IN BRIEF (Page 17)

Homebuilders fall

Taylor Wimpey Plc, Bovis Homes Group Plc and Barratt Developments Plc declined after Dresdner Kleinwort advised clients to sell UK homebuilder shares before potentially negative trading updates are published this week.

Taylor Wimpey, Britain's largest homebuilder, declined as much as 4.8 percent in London trading to 184.7 pence, while Barratt slipped as much as 5.3 percent to 387 pence.

Broadcaster's boost

Premiere AG, Germany's biggest pay-television company, increased in Frankfurt trading amid renewed speculation that French firm Vivendi SA may launch a takeover bid.

Premiere shares rose as much as 76 cents, or 6 percent, to 13.50 euros, the biggest gain since December 14, in Frankfurt trading yesterday. As of 12.06 pm, the stock stood at 13.09 euros, valuing Premiere at 1.47 billion euros.

Takeover scrapped

Carrefour SA, Europe's biggest retailer, dropped plans to make an offer for Turkish supermarket chain Migros Turk TAS, opening the way for other bidders to win an auction valued at as much as $2 billion.

Carrefour and Haci Omer Sabanci Holding AS, partners in a Turkish retail chain, decided against bidding for Migros Turk, Sabanci said in a filing to the Istanbul Stock Exchange yesterday, without giving a reason.

Saudi order

Nokia Siemens Networks, the world's second-biggest manufacturer of wireless networks, won a contract in Saudi Arabia valued at $935 million.

The deal includes the building of wireless networks for Zain in Saudi Arabia, the Espoo, Finland-based company said yesterday statement. The contract also includes managed services for five years.

All-year sales?

French Finance Minister Christine Lagarde said the government may loosen rules on retail discounting, allowing shops to offer lower prices all year.

"I think recurring discounts could help raise consumption," Lagarde said in an interview on Canal Plus television. French law currently allows stores to hold sales only at certain times of the year. The winter discounts are set to begin this week.

Rating reduced

Deutsche Bank AG, Germany's largest lender, was cut to "underperform" from "outperform" at Credit Suisse Group, saying it remains "cautious" on European banks in 2008. The brokerage also removed BNP Paribas SA from its "focus list".

Deutsche Bank and Royal Bank of Scotland Group Plc, the United Kingdom's second largest bank, are among the brokerage's least favorite bank stocks, according to a note to clients.

Oil drops

Crude oil fell for a third day on forecasts for temperatures near record highs for this time of year in the eastern United States, cutting demand for heating fuel.

Crude oil for February delivery fell as much as 80 cents, or 0.8 percent, to $97.11 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $97.60 at 11:49 am London time.

Kyrgyz projects

Sunnyland Holdings Corp, a privately held US developer of natural resources, secured rights valued at about $42 billion to build railways, roads, houses and factories in Kyrgyzstan.

The Delaware-based company, headed by South Korea-born Chairman Han Sung, will also build oil and gas pipelines, a new airport and power plants, Biz Holding Ciel Corp, the South Korean unit of Sunnyland Holdings, said yesterday in Seoul.

Agencies

(China Daily 01/08/2008 page17)