IN BRIEF (Page 16)

Higher inflation

South Korea's producer inflation hit a 3-year high in December on firmer oil and grains prices, data showed yesterday, adding to worries about growing inflation pressures at a time when the global economy is slowing.

The producer price index rose 5.1 percent in December from a year earlier, the highest annual growth since a 5.3 percent rise in December 2004, Bank of Korea data showed.

Rebates mulled

The Bush administration is considering tax rebates of about $500 for households and tax breaks for businesses to help the economy avoid a recession, the Wall Street Journal reported yesterday.

The White House's main options include a tax rebate of perhaps $500 to encourage spending among individuals and a change in tax laws that would allow companies to deduct from taxes a substantial portion of new investment in equipment, the paper said, citing sources familiar with the matter.

Unexpected rise

Australia's retail sales rose by more than expected in November as strong growth in jobs and incomes offset increases in interest rates and petrol prices, suggesting rates may yet have to rise again to cool demand. Yesterday's government data showed retail sales climbed 0.8 percent seasonally adjusted in November to A$20.07 billion ($17.6 billion).

Philippine investment

Hanjin Heavy Industries & Construction Co, the first South Korean company to export ships, plans to invest $1.9 billion in the southern Philippines, said Philippine President Gloria Arroyo.

The complex, to be built in Misamis Oriental province, will be Busan-based Hanjin's second investment in the nation, Arroyo said.

Orders drop

Persimmon Plc, the United Kingdom's largest homebuilder by market value, said forward sales at the end of last year fell 14 percent after a housing market slowdown worsened in the final quarter.

The total value of pre-sold homes was 603 million pounds ($1.19 billion) as of December 31, compared with 701 million pounds a year earlier, the York, northern England-based company said yesterday.

New chief?

Kuoni Reisen Holding AG, the largest Swiss travel company, may name a new chief executive within three months, Finanz & Wirtschaft said, citing Chairman Henning Boysen.

Kuoni is only considering external candidates, Boysen told the newspaper. Kuoni isn't a takeover candidate, the chairman told Finanz & Wirtschaft.

Into India

Fiat SpA, Italy's largest manufacturer, unveiled four cars to sell in India, two of them to be made with Tata Motors Ltd.

The company, based in Turin, Italy, will sell Linea, Grande Punto, 500 and Bravo in India, Fiat said. The Linea and Grande Punto will be made with Tata Motors, India's largest truck maker, and will be sold in India this year, Fiat said.

No comment

Sony Corp, the world's second-largest consumer electronics maker, declined to confirm or deny a report that it gave up seeking buyers for a building in Berlin.

No bidders offered a price the company was willing to accept for the Sony Center, Berliner Morgenpost said, citing unidentified brokers and investment bankers.

Bond sale

Sudan plans to sell as much as 100 million euros of Islamic bonds in the African nation's first sale of the debt, according to an e-mail from the Central Bank of Bahrain, where the securities will be placed.

The Sudanese government will sell between 75 million euros and 100 million euros of the so-called sukuk securities maturing in 2010, Bahrain's Manama-based central bank said in its monthly capital market review.

Agencies

(China Daily 01/10/2008 page16)