IN BRIEF (Page 17)

Forecast cut

Seven & I Holdings Co, Japan's largest retailer, cut its full-year profit forecast by 12 percent on a weaker performance at home and in the United States.

Net income may total 127 billion yen ($1.15 billion) in the year ending February 29 from the previous forecast of 145 billion yen and the 133 billion yen reported a year earlier, the retailer said in a statement to the Tokyo Stock Exchange yesterday.

Uranium plans

Kazakhstan, the world's third-biggest uranium producer, plans to increase output fivefold within a decade and overtake Canada as the largest supplier of nuclear fuel.

The Central Asian nation intends to mine 30,000 metric tons a year by 2018, said Mukhtar Dzhakishev, president of state-run producer Kazatomprom. Kazakhstan extracted 5,279 tons in 2006, about 4,600 tons less than Canada, according to the World Nuclear Association in London.

Hedge fund purchase

Blackstone Group LP agreed to buy GSO Capital Partners LP, the hedge-fund firm started by Bennett Goodman and two other former Credit Suisse Group executives, for $930 million to increase its credit investments.

GSO oversees $10 billion of investments in leveraged loans and distressed debt, the New York-based leveraged buyout firm said yesterday. Blackstone also announced a $500 million stock buyback.

Reports denied

Burren Energy Plc, the United Kingdom-based exploration company that is being taken over by Eni SpA, denied reports that it has had contact with Welspun Group, Adani Group or Euromax Capital.

"In the light of today's press speculation and the share price movement, Burren would like to clarify that during the offer period it has had no contact with parties named," the London-based company said yesterday.

Record assets

Man Group Plc, the world's largest publicly traded hedge fund manager, said new investments and market gains pushed assets under management to a record $71.7 billion.

Investors pumped $4.2 billion into Man's funds in the last three months of 2007, while they redeemed $3.6 billion, the London-based company said yesterday.

Economy slowing

A leading contender to succeed Bank of Japan Governor Toshihiko Fukui said yesterday Japan's economy was slowing and its positive cycle was weakening temporarily, reinforcing views that the central bank will wait at least until late this year to raise interest rates.

BOJ Deputy Governor Toshiro Muto, a former finance ministry official, also said downside risks to the global economy were heightening, although he reiterated that the central bank's next move would still be to raise interest rates, not cut them.

Sale questioned

UK Chancellor of the Exchequer Alistair Darling said it might not be possible for companies to finance a rescue of Northern Rock Plc and that shareholders of the bank should have realized that their investment may be worthless.

The British government, aiming to recoup the more than 25 billion pounds that Northern Rock borrowed from the Bank of England, is willing to consider any sort of private bid to save Northern Rock.

Wal-Mart boost

Wal-Mart Stores Inc, the world's largest retailer, said December sales climbed 2.4 percent. Limited Brands Inc cut its fourth-quarter profit forecast after sales declined during what may have been the worst holiday season in five years.

Sales at stores open at least a year dropped 8 percent at Limited Brands, the owner of the Victoria's Secret lingerie chain, double the average projection of a 4 percent decline.

Agencies

(China Daily 01/11/2008 page17)