IN BRIEF (Page 16)

Moving into Africa

Singapore Telecommunications, Southeast Asia's largest telecommunications firm, plans to bid for a majority stake in state-owned Ghana Telecom, in a deal likely to be over $500 million, banking sources said.

An acquisition in Africa would take SingTel beyond its traditional footprint in the Asia-Pacific where it has spent S$18 billion ($12.30 billion) in recent years, buying operators in high-growth Asian nations, and in the bigger Australian market.

Australian growth

Australia's economy would grow by 4.25 percent in 2007-08, up from the previous estimate of 3.75 percent, the government said yesterday.

"Growth in 2007/08 was forecast to be 3.75 percent. The new forecast is 4.25 percent," Treasurer Peter Costello said yesterday, releasing the government's mid-year economic and fiscal outlook in Canberra.

Ethanol pilot

Abengoa SA, Europe's largest producer of ethanol, started producing the fuel in Nebraska at a pilot plant under a $35 million contract with the US Department of Energy.

The company, based in Seville, Spain, next will build a biomass plant in Kansas with an additional $38 million in funds from the US energy agency, Abengoa said in a regulatory filing yesterday.

Italian investment

BT Group Plc plans to invest more in its Italian unit, Chief Executive Officer Ben Verwaayen told Corriere della Sera.

"Italian companies and the Italian economy need to become global," and this is something BT is "good at", the chief executive said in an interview with Corriere's weekly economics supplement. BT's Italian unit has sales of 1 billion euros Corriere said.

US housing

Builders in the United States broke ground in September on the fewest houses in 12 years, giving the Federal Reserve reason to be more concerned about economic growth than inflation, government reports this week may show.

Housing starts fell 3.6 percent to an annual rate of 1.285 million, according to the median forecast of economists surveyed by Bloomberg News ahead of the Commerce Department's report to be published tomorrow.

Ashok Leyland plan

Ashok Leyland Ltd plans to set up assembly plants in South Africa in partnership with local black investors, Business Report said, citing Rajinder Malhan, the Indian company's executive director of international operations.

Ashok has identified five potential partners for the venture, which will have plants at the eastern port of Durban and at Centurion, near the capital Pretoria, the Johannesburg-based newspaper reported.

Cheering result

SABMiller Plc, the world's third-largest brewer, sold 11 percent more beer in its first half on higher demand in South America and eastern Europe.

Latin American sales climbed 8 percent in the six months through September excluding acquisitions, the London-based company said yesterday. In the first quarter, sales in all regions rose 13 percent on that basis, beating forecasts.

Response mulled

Palmary Enterprises Ltd, controlled by Ukrainian billionaire Gennadiy Bogolyubov, is considering its response after a rival matched the company's A$1.03 billion ($933 million) bid for Australia's Consolidated Minerals Ltd.

Consolidated's shareholders should not accept Pallinghurst Resources Australia Ltd's offer, Palmary said in a statement yesterday. Pallinghurst last week matched Palmary's A$4.50 per share offer for Australia's largest manganese producer.

Agencies-Bloomberg News

(China Daily 10/16/2007 page16)