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Sat, Dec 27, 2008 - Page 10 News List

World Business Quick Take

AGENCIES

■AUTOMOBILES

Toyota recalls cars in China

Toyota began a recall of nearly 122,000 cars in China yesterday due to defects that could lead to steering failure, the Chinese government and the automaker said. The recall covers Crown, Reiz and Lexus models, a statement posted on General Administration of Quality Supervision, Inspection and Quarantine’s Web site said. The company would contact car owners to have their vehicles examined at Toyota dealerships or garages, the statement said.

■TELECOMS

DoCoMo delays Tata deal

NTT DoCoMo Inc, Japan’s largest mobile-phone operator, delayed plans to acquire a 20 percent stake of India’s Tata Teleservices Maharashtra Ltd. DoCoMo, which had planned to make an open offer for the Tata shares on Jan. 8, pushed back the schedule because the company hasn’t yet received the approval of the Securities and Exchange Board of India, Lazard Ltd, which is managing the deal, said on behalf of the Japanese phone operator in a statement to the National Stock Exchange yesterday. The new date will be announced after the plan gets regulatory approval, it said. The regulator will probably approve the plan next week and propose a schedule, said Nikhil Saraf, an India-based spokesman for Lazard. The approval was initially expected by last Saturday, he said.

■FAST FOOD

Nissin Foods eyes Russia

Japan’s Nissin Foods, the inventor of instant noodles, said yesterday it would spend nearly US$300 million on entering Russia, where it eyes a growing market for its fast food meals. Nissin Foods Holdings Co said it planned to buy around a one-third stake in Russia’s LLC Mareven Food Central, which controls 41 percent of Russia’s instant noodle market. As a first step, the Japanese firm will invest ¥9.3 billion (US$102.5 million) next month to buy a 14.99 percent stake in Angleside Ltd, the parent company of Russia’s biggest instant noodle maker, Nissin said in a statement. Nissin will then raise its stake to 33.5 percent by September 2010 with its total investment estimated at ¥26.8 billion, it said.

■OIL

Reliance Petroleum rises

Reliance Petroleum Ltd, a unit of India’s biggest non-state company, rose the most in nine months in Mumbai trading after parent Reliance Industries Ltd announced the start of a new refinery. Reliance Petroleum climbed 11.4 percent to 88.45 rupees (US$1.85) at 10:18am in Mumbai after rising as much as 13.2 percent, the biggest gain since Feb. 14. Reliance Industries rose 1.9 percent, to 1265.8 rupees. Reliance Petroleum started processing crude at the refinery on Thursday, the parent said in an e-mailed release on Thursday. The export-oriented 580,000-barrel-a-day refinery at Jamnagar is adjacent to the company’s 660,000-barrel-a-day plant. The two units together will be the world’s largest refining complex, Reliance Industries said.

■AUTOMOBILES

Reshuffle at Hyundai Motor

Hyundai Motor Co named presidents Lee Hyun-soon and Choi Han-young as vice chairmen in a management reshuffle. Senior executive vice president Yang Woon-chul will be promoted to president, Hyundai and affiliate Kia Motors Corp said yesterday in an e-mailed joint statement. Kia promoted president Chung Sung-eun to vice chairman and vice president Shin Jong-woon to president, the statement said.

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