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World Business Quick Take

■ ENERGY

Clean energy investment up

Investments in solar power, wind energy, bio-fuels and fuel cells surged 40 percent last year to US$77.3 billion and will more than triple in the next decade, the US industry group Clean Edge said. Investment in alternative energy has jumped as oil topped US$100 a barrel, coal reached records in global markets and governments faced increasing pressure to reduce greenhouse gas emissions. Installations of wind turbines, which last year reached a record 20,000 megawatts worth US$30.1 billion, will jump to US$83.4 billion in 2017, Clean Edge said. Solar, with almost 3,000 megawatts installed last year, will more than triple to a US$74 billion market by 2017.



■ CHINA

Beijing mulls equity funds

Beijing is considering a proposal to set up four private equity funds to help finance development of ship building, water treatment and other key industries, a state-run financial magazine reported yesterday. The National Development and Reform Commission has submitted the plan to the State Council for approval, Caijing magazine said without naming sources. The proposed 30 billion yuan (US$4.2 billion) Huayu Water Industry Investment Fund would target water services in inland cities such as Xian, the report said. The other three funds named were the Tianjin Ship Industry Investment Fund, the Northeast Equipment Manufacturing Industry Investment Fund and the Urban Infrastructure Construction Investment Fund.



■ AUSTRALIA

Consumer confidence down

Consumer confidence has plunged to a near 15-year low this month, figures showed yesterday, which economists said could signal the end of rising interest rates. The Westpac-Melbourne Institute consumer sentiment index fell 9.1 percent this month to 88.6 points, its lowest reading since September 1993, after successive rate hikes and stock market turmoil spooked consumers. "The decline over the last three months -- 23.9 points or 21.2 percent -- is the sharpest three-month decline since the index was first measured in January 1975," Westpac chief economist Bill Evans said.



■ JAPAN

Growth rate revised down

Japan's economy grew 3.5 percent at an annual pace in the October-December quarter, the government said yesterday, revising down the previously announced figure of 3.7 percent. The downward revision was due largely to weaker-than-expected business investment. Japan's GDP increased a price-adjusted 0.9 percent on quarter during the October-December period, or 3.5 percent in annualized terms, the Cabinet Office said.



■ FINANCE

GIC to take Sintonia stake

A Singapore sovereign wealth fund will invest about 1 billion euros (US$1.5 billion) into the share capital of Italian holding company Sintonia, the Italian company said. Sintonia SA, one of the Benetton family's two holding companies, said on Tuesday it had signed an agreement with the Government of Singapore Investment Corp, or GIC. GIC's private equity unit will acquire a 3 percent stake in Sintonia SA, based in Luxembourg, Sintonia said. GIC will also subscribe to a capital increase in the company that will raise its stake to about 14.3 percent, the statement said.