■JAPAN
Interest rate unchanged
The central bank kept its key interest rate unchanged at 0.1 percent and upgraded its assessment of the world’s No. 2 economy, citing improvements in manufacturing and exports. The unanimous and widely expected decision yesterday came at the end of the Bank of Japan’s two-day policy board meeting. The central bank has kept its key rate unchanged at near zero since December, when it cut the rate from 0.3 percent, as it tries to nurture an economic recovery. “Japan’s economy has started to pick up,” board members said in a statement. But the Bank of Japan did not make a decision on the future of emergency credit measures implemented earlier this year.
■CHINA
Exports down, but up
Exports improved last month, falling 15.2 percent year-on-year compared with a 23.4 percent decline in August, customs data showed yesterday, indicating demand for Chinese goods was picking up. Exports fell to US$115.9 billion last month year-on-year and imports were down 3.5 percent to US$103 billion, customs authorities said. In the first nine months of this year, the trade surplus stood at US$135.5 billion, down 26 percent compared with the same period a year ago, the General Administration of Customs said in a statement.
■WEAPONRY
BAE forecasts ‘good growth’
British defense equipment firm BAE Systems yesterday forecast “good growth” this year despite flagging sales of land vehicles. “The group continues to anticipate a year of good growth for 2009 as a whole despite a lower volume of land vehicle sales than in 2008,” BAE said in a trading update. It added: “When compared with 2008, the group’s trading results are expected to benefit from any continued weakness of sterling against the US dollar.”
■RETAIL
Burberry revenue down 5%
British luxury goods group Burberry Group Plc posted a shallower-than-expected fall in second-quarter underlying revenue yesterday and signaled an improvement in some of its second-half sales trends. The 153-year-old maker of raincoats and handbags said it made revenue of £343 million (US$548 million) in the three months ended Sept. 30, down 5 percent at constant currencies. Burberry said it expected to open around 15 stores over the full year, at the top end of its previous guidance.
■TELECOMS
Cisco buys Starent
Betting on the growing popularity of data-hungry phones like the iPhone, Cisco Systems Inc said on Tuesday it had agreed to pay US$2.9 billion for Starent Networks Corp, a maker of equipment for wireless carriers. Starent, of Tewksbury, Massachusetts, makes equipment to tie wireless networks to the Internet. Cisco is paying US$35 per share in cash, a 21 percent premium to Monday’s closing price of US$29.03. Starent’s board has accepted the offer. The deal will close early next year.
■AUTOMOBILES
Dongfeng recalls X-Trails
A Chinese joint venture involving Japan’s Nissan Motors will recall nearly 52,000 cars in China because of safety defects in the steering system, China’s product-quality watchdog said. The recall by Dongfeng Motor Co Ltd covers 18,146 X-Trail sport utility vehicles and 33,667 Qashqai units, said a statement posted on Tuesday on the Web site of the General Administration of Quality Supervision, Inspection and Quarantine.
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