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World Business News Quick Take

■ COMMODITIES

Gold price hits record

The price of gold hit a new record yesterday, close to the symbolic US$1,000 per ounce level as the precious metal was boosted again by the weak US dollar, traders said. On the London Bullion Market, the price of gold jumped as high as US$991.68 per ounce, beating Wednesday's record high of US$991.47. This week, gold prices have move sharply higher on the back of the plunging dollar, which tumbled to a fresh low against the European single currency yesterday. The metal also gets support because it is regarded as a safe investment in times of economic uncertainty and rising inflation.



■ STOCKS

China mulls trading tax cut

Chinese authorities are studying a proposal to cut the stock trading tax, an issue that has emerged at the ongoing annual session of parliament, state media reported yesterday. "We have paid attention to various proposals in this regard," Shang Fulin, the chairman of the China Securities Regulatory Commission, was quoted as saying by the China Securities Journal. Speaking on the sidelines of the National People's Congress, Shang said government departments were studying the issue, but did not elaborate. In May, the authorities tripled the duty in an effort to curb rampant speculation in the stock market.



■ ENERGY

Gazprom restores supplies

Russian gas giant Gazprom suffered a "failure" when it was forced to restore gas supplies to Ukraine after a "threat" from Kiev to disrupt exports to Europe, Russian newspapers said yesterday. "Gazprom could not stand up to the threat ... and restored supplies of gas to Ukraine without any conditions" amid an ongoing row over unpaid debts between Gazprom and Ukraine, the Kommersant daily said. The crisis was "the first failure of Gazprom's foreign policy," it said. Russia cut gas supplies to Ukraine by 25 percent on Monday and by an additional 25 percent on Tuesday as part of a dispute over unpaid debts.



■ ELECTRONICS

Fujitsu-Siemens lagging

Leading European computer manufacturer Fujitsu-Siemens will not meet sales targets it set for the 2008-2009 fiscal year, a press report said yesterday. "I think we will have to push back our targets by a year," CEO Bernd Bischoff told the Sueddeutsche Zeitung. Fujitsu-Siemens had aimed for sales of 10 billion euros (US$15 billion) in the year to next March, and net profit of 250 million euros, but has been stymied by fierce price competition in the sector. The news could raise questions about the future of the Japanese-German joint venture, which is based on a contract that expires at the end of next year.



■ AVIATION

British Airways hit by costs

Higher fuel bills and the cost of opening a new terminal at London's Heathrow Airport will cut into British Airways' earnings next year, the company said yesterday. In an investors' presentation, the airline predicted that revenue will rise by 4 percent or more to at least £9.1 billion (US$18 billion) in the year ending March 31, 2009. However, the company said fuel costs are expected to rise £450 million to £2.5 billion, along with £200 million in other cost increases. "The outlook for next year is consistent with the economic slowdown," chief financial officer Keith Williams said.
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