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IN BRIEF (Page 16)

China Daily | Updated: 2007-09-25 07:23

Small car

Nissan Motor Co will begin selling a subcompact car in Japan for about 800,000 yen ($6,930) to 900,000 yen as early as 2009, Nikkei English News reported, without citing anyone.

The car will probably be the cheapest offered in Japan, apart from so-called minicars, which are powered by engines about half the size of those in the new vehicle, Nikkei said. Minicars accounted for 35 percent of new-car sales in Japan in 2006, up 11 percent from the previous decade, Nikkei said.

New chips

Sharp Corp is developing chips for mobile phones that can receive digital terrestrial television programs at high resolution, the Sankei Shimbun website reported, without citing anyone.

The company is developing technology for so-called "full segment" broadcasting that can receive images at four times the quality of one-segment broadcasting already in use by Japan's mobile phone companies, Sankei said.

Profit slide

Plumbing products and building materials distributor Wolseley reported a 7.3 percent fall in full-year profit yesterday, hit by the weak US housing market, and warned that the weakness may continue.

The world's largest distributor of plumbing and heating products posted 758 million pounds of profit before tax and amortization in the year to end-July, slightly below analysts' average forecast of 761.4 million pounds.

Tai steps down

IN BRIEF (Page 16)

Singapore's DBS Group, Southeast Asia's biggest lender, said yesterday that its Chief Executive Officer Jackson Tai (above) would step down.

The bank said Tai would step down as CEO and vice-chairman towards the end of the year to "be with his family in the United States". It added that it had started to look for Tai's replacement.

'Impact next year'

Most of the impact of the global credit crunch will be felt in 2008 and the United States will be hardest hit, International Monetary Fund Managing Director Rodrigo Rato said yesterday.

World economic growth should remain high next year but looks set to be below the levels of 2006 and 2007 and downside risks increase the longer financial markets remain in crisis, Rato told a seminar in Madrid.

Costly crisis

Deutsche Bank's profit could be hit by up to 1.7 billion euros thanks to loans that have dwindled in value as a result of the credit market crisis, sources familiar with the situation told Reuters.

Chief Executive Josef Ackermann last week acknowledged the bank was heading for a rocky third quarter, flagging an upcoming revaluation of 29 billion euros of credit it had promised to clients.

Record high

Incitec Pivot Ltd, Australia's largest fertilizer maker, rose to a record in Sydney trading on speculation the company may bid for all of Dyno Nobel Ltd and on the demand outlook for crop nutrients.

Incitec said last month it would seek talks with Dyno after buying a 13 percent stake in the world's second-largest explosives maker. Mosaic Co, the world's largest maker of phosphates, and rivals including Agrium Inc, had their share and earnings estimates raised by Merrill Lynch & Co last week because of higher fertilizer demand and prices.

Bloomberg News-Agencies

(China Daily 09/25/2007 page16)

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