IN BRIEF (Page 16)

Surplus slides

Brazil's trade surplus fell in 2007 for the first time in seven years as a strong national currency fueled a surge in imports of machinery and consumer goods, government data showed on Wednesday.

The trade surplus, which had been rising every year since 2001, fell to $40.04 billion in 2007 from a record of $46.46 billion in 2006, the trade ministry said.

Rating cut

Standard & Poor's (S&P) cut Kenya's long-term local currency credit rating and said if the violence that has ensued from a disputed election there is not resolved, the foreign currency credit rating could be lowered as well.

S&P lowered its long-term local currency rating to 'B+' from 'BB-' and put both the long-term foreign and local currency ratings on "CreditWatch with negative implications".

Indian talks

The Port of Rotterdam Authority is in talks with India's Larsen and Toubro Ltd (L&T) for a greenfield port in India, the Mint paper said, citing officials from both firms.

A deal could be announced later this month, it said. "We are exploring opportunities for port business in India and are in talks with L&T," an unnamed port of Rotterdam executive told the paper.

Short-term damage

Wireless chip supplier Qualcomm Inc said on Wednesday it would be hurt in the short term by a court injunction on the sale of chips infringing rival Broadcom Corp's patents, but it promised to have alternative products in phones before the end of the quarter.

Broadcom shares rose as much as 5 percent after the news and Qualcomm shares fell 1.7 percent, but the trading reflected by some investor relief that Qualcomm appeared to have a technology workaround.

Cotton output

Global cotton production next season will be more than estimated a month ago while falling short of consumption for a second straight year, the International Cotton Advisory Committee said.

Production will total 26.9 million metric tons in the marketing year beginning August 1, up 1.1 percent from last month's projection, the Washington-based committee said.

'Mega wage year'

IG Metall, Germany's largest labor union, expects substantial pay rises for metal industry workers at companies including Daimler AG this year, Deutschlandradio reported, citing an interview with the union's leader.

"It's very obvious that 2008 will be a mega wage year," Deutschlandradio quoted Berthold Huber, IG Metall chairman, as saying. "A lot is at stake for workers," he said, predicting "arduous" talks with employers.

Bogolyubov wins

Ukrainian billionaire Gennadiy Bogolyubov won control of Australian manganese producer Consolidated Minerals Ltd a month after beating his last rival bidder with a A$1.3 billion ($1.1 billion) offer.

Bogolyubov's Palmary Enterprises Ltd now controls more than 232 million shares, or 90.02 percent, of Perth-based Consolidated, Palmary said in a statement. The company said on December 24 that it will seek compulsory acquisition of the remaining shares at the offer price of A$5 a share.

Generator plans

JSW Energy Ltd plans to raise as much as $1 billion to build generators, driving a record year for initial share sales by Indian power producers, sources said.

The company, based in Mumbai, will seek regulatory approval this month and complete the sale by the end of March, the people said, requesting anonymity before an announcement. Arun Bhatt, a company spokesman, declined to comment.

Agencies

(China Daily 01/04/2008 page16)