IN BRIEF (Page 16)

Alitalia revival

Air France-KLM plans to revive Alitalia through a sizable capital infusion and list the combined group in Milan as well, the French carrier's CEO said during a visit to Rome to drum up local support for its bid.

But Air France has yet to decide whether to take over loss-making Alitalia's services and maintenance unit AZ Servizi, which is run as a separate company, CEO Jean- Cyril Spinetta told reporters in Rome.

Rate on hold

The Bank of Korea kept its main interest rate at 5 percent for a fifth straight month yesterday as it juggled worries about inflation with concern about the domestic impact of a slowdown in the US economy.

Bond futures extended gains as investors took remarks from Bank of Korea (BOK) Governor Lee Seong-tae as indicating high inflation would not in itself justify raising rates in the near term.

Bid approach

Denmark's Carlsberg and Dutch group Heineken have approached Scottish & Newcastle about raising their joint bid for the British brewer to between 780 pence and 800 pence a share, the Daily Telegraph said yesterday.

The newspaper, without citing sources, said Carlsberg and Heineken had informed the board of Scottish & Newcastle (S&N) and its advisors in the last few days that they were prepared to increase their existing proposal by at least 30 pence a share.

Foreclosures rise

Countrywide Financial Corp, the largest US mortgage lender, said on Wednesday that foreclosures and late payments rose in December to the highest on record, sending its shares tumbling for a second day to their lowest in nearly 13 years.

The shares closed down 43 cents, or 7.7 percent, at $5.12, bringing their two-day decline to 33 percent. They earlier fell to $4.43, a level not seen since April 1995.

Alcoa advances

Aluminum producer Alcoa Inc said on Wednesday that fourth-quarter net profit rose 76 percent on restructuring and tax benefits, offsetting lower aluminum prices.

The first earnings report from a Dow Jones Industrial Average member this quarter was above Wall Street expectations, sending Alcoa shares up 2.4 percent in after-hours trading.

Earnings expectations

Premier Foods, Britain's biggest food maker, said yesterday its 2007 profit would be within the range of analysts' forecasts, but expected trading to remain competitive and impacted by higher raw material costs.

The firm, which makes Hovis bread, Oxo stock cubes, Mr Kipling cakes and Branston pickle, said it had a satisfactory Christmas, with strong sales of cakes offset by a weak performance from retailer branded products.

Toyota sales

Toyota Motor Corp said yesterday its group sold 9.37 million vehicles worldwide in 2007, up 6 percent from the year earlier.

The final tally was 10,000 units higher than the estimate of 9.36 million it gave late last month due to an overshoot at minivehicle unit Daihatsu Motor Co. Figures at truck maker Hino Motors Ltd were unchanged.

Lower-end estimate

US Internet phone company Vonage Holdings Corp on Wednesday gave a 2007 revenue estimate that was at the lower end of market expectations, but said it expects revenue to exceed $1 billion by 2009.

The company, which has been hit by patent lawsuits and fierce competition since going public in May 2006, also reiterated its target to turn profitable on an adjusted operating basis this year.

Agencies

(China Daily 01/11/2008 page16)