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World Business Quick Take

■ AUTOMOBILES Ford to stick to plan

Ford Motor Co's recent stock slide is a reflection of US economic uncertainty and would not change the company's restructuring plan, its chief executive said on Tuesday night. Alan Mulally told reporters that Ford has financing in place to weather an economic downturn and its restructuring plan is flexible enough to adjust production to a declining market. "Clearly, it makes it tougher," Mulally said. "We took the actions starting a year-and-a-half ago to deal with this." Ford's stock slid to US$6 per share last week, a 22-year low.



■ TOYS

China tightens export rules

More toys made in China now need export licenses as the world's biggest manufacturer of the children's products moves to boost quality, an official said yesterday following safety scares last year. Seven new product types need the licenses, which will have to be renewed every three rather than the previous five years, said Li Qingxiang, the deputy director general of the Guangdong Entry-Exit Inspection and Quarantine Bureau. "All the new toys will have to be inspected for safety and to make sure they reach the required standard before they can be produced and exported," he said.



■ MARKETS

Non-voting shares mulled

The Tokyo Stock Exchange said yesterday it planned to allow shares with little or no voting rights to be listed, enabling the founders of new firms to raise funds without losing a grip on management. The scheme could start as early as April but a formal decision has not yet been made, an exchange official said. The move would be part of the exchange's efforts to facilitate fundraising in various forms, the official said on condition of anonymity. "Founders of unlisted companies tend to avoid going public because their stakes would decline. We plan to enable them to raise money while retaining their controlling stakes," she said.



■ COMPUTERS

Lenovo in France launch

Chinese computer maker Lenovo (聯想) said on Tuesday it would launch a range of products in France aimed at individuals as part of its global strategy of expanding its market appeal. Lenovo, which in 2005 acquired the personal computer business of IBM, plans to raise its share of the worldwide consumer market. Its "Idea" range of portable and desktop personal computers will be on sale by the middle of this month at four major retail chains, Lenovo France chairman Jean-Michel Donner said. The firm, which is focusing on "medium to high-end range models with innovative designs ... aims to launch all these products across Europe in 2008," Donner said.



■ BANKING

Cayne to give up control

Bear Stearns CEO James "Jimmy" Cayne said on Tuesday he would give up day-to-day control of the fifth-largest US investment bank amid unprecedented losses from the subprime mortgage crisis. Cayne, 73, will serve as non-executive chairman, an internal memo said. He will be succeeded as CEO by president Alan Schwartz. The management shake-up had been expected for months and is just the latest to hit the executive suites of the biggest investment houses in the US. The subprime crisis has already claimed Merrill Lynch CEO Stan O'Neal and Citigroup CEO Chuck Prince.
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