IN BRIEF (Page 15)

Into the red

A global market crunch pushed Deutsche Bank's key investment banking business into the red for the first time in half a decade, it said yesterday, and the rest of the year looks grim.

The investment bank made a pretax loss of 179 million euros in the third quarter and it warned that fourth-quarter revenues would be squeezed "significantly lower than the all-time highs reached recently" as markets stay choppy.

On hold

Japanese electronics maker Pioneer said yesterday it was freezing plans to build a new plant after plunging to a second-quarter loss amid falling sales of plasma displays.

Pioneer Corp posted a net loss of 2.40 billion yen ($21 million) for the three months to September against a year-earlier profit of 3.55 billion, with higher taxes adding to the red ink.

TransCanada rises

TransCanada Corp, owner of Canada's largest pipeline system, said third-quarter profit rose 11 percent after the $3.4 billion acquisition of US assets from El Paso Corp. The company said the estimated cost of its Keystone project almost doubled.

Net income rose to C$324 million ($339 million), or 60 cents a share, from C$293 million, or 60 cents, a year earlier, the Calgary-based company said yesterday in a statement.

Boost for Brazil

Volkswagen AG, Europe's largest carmaker, will increase planned investment in Brazil 28 percent to 3.2 billion reais ($1.8 billion) in the next five years as low interest rates boost sales in Latin America's biggest economy.

About two-thirds of the money will be used to develop and market new vehicles, the Brazilian unit of Wolfsburg, Germany- based Volkswagen said.

Eramet gains

Eramet SA, operator of the world's largest ferronickel plant, reported a 24 percent gain in third- quarter sales, helped by higher manganese prices.

Revenue climbed to 897 million euros from 723 million euros a year earlier, the Paris-based company said yesterday. Current operating profit will show a very strong increase in the second half of 2007 versus the year-earlier period, the statement said.

Pumped up

GEA Group AG, the German engineering company whose pumps help make half the world's beer, reported a third-quarter profit after selling three factory-building units and demand in emerging markets increased.

Net income was 184.3 million euros compared with a loss of 142.4 million euros in the year-earlier period, the Bochum-based company said in a statement on its website. Sales gained 25 percent to 1.35 billion euros.

MAN falls

MAN AG, Europe's third-largest truckmaker, said profit fell for the first time in four years following a gain in 2006 from the printing-press unit's disposal.

Third-quarter net income dropped 31 percent to 223 million euros from 321 million euros a year earlier, Munich-based MAN said yesterday in a statement. Earnings missed the 241.5 million-euro estimate of eight analysts surveyed by Bloomberg.

Sweet results

Tate & Lyle Plc, maker of the calorie-free sweetener Splenda, said its first-half profit rose 20 percent and it plans to continue a share buyback.

Net income rose to 138 million pounds, or 27.9 pence a share, in the six months ended September 30, from 115 million pounds, or 23.5 pence, a year earlier, the London-based company said yesterday in a statement distributed by Business Wire. Sales increased 1 percent to 1.66 billion pounds.

Agencies-Bloomberg News

(China Daily 11/01/2007 page15)