IN BRIEF (Page 16)

Freight firm's profits

Panalpina Welttransport Holding Ltd, a Swiss freight forwarder, said first-half profit rose 57 percent as a global economic expansion fueled demand for freight services.

Net income increased to 108.5 million Swiss francs ($90.8 million) from 69.1 million francs a year earlier, the Basel, Switzerland-based company said yesterday.

Speculation triggers fall

Shares of Hino Motors Ltd and Daihatsu Motor Co, both units of Toyota Motor Corp, plunged amid speculation some hedge funds are selling their holdings.

Hino shares dropped as much as 11 percent to 703 yen, the largest drop in more than five years. They changed hands at 757 yen, down 4.2 percent, as of 1:28 pm on the Tokyo Stock Exchange. Daihatsu shares fell as much as 9.2 percent to 1,080 yen, the biggest decline since October 8, 1998.

Lender remains on track

Commerzbank said the crisis in US subprime lending would not blow it off course from beating its profit goal for the year as it announced a forecast-beating result for the second quarter.

Germany's second-largest listed lender said it had more than doubled net profit in the second quarter to 768 million, helped by its sale of the Jupiter fund management business.

Offer proves palatable

Jones Apparel Group Inc, the maker of Jones New York clothing and Nine West shoes, accepted a sweetened $942.3 million offer for its Barneys New York unit from Dubai investment firm Istithmar PJSC.

Fast Retailing Co, Asia's largest apparel retailer, said in an e-mailed statement it was evaluating whether pursuing Barneys would be in its shareholders' best interests. Fast has until 5 pm today in New York to raise its $950 million bid.

Agencies-Bloomberg News

(China Daily 08/10/2007 page16)