IN BRIEF (Page 16)

Retailer rises

Seven & I Holdings Co Ltd posted a 1.3 percent rise in first-half operating profit, but Japan's largest retailer fell short of its forecast as costs to introduce an electronic payment system weighed.

The retail titan, which runs 7-Eleven convenience stores and Ito-Yokado general merchandising stores, said its operating profit came to 144 billion yen for the six months ended August, which fell short of its forecast for 148 billion yen.

More jobs

Australia's jobless rate fell to a fresh 33-year low of 4.2 percent in September, keeping alive speculation that interest rates would need to be raised again to cool the economy and restrain inflation.

Yesterday's data from the government showed employers created a net 13,000 new jobs in September, pushing the unemployment rate down from 4.3 percent. The rise in employment was a little below market expectations of a 20,000 gain, but that followed a hefty and upwardly revised increase of 34,300 in August.

Greenspan's warning

The credit crunch that has troubled financial markets in recent months will eventually take its toll on the US economy, former Federal Reserve Chairman Alan Greenspan said on Wednesday.

Greenspan told the World Business Forum in New York that house prices would almost certainly fall and that the slump will eventually prompt consumers to cut back spending.

Sasol sale

Sasol Ltd, the world's largest producer of motor fuel from coal, sold a fifth of its mining unit to black investors for 1.9 billion rand ($277 million).

Ixia Coal Ltd, a venture comprising Women Investment Portfolio Holdings Ltd and Mining Women Investments Ltd, will get 20 percent of Sasol Mining by buying new shares, Sasol said in a statement issued to the Johannesburg stock exchange yesterday.

Healthy results expected

Natraceutical SA, the Spanish health-products company with sales in 60 countries, expects to beat its 2007 revenue and operating profit forecasts because of a European expansion.

The company, based in the Mediterranean city of Valencia, in May had forecast 2007 sales of 160 million euros and earnings before interest, tax, depreciation and amortization of 16 million euros.

Minority plans

Bharti Airtel Ltd, India's largest mobile-phone operator, said it plans to sell control of its telecommunications infrastructure unit.

"We are willing to come into a minority position" of Bharti Infratel Ltd, Joint Managing Director Akhil Gupta said in an interview yesterday. "We would like to get the company listed over the next two-three years but will retain a sizeable minority stake."

Bankruptcy move

Shareholders of Movie Gallery Inc, the second-biggest US movie-rental chain, might receive 5 percent of the company under a bankruptcy reorganization that may be filed within the next two weeks, sources said.

Bondholders will get 95 percent of Dothan, Alabama-based Movie Gallery's shares, said the people, who declined to be identified because details of the plan weren't public yet. The chain and its creditors haven't reached a final agreement, they said.

Prices fall

UK house prices fell at the fastest pace in two years in September after higher interest rates and concern about the outlook for economic growth sapped homebuyers' confidence, the Royal Institution of Chartered Surveyors said.

The number of real-estate agents and surveyors saying prices declined outnumbered those reporting gains by 15 percent, the second month in succession the survey has shown a negative balance, London-based RICS said.

Agencies-Bloomberg News

(China Daily 10/12/2007 page16)