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World Business Quick Take

■COMPUTERS

Oracle revenue drops 5%

Business software maker Oracle reported a 5 percent decline in quarterly revenue on Wednesday as businesses held off on buying new software. The Silicon Valley company said its sales dropped to US$5.1 billion, but the company managed to increase profits by 8 percent to US$1.1 billion, compared with US$1.07 billion in the same quarter last year. The company said that sales of new software sank 17 percent to US$1 billion, but were offset by a rise in software updates and product-support revenues of 6 percent to US$3.1 billion.



■INVESTMENT

Temasek profit plunges

Singapore state investment firm Temasek Holdings said yesterday its net profit plunged 67 percent to 6 billion Singapore dollars (US$4.25 billion) in the year to March. Net profit fell from the record S$18 billion achieved in the previous financial year ending March last year as a result of the global financial crisis. The value of its worldwide investment portfolio also fell by 30 percent to S$130 billion as of end-March this year from S$185 billion the previous financial year.



■AVIATION

Aeroflot to cut 2,000 jobs

Russian flag carrier Aeroflot plans to slash 2,000 jobs, or 13 percent of its workforce, in the next half-year, a company spokeswoman said yesterday, after its profits dropped amid higher fuel prices. “Our general director has said that up to 2,000 jobs will be cut by the end of year or first quarter of next year,” the spokeswoman Irina Dannenberg said. “Maybe even more but for now 2,000.” Interfax news agency cited a company insider as saying Aeroflot had already cut 500 jobs and planned to cut up to 6,000 jobs after its profits slid due to higher fuel prices and net losses in its cargo operations.



■ENERGY

Doosan signs Saudi deal

South Korean firm Doosan Heavy Industries and Construction said yesterday it has secured a US$1.04 billion deal to build a power plant in Saudi Arabia. The company in a regulatory filing said that, along with its Saudi partner BEMCO, it would build a 1,330-megawatt plant near the eastern city of Damman by 2013. Under the contract with the Saudi Electricity Company to be signed next month, Doosan Heavy will provide steam turbines, heat recovery steam generators and other major elements for the plant.



■TAKEOVERS

Kirin bids for Lion Nathan

Shareholders in Australian beverages giant Lion Nathan voted overwhelmingly in favor of a A$3.3 billion (US$2.9 billion) takeover offer from Japan’s Kirin yesterday. Kirin, Japan’s biggest brewer by revenue, already owns 46.13 percent of Lion Nathan and shareholders voted 98.75 percent in favor of handing over the remaining 53.87 percent.



■ELECTRONICS

NEC, Renesas create tie-up

Renesas Technology Corp and NEC Electronics Corp will combine operations by April after their Japanese parent companies agreed to inject ¥200 billion (US$2.2 billion) into a new company that would become the world’s No. 3 chipmaker. After the deal is completed, NEC Corp, the parent of NEC Electronics, will have 33.4 percent stake in the new company — Renesas Electronics Corp, the companies said in a statement on Wednesday. Existing Renesas Technology shareholders Hitachi and Mitsubishi Electric will own 30.7 percent and 25.1 percent respectively.


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