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World Business Quick Take

■ TRADE

EU takes dispute to WTO

The EU has requested WTO talks to resolve a dispute with Bangkok over Thai customs measures, the EU said on Sunday. The EU claims Thai authorities frequently reject the declared price of imported EU products and impose an arbitrary price. An EU statement said the practice violates WTO rules and was particularly damaging for European wine and spirits exports. It said the EU took the case to the WTO on Friday. "These measures are arbitrary and damaging for EU companies seeking to do business in Thailand," EU Trade Commissioner Peter Mandelson said. "We believe they are not compatible with WTO rules." The EU said it was turning to the WTO after failing to resolve the issue in bilateral talks with Thailand.



■ ENTERTAINMENT

Sony Ericsson inks deals

Sony Ericsson Mobile Communications Ltd, the world's fourth-largest maker of mobile phones, signed accords with 10 major record labels to widen its content offer. The music labels include Sony BMG, Warner Music Group, EMI, IODA, Bonnier Amigo and VidZone, the London-based company said on Sunday. Artists represented by the labels include Norah Jones and Bruce Springsteen. The move expands the company's PlayNow catalog and will add more than 5 million new tracks to its catalog, the company said. PlayNow will become available in Sweden, Denmark, Norway and Finland in May, and more European markets by the end of the second quarter. The company will roll out the catalog in the Americas and Asia in the third and fourth quarters.



■ ACQUISITIONS

Nokia acquires Trolltech

Nokia Oyj, the world's biggest maker of mobile phones, agreed to buy Norway's Trolltech ASA to accelerate its software strategy and develop Internet services. Nokia offered 16 kroner (US$2.91) per share, the Finnish company said yesterday in a statement.



■ ACQUISITIONS

Mozilo gives up US$38m

Countrywide Financial Corp CEO Angelo Mozilo will voluntarily give up US$37.5 million in severance and consulting pay in connection with the proposed takeover by Bank of America Corp. Mozilo's stock and employee equity awards will be treated the same as that of other shareholders and employees if the US$4.2 billion sale goes through, Countrywide said in a statement released at midnight on Sunday. "My primary focus today, as it has been for the past 40 years, is to do what is in the best interests of Countrywide's employees, customers and shareholders," Mozilo said in the statement. Under the terms of the deal, Mozilo would be entitled to US$36.4 million in cash severance pay and US$400,000 per year in consulting fees, as well as the use of a private airplane, Countrywide said. Mozilo held 0.24 percent of Countrywide's shares valued around US$8 million as of Oct. 12 last year, Bloomberg data shows.



■ UAE

Business courts to be set up

The Abu Dhabi government plans to set up special courts to deal with economic disputes as part of its efforts to attract foreign investment, the official WAM news agency said on Sunday. The courts will handle financial, investment and industrial cases. "The powerful economic development witnessed in the emirate makes an effective judicial system a must," judiciary department undersecretary Sultan al Baadi said.
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