Wed, Jan 20, 2010 page10

• World Business Quick Take

  • AGENCIES
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  ■SUPERMARKETS

  Carrefour to enter India

  French supermarket group Carrefour, the world’s second-largest retailer, is close to a deal that will finally see it set up franchise stores in India, a report said yesterday. The French group has been looking for a partnership in India for years and was first reported to be in talks with Indian group Future Value Retail, a unit of Pantaloon Retail, in January last year. The Economic Times reported yesterday that the two companies were now “close to deal” that would soon be formally announced. A tie-up would follow similar alliances between India’s Bharti telecoms group and US Wal-Mart, as well as the Indian tea-to-steel Tata Group and Britain’s Tesco.

  ■BANKING

  Venezuela seizes banks

  The Venezuelan government of President Hugo Chavez on Monday seized control of three small banks and ordered two other financial institutions closed, bank regulators said in a statement. “In order to guarantee a healthy national banking and financial system, the board ... has decided to intervene the following firms: InverUnion Banco Comercial; Banco Del Sol; and Mi Casa [a savings and loan company],” the Sudeban banking regulator said. The intervention was decided behind “closed doors,” meaning the banks’ clients will not have immediate access to their deposits.

  ■DUBAI

  Bailout cut in half

  Cash-strapped Dubai said yesterday that the financial lifeline extended by Abu Dhabi last month is only half of what was originally believed because it included previously announced funding. Last month, as property giant Nakheel was about to default on US$4.1 billion in Islamic bonds and Dubai looked set for more financial woes, it announced a US$10 billion bailout from neighboring Abu Dhabi. However, it was learned yesterday that the US$10 billion included US$5 billion that Dubai had already been promised through a bond issue in November.

  ■BEVERAGES

  SABMiller sales volume flat

  SABMiller PLC, the world’s second-largest brewer, said yesterday that lager sales volume was flat in the last three months of last year, its fiscal third quarter, as a drop in European markets offset gains in developing regions. SABMiller, brewer of Grolsch, Pilsner Urquell and Peroni Nastro Azzurro beers, also reported that soft drink volume was up 2 percent in the third quarter. The company did not report earnings in its trading update. The volume figures excluded acquisitions and disposals since last year. SABMiller said third quarter lager volume was up 7 percent in Africa, 5 percent in Asia and 4 percent in Latin America, but down 2 percent in Europe. In North America, sales to retailers were down 3.6 percent for the quarter and sales to wholesalers were down 4.2 percent.

  ■STEEL

  Steel maker, miner in talks

  ArcelorMittal SA, the world’s largest steel maker, and miner BHP Billiton Ltd said yesterday that they were in talks about combining iron ore mining in Liberia and Guinea. ArcelorMittal SA said the two companies’ iron ore and infrastructure interests were located near each other and “could be significantly more competitive if brought together” in a joint venture. BHP Billiton said the talks were at an early stage and would continue over several months. Last April, ArcelorMittal halted construction on an ambitious US$1.5 billion project to mine iron ore in western Liberia, citing slow global demand for steel during the recession.
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