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Wed, Apr 14, 2010 - Page 10 News List

World Business Quick Take

AGENCIES

■ENERGY

Peabody, Coal India in talks

Peabody Energy, a top US coal company, is in talks with India’s Coal India about long-term coal supplies and other potential tie-ups, the companies said in a statement on Monday. The talks “are at very early stages and there have been no final agreements or decisions made regarding timing or structure,” they said. “Peabody recognizes growing long-term coal demand in India, which may be the world’s fastest-growing coal importer.”

■RETAIL

LVMH Q1 sales rose 11%

LVMH, the world’s biggest luxury company, yesterday reported an 11 percent jump in sales as buyers snap up watches, jewelry and high-end drinks after months of economic gloom. Sales rose to 4.47 billion euros (US$6.07 billion) — higher than the 4.25 billion euros expected by analysts polled by Dow Jones Newswires, thanks in particular to the Asian market, Moet Hennessy Louis Vuitton said. Affected by the financial crisis, Paris-based LVMH last year saw net profit fall 13 percent and sales slip 1 percent last year.

■ELECTRONICS

Samsung eyes new market

South Korea’s Samsung Electronics, already the world’s top memory-chip and flat-screen TV maker, said yesterday it aimed to become the global leader in washing machine sales by 2013. Launching 11 new front-loading models, the firm said it had set a global sales target of 8 million units this year, up 33 percent from 6 million last year. “Based on our performance so far this year, this year’s target is achievable,” said Park Je-seung, sales and marketing chief of the company’s home appliance division.

■STEEL

POSCO net profit quadruples

South Korea’s leading steelmaker, POSCO, said yesterday its first-quarter net profit more than quadrupled from a year earlier thanks to rising demand and higher steel prices. Net profit was 1.44 trillion won (US$1.3 billion) in the January-March period, compared with 325 billion won a year earlier, the company said in a statement. Sales reached 6.95 trillion won in the first quarter, up from 6.47 trillion won a year earlier. Operating income surged to 1.45 trillion won from 373 billion won.

■TECHNOLOGY

Infosys posts lower profit

Infosys Technologies, India’s second-biggest outsourcing company, said yesterday net profit slipped in the ­January-March period because of a strengthening rupee. Consolidated net profit in the fiscal fourth quarter fell 0.9 percent year-on-year to 16 billion rupees (US$359 million), just below market forecasts of 16.05 billion rupees, the firm said. The profit fall came despite a 13 percent rise in revenue to 59.44 billion rupees in the fourth quarter of the financial year ending March 31, it said.

■AVIATION

CEA confirms alliance talks

China Eastern Airlines (CEA, 中國東方航空) said yesterday it was in with all three global airline alliances after a French newspaper reported that the carrier was set to join the SkyTeam Alliance. An agreement on the move was expected to be signed at the end of the week, the French financial newspaper La Tribune reported yesterday. “The matter is now in full swing ... We are in talks with all the three alliances. The three all offered us favorable policies if we join them,” said Luo Zhuping (羅祝平), a spokesman for the nation’s third-largest carrier.

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