IN BRIEF (Page 17)

French forecast

The Bank of France revised down its forecast of French economic growth in the fourth quarter of 2007 as its monthly business survey showed business sentiment fell and service sector activity slowed in December.

The central bank said it expected the economy grew 0.4 percent in the last three months of 2007, down from its previous quarterly forecast of 0.5 percent.

Firms raided

The European Commission raided pharmaceutical firms across Europe yesterday, launching a broad investigation into whether they made illegal agreements or misused patent rights to harm consumers.

Competition Commissioner Neelie Kroes named no companies in a statement but said the European Union regulator suspected drug makers had conspired to delay cheap generic alternatives to branded medicines.

Earnings hold firm

British average earnings growth held firm in the three months to November, while the number of people claiming jobless benefit fell in December for a 15th consecutive month, official data showed yesterday.

The figures suggest the labor market remained tight at the end of last year. However, employment tends to be one of the last indicators to react to a slowing economy and most analysts expect unemployment to pick up later this year.

Lower growth

World oil demand growth this year will be lower than previously expected and could fall further if an economic slowdown in top consumer the United States accelerates, the International Energy Agency said yesterday.

The advisor to 27 industrialized countries in its monthly Oil Market Report cut its world oil demand growth forecast to 1.98 million barrels per day (bpd), down 130,000 bpd from its forecast last month.

Bank investment

Japan's three biggest banks are preparing to invest as much as $10 billion in US and European banks hit by the deepening subprime housing turmoil, Britain's Times newspaper reported yesterday.

The Times said sources at the banks - Mitsubishi UJF, Mitsui Sumitomo Financial Group and Mizuho Financial - told the newspaper they had readied a combined $10 billion and were open to talks with any bank that approached them for a cash infusion.

Agencies

(China Daily 01/17/2008 page17)