IN BRIEF (Page 17)

Subprime losses

Losses from securities linked to subprime mortgages may exceed $265 billion as regional US banks, credit unions and overseas financial institutions write down the value of their holdings, according to Standard & Poor's.

S&P cut or put on review the ratings on $534 billion of bonds and collateralized debt obligations tied to home loans made to people with poor credit, the most by the New York-based firm in response to rising mortgage delinquencies.

BNP mulls SocGen bid

BNP Paribas SA, France's biggest bank, is considering a bid for Societe Generale SA, the bank that last week reported a record trading loss, a spokesman said.

BNP Paribas is studying a possible offer as other European banks do the same, said a spokesman for Paris-based BNP who declined to be identified. The comments sent Societe Generale higher for a third day in Paris trading.

P&G profit

Procter & Gamble Co, the largest US consumer-goods company, said second-quarter profit rose 14 percent on price increases and higher overseas sales.

Net income jumped to $3.27 billion, or 98 cents a share, from $2.86 billion, or 84 cents, a year earlier. Revenue advanced 9.4 to $21.6 billion, the Cincinnati-based maker of Tide detergent and Crest toothpaste said.

Colonial approached

Inmobiliaria Colonial SA, the Spanish developer that's lost more than half of its market value in six months, was approached by a Dubai government company about a possible bid.

Colonial shares climbed as much as 7.5 percent, valuing the owner of offices, malls and homes at 2.8 billion euros after the Barcelona-based company said Investment Corp of Dubai asked for access to its accounts.

Sumitomo rises

Sumitomo Metal Mining Co, Japan's biggest gold and nickel producer, said nine-month profit rose 29 percent as gold prices increased.

Net income gained to 117.9 billion yen ($1.1 billion) in the nine months ended Dec 31, from 91.6 billion yen a year earlier. Sales climbed 22 percent to 871.8 billion yen.

Carrier slides

Korean Air Lines Co, South Korea's biggest carrier, slumped to a fourth-quarter loss and Asiana Airlines Inc's profit plunged because of higher fuel costs and a weaker won.

Korean Air had a loss of 34.8 billion won ($37 million) compared with a 114 billion won profit a year earlier, it said yesterday.

Target cut

Sony Corp, the world's second-largest consumer-electronics company, cut its operating profit target as a stronger yen and weaker US demand reduced earnings at the unit that makes Bravia televisions and Cyber-shot cameras.

Operating profit will be 410 billion yen ($3.85 billion), or 4.6 percent of revenue, in the year ending March 31, Tokyo-based Sony said yesterday.

Nomura falls

Nomura Holdings Inc, Japan's largest securities firm, said third-quarter profit dropped 71 percent on lower income from investment banking and costs for shutting its US residential mortgage unit.

Net income declined to 22.6 billion yen ($212 million) in the three months ended Dec 31, Tokyo-based Nomura said.

House prices down

British house prices fell for a third consecutive month in January to post the lowest annual rate of inflation in more than two years, the Nationwide building society said yesterday.

Nationwide said house prices fell 0.1 percent on the month in January, against a 0.4 percent decline in December and less than analysts' forecasts for a 0.3 percent fall.

Agencies

(China Daily 02/01/2008 page17)