IN BRIEF (Page 16)

LNG stake

BP Plc may contribute its stake in a liquefied natural gas business that supplies the United States to a venture with OAO Gazprom, Vedomosti said, citing unidentified people close to BP's Russia unit, TNK-BP.

In addition to its stake in Atlantic LNG in Trinidad & Tobago, BP has proposed other possible assets for the venture, Vedomosti cited the people as saying, without providing details.

Iberia offer

TPG Inc and British Airways Plc plan to present a firm offer for airline Iberia Lineas Aereas de Espana SA by the end of next month, El Pais reported.

The group led by the Texas buyout firm, which previously approached the Spanish carrier, will make a bid that Iberia's board may consider at its September 27 meeting, the newspaper said, citing unidentified people familiar with the matter.

Alitalia bid

Air France-KLM Group may consider taking part in a bid for Alitalia SpA with the unidentified group of Italian investors being represented by lawyer Antonio Baldassarre, Il Sole-24 Ore reported.

"We repeat our position stated on August 9 that we are monitoring the situation and if someone from Italy will call us about the dossier we are ready to listen," an Air France spokesman told Agi news agency when asked for an update on its position, according to the Italian newspaper.

Delinquent loans

The Federal Deposit Insurance Corporation said on Wednesday (local time) that delinquent loans at US banks jumped 36 percent to $66.9 billion in the second quarter, the biggest quarterly increase since 1990, largely fueled by unpaid real estate loans.

Rising US home foreclosures and problems in the subprime mortgage market have spilled into broader financial markets in recent weeks. The rise was the largest quarterly jump since the fourth quarter of 1990, the agency said.

A&F rises

Abercrombie & Fitch Co posted a 24 percent rise in quarterly net earnings on Wednesday (local time), with sales topping analysts' estimates on strong demand for the apparel retailer's trendy tops.

The company also forecast full-year earnings below analysts' estimates because last year it benefited from an extra week of sales that it had not previously quantified. Shares initially fell in after-hours trade before returning to the level of the close, which was down 2.2 percent for the day.

Growing loss

Talbots Inc said on Wednesday (local time) that lower sales and higher markdowns at its namesake women's apparel chain caused a wider quarterly net loss.

Talbots also affirmed its outlook for the second half of the year while expressing caution about the economic impact of the slowing US housing market and tighter credit.

Pacific Blue expands

Australian-based airline Pacific Blue said yesterday it would start domestic services in New Zealand from November, claiming the market is ripe for new competition.

Pacific Blue, a subsidiary of Australian domestic airline Virgin Blue, will compete against Air New Zealand and Qantas, with the latter operating only on routes between the major cities and tourist centers.

Travel firm dips

Kuoni Reisen Holding AG, the largest Swiss travel company, said first-half profit fell 57 percent, missing analysts' estimates, as consumers in its domestic market bought fewer all-inclusive vacations.

Net income declined to 3.5 million Swiss francs ($2.9 million) from 8.1 million francs a year earlier, the Zurich-based company said yesterday on its website. That missed the 10.7 million-franc median estimate of four analysts surveyed by Bloomberg.

Agencies-Bloomberg News

(China Daily 08/24/2007 page16)