IN BRIEF (Page 16)

Indian expansion

India's industrial production grew at the fastest pace in seven months in October as the onset of the festival season and rising incomes spurred consumer spending.

Production at factories, utilities and mines in Asia's third-biggest economy increased 11.8 percent from a year ago, up from September's revised 6.8 percent rise, the statistics office said in New Delhi yesterday. Economists expected a 10 percent gain.

Crown buys casinos

Australia's largest casino company, Crown Ltd, said yesterday it has agreed to buy privately held Cannery Casino Resorts for $1.75 billion.

Crown, which has a market capitalization of A$9.42 billion ($8.25 billion), split from James Packer's Publishing & Broadcasting Ltd earlier this month after investors endorsed a plan to split PBL's gambling assets and media businesses into two separately listed companies.

GE profit forecast

General Electric Co on Tuesday said it expects 2008 profit at $2.42 a share, up at least 10 percent from this year, but falling short of analysts' expectations.

Analysts surveyed by Thomson Financial expected per-share earnings of $2.49. Revenue for 2008 is expected at $195 billion, Chief Executive Jeff Immelt (above) said at an analysts meeting in New York. Analysts projected revenue of $186.5 billion next year.

Clothier's earnings

Spain's Inditex, the owner of clothing chain Zara, reported higher-than-expected nine-month net profit yesterday, but sales fell slightly short, raising concerns about the company's future growth.

Net profit at the world's second-largest clothing retailer rose to 825 million euros, compared with the 800 million euros forecast by a Reuters poll of analysts, as cost controls and a weak dollar helped it squeeze more profit out of its brands.

Xmas expectations

Australia's major retailers say they are on track for strong Christmas sales, with personal audio players, navigation devices and other hi-tech goodies at the top of many shoppers' lists.

The Australian National Retailers Association expects total spending in the lead-up to Christmas will rise 6 percent to A$35.4 billion ($31 billion) compared with last year, as consumers shrug off the latest hike in official interest rates.

Sales plans

Ford Motor Co expects to close the sale of its Jaguar and Land Rover brands early next year and is intent on selecting a bidder that shows a commitment to investing in the luxury nameplates, a senior Ford executive said on Tuesday.

"First and foremost in our minds is to make sure that we sell to a buyer that looks to grow (the brands)," Mark Fields, Ford's president for the Americas, told reporters at a presentation at a Ford training facility. "We're still going through the process."

Fannie Mae lambasted

Wells Fargo & Co's chairman on Tuesday assailed Fannie Mae for raising fees for guaranteeing mortgages, saying the move runs counter to the government-sponsored lender's mandate of encouraging home ownership.

"I can't think of a worst time to be increasing fees and costs, when we're trying to keep people in their homes and trying to get this market stimulated," Richard Kovacevich told Reuters. "It seems to me they're more concerned about their shareholders than they are about housing."

Agencies-Bloomberg News

(China Daily 12/13/2007 page16)