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World Business Quick Take

■ FINANCE

GE predicts revenue growth

General Electric Co (GE) chief executive Jeff Immelt on Wednesday said that revenue should rise by at least 10 percent to US$195 billion this year for the industrial, financial and entertainment conglomerate. "In 2008, we should hit all of our financial goals and outperform the S&P 500," he said in a message to investors in GE's annual report. Revenue last year hit US$172.7 billion, up 14 percent from 2006. Earnings per share also should rise by 10 percent this year, Immelt said. Immelt said the economy this year will be difficult "as we expect US consumer spending to slow and credit to tighten and be more expensive."



■ MUSIC

Apple sued over patent

Apple Inc has been sued over allegations its iTunes online music store and iPod music players are illegally using a patented method for distributing digital media over the Internet. Atlanta-based ZapMedia Services Inc sued Apple in the Eastern District of Texas US District Court, accusing the California-based company of violating two ZapMedia patents. ZapMedia wants royalties on Apple's sales of iPods and iTunes music, which reached nearly US$11 billion last year. ZapMedia applied for the patents in 1999. One was granted in March 2006, the other on Tuesday. ZapMedia said it met Apple representatives to discuss licensing, but Apple rebuffed the offer.



■ INSURANCE

Ping An eyes investment

Major Chinese insurer Ping An Insurance Co (平安保險) is considering spending about US$3.1 billion to increase its stake in Belgium's largest financial services firm, Fortis NV, reports said yesterday. Ping An, China's second largest insurer, won shareholder approval earlier this month to raise billions of dollars to pay for acquisitions. Ping An bought a 4.2 percent stake in the Dutch-Belgian Fortis in November and is mulling increasing that further, the Hong Kong newspaper South China Morning Post said, citing unnamed sources.



■ FINANCE

Temasek considers bids

The Bank of China has been shortlisted by state-linked Singapore investment firm Temasek as a potential buyer of its 42 percent stake in Bank Internasional Indonesia (BII), state media said. Temasek is also considering bids from HSBC, Australia's third-largest bank ANZ and Malaysia's Malayan Banking Bhd, the Caijing magazine reported on its Web site late on Wednesday. "Banks submitted their bids last week and Bank of China, together with several others, were shortlisted," the report said, without citing any sources. Temasek holds its 42-percent stake in BII indirectly. It owns 75 percent of Sorak Financial Holding, which in turn holds 55.8 percent of the shares in BII.



■ FOOD

Wrigley tries new tactic

William Wrigley Jr Co will overhaul the packaging and flavor of its gums, including Doublemint, Juicy Fruit, Big Red and Extra brands, as part of an effort to revive sagging US sales. The confectioner announced the makeover on Wednesday during a shareholders meeting in Chicago, saying the change would help boost the gum's profile. "This cool new pack will make these brands more contemporary," president Bill Perez said. Bulky packs of foil-wrapped stick gum will be replaced with a slim 15-stick envelope.
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