, have won sizeable discounts by placing bulk orders, but the Riyadh billionaire is expected to have paid the full price.