IN BRIEF (Page 16)

Narrower loss

US auto parts maker Delphi Corp posted a narrower fourth-quarter loss yesterday and said it remained focused on emerging from bankruptcy by the end of March in a challenging environment.

The net loss narrowed to $542 million in the fourth quarter, from $853 million a year earlier. Revenue slipped to $5.3 billion from $5.5 billion last year, the company said.

Heineken reaches target

Heineken NV, the world's fourth largest brewer by sales, met its target for 2007 net profit growth yesterday but failed to serve up a clear view on 2008, triggering a sell-off in its shares.

The Dutch brewer said its input costs for beer and packaging would rise 15 percent in 2008 and, although it would hike prices in most markets in response, it could not be sure how customers would respond, preventing it from issuing an outlook.

Unibet nosedives

Unibet Group Plc's fourth-quarter profit fell 90 percent after costs rose and the online gaming company stopped sponsoring a cycling team that was barred from the Tour de France.

Unibet slid as much as 13 percent, the most in six months, in Stockholm trading. Net income dropped to 2.33 million pounds from 23.1 million pounds a year earlier, the Malta-based company said.

Vote revealed

Bank of England policymakers voted 8-1 to cut the benchmark interest rate to 5.25 percent this month, defeating David Blanchflower as he made the first call for a half-point reduction in more than six years.

The Monetary Policy Committee, led by Governor Mervyn King, said that the economy needed a quarter-point cut as the interest rate at 5.5 percent and higher credit costs were probably restricting growth, minutes of the Feb 7 decision published yesterday in London showed.

Severance offer

Yahoo Inc, owner of the most- visited US website, adopted severance plans for employees that would pay as much as two years of salary to fend off a $44.6 billion bid from Microsoft Corp.

Full-time employees would get at least four months of severance pay and executive officers will get 24 months, Sunnyvale, California-based Yahoo said.

Risk warning

Bank of Japan Governor Toshihiko Fukui said yesterday downside risks to Japan's economy may heighten as global economic adjustments continue, reinforcing market views that the bank will keep rates on hold or even cut them later this year.

Fears of more credit problems at financial firms pushed down Tokyo shares by more than 3 percent yesterday and Fukui, whose term expires next month, signalled that investors' waning risk appetite could continue to hurt Japan's stock market.

Inflation increases

German producer price inflation hit a 13-month high in January, accelerating far more than expected, Federal Statistics Office data showed yesterday.

Producer price inflation in Europe's largest economy quickened to 3.3 percent last month, boosted by a rise in energy and metal prices, the data showed.

ING charge

Dutch financial services group ING took a lower-than-expected impairment charge of 194 million euros on riskier investments in its fourth-quarter results yesterday, while a stake sale helped offset the loss.

ING's shares rose as much as 5.6 percent, bucking a lower market, after the Dutch lender and insurer said net profit in the quarter rose 18 percent from a year earlier to 2.48 billion euros, or 1.18 euros per share, just ahead of analysts' average forecast of 2.34 billion euros, or 1.12 euros per share.

Agencies

(China Daily 02/21/2008 page16)