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Mon, Jun 15, 2009 - Page 10 News List

World Business Quick Take

AGENCIES

■BANKING

Indian lender cuts rates

State Bank of India, the nation’s biggest state-run lender, cut the interest rates paid on deposits of varying terms by 25 basis points. The rate on term deposits of one year to less than two years was lowered to 7 percent from 7.25 percent, the Mumbai-based bank said on its Web site. Interest on deposits of two years to less than 1,000 days was cut to 7.25 percent from 7.5 percent. The new rates are effective from tomorrow on deposits of less than 10 million rupees (US$210,349), the bank said. State Bank last reduced deposit rates on May 18.

■EMPLOYMENT

Australia braced for losses

Australian workers will suffer more job losses as the global recession spreads, Treasurer Wayne Swan said. “The global recession will continue to batter our economy, and like other nations, we need to brace ourselves for more job losses in Australia,” Swan said in an e-mailed statement yesterday. “While we received some good news last week on the housing and confidence front, there is no room for complacency.” The jobless rate rose to 5.7 percent from a revised 5.5 percent last month.

■ELECTRONICS

Cheap retailers prosper

JB Hi-Fi Ltd, an Australian discount electronics retailer, said sellers of low-priced goods are benefiting as the effects of the global recession reduce spending power in the nation. “They’re growing and growing comfortably at this part of the cycle,” chairman Patrick Elliott said in an interview with the Australian Broadcasting Corp yesterday. “One of the great things about the discount end of the market is that you always remain very, very focused on your costs. That’s been, I think, a real success, certainly for JB Hi-Fi.”

■ELECTRICITY

S Korea power sales drop

Electricity sales to South Korean industrial companies fell in May as automakers and oil refiners cut production because economic growth slowed. Industrial power sales dropped 1.4 percent by volume from a year earlier, the Ministry of Knowledge Economy said in an e-mailed statement yesterday. Sales volume declined 4 percent in the first five months of this year. Automakers’ power use fell 17.6 percent and consumption by oil refiners fell 6.7 percent, the ministry said.

■AVIATION

HK passenger traffic falls

Passenger traffic at Hong Kong Airport fell almost 13 percent last month because of the global recession and concerns over the spread of swine flu, the city’s international airport said. Some 3.6 million trips were made from the airport last month, a drop of 12.7 percent from a year earlier, an airport statement said yesterday. The volume of cargo handled declined 17.6 percent. “The prevailing trend in passenger traffic and air-traffic movements is expected to continue and will likely further deteriorate in June,” Airport Authority chief executive officer Stanley Hui (許漢忠) said in the statement.

■AUTOMAKER

US adjusts Chrysler figure

The US Treasury Department said on Friday that a loan it is making to a reorganized Chrysler Group LLC totals US$6.642 billion, instead of the US$6.943 billion that it estimated on May 27. A department official said the initial figure was simply an estimate made last month and that the figure announced on Friday was a final one. Italian automaker Fiat bought most of Chrysler’s assets, but the US and Canadian governments each will end up with small equity stakes in the new company.

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