IN BRIEF (Page 16)

Light firm purchase

Dutch Philips Electronics said yesterday it has reached a deal to buy US light maker Genlyte for $2.7 billion, reinforcing its presence in the North American lighting products market.

"This deal deepens our contacts to end users, such as wholesalers, contractors, architects and lighting designers, helping us speed up the market rollout of more energy efficient lighting and the introduction of new lighting technologies, like solid state lighting," Theo van Deursen, chief executive of Philips Lighting said in a statement.

Taking to the skies

Korean Air Lines Co's budget unit will start flights in May 2008 as the nation's largest airline fights off competition from Tiger Airways Pte and Jeju Air Co.

Air Korea, as the unit is tentatively called, will fly to China, Japan, Thailand and Malaysia, Seoul-based Korean Air said in an e-mailed statement yesterday. Korean Air will invest 20 billion won ($21.5 million) to set up the budget carrier, which will start operations with five planes.

'No pub talks'

Punch Taverns Plc, the largest UK pub landlord by outlets, said it isn't in talks with Mitchells & Butlers Plc or any of its shareholders about a merger of the two pub companies.

"Punch confirms that it is not in discussions with Mitchells & Butlers or any Mitchells & Butlers shareholder regarding any offer or merger," the Burton upon Trent, England- based company said in an e-mailed statement yesterday.

Weekly writedowns

US and European banks will announce writedowns on a "weekly basis" for some time to come as the US subprime crisis spreads, Brian Clarkson, president of Moody's Investors Service, told Finanz & Wirtschaft.

"There will be a sort of domino effect" that will prolong the debt market crisis for at least another six months, Clarkson told the Zurich-based newspaper. Markets should recover again in 12 to 18 months, he forecast.

Arctic drilling

StatoilHydro ASA has begun drilling in the Arctic in an effort to determine the potential value of oil reserves in the region, the Financial Times reported.

Norway's national oil company hopes to cooperate with Russian oil producers such as OAO Gazprom to explore the Arctic region, the FT said, citing Chief Executive Officer Helge Lund. The drilling project will last for two years, the newspaper said.

'Substantial' Sony stake

Dubai International Capital LLC, the manager of $13 billion for the emirate's ruler and co- investors, said it bought a "substantial" stake in Sony Corp.

"The combination of Sony's truly global brand, its leadership position and its global footprint will spur the business' medium term growth," Sameer al-Ansari, Dubai International's chief executive officer, said in an e-mailed statement yesterday. The size of the stake was not disclosed.

Stock rises

John Wood Group Plc, the United Kingdom's largest oilfield services provider, rose in London after the Daily Telegraph reported that Amec Plc may make a takeover bid.

Wood Group shares gained as much as 25.25 pence, or 6.6 percent, to 406 pence. They traded at 405 pence at 8:36 am local time.

Output plans

Aisin Seiki Co, Japan's biggest maker of transmissions, will raise output of gearboxes with higher fuel efficiency by 42 percent this year as Toyota Motor Corp and other carmakers face tougher emissions standards.

The parts maker will produce more six-speed, continuously variable transmissions and other efficient gearboxes, President Yasuhito Yamauchi said.

Agencies-Bloomberg News

(China Daily 11/27/2007 page16)