IN BRIEF (Page 17)

Jobless claims fall

The number of Americans filing first-time claims for unemployment insurance fell last week, while remaining in a range that signals a sluggish labor market. The number staying on benefits reached a two-and-a-half year high.

Initial jobless claims decreased by 9,000 to 349,000 in the week ended Feb 16, from a revised 358,000 a week earlier that was 10,000 more than previously reported, the Labor Department said yesterday.

Term curtailed

UBS AG said it would reduce Chairman Marcel Ospel's next term of office to one year from three after Europe's largest bank by assets reported a record loss.

Ospel, 58, was a force behind the merger of Swiss Bank Corp and Union Bank of Switzerland that created UBS in 1998 and has been chairman for seven years.

Manitou drops

Manitou BF SA, the French maker of forklift trucks for clients in more than 120 countries, dropped the most in 16 years in Paris trading after last year's profit unexpectedly declined.

Manitou plunged as much as 4.49 euros, or 16 percent, to 24.30 euros, and was trading at 24.40 euros as of 10am, the biggest one-day decline since Feb 21, 1992. The stock has fallen 22 percent this year, valuing Ancenis, France-based Manitou at 926.3 million euros.

Estimates beaten

J.C. Penney Co, the third-largest US department-store operator, said fourth-quarter profit fell less than analysts estimated after the company cut prices earlier than usual to draw shoppers.

Net income dropped to $430 million, or $1.93 a share, in the fourth quarter through Feb 2 from $477 million, or $2.09, a year ago, the retailer said yesterday in a statement distributed by Business Wire.

Subscriber surge

Research In Motion Ltd, maker of the BlackBerry e-mail phone, will add as many as 20 percent more new subscribers in the fourth quarter than forecast in December, bolstered by holiday purchases.

The company originally predicted gains of 1.82 million, and instead customer additions will total up to 2.18 million. Total subscribers will climb to about 14 million by the close of the quarter ending March 1, Waterloo, Ontario-based Research In Motion said yesterday in a statement.

TRW revs up

TRW Automotive Holdings Corp, the world's largest maker of automotive safety equipment, said fourth-quarter profit increased 70 percent on higher sales in Asia and Europe and currency gains.

Net income rose to $56 million, or 55 cents a share, from $33 million, or 32 cents, a year earlier, the Livonia, Michigan-based company said yesterday in a statement. Sales jumped 19 percent to $3.88 billion.

Proton posts profit

Proton Holdings Bhd, the Malaysian carmaker that was overtaken as the country's largest vehicle maker in 2006, posted its second straight quarter of profit after rolling out new models and cutting costs.

Proton had net income of 10.3 million ringgit ($3.2 million), or 1.9 sen a share, in the third quarter ended Dec 31, compared with a loss of 281.5 million ringgit, or 51.2 sen, a year earlier, it said.

Sumitomo soars

Sumitomo Metal Mining Co, Japan's biggest gold producer, climbed the most in 11 years in Tokyo trading after UBS AG said the miner may raise its profit forecast on surges in copper and gold prices.

Gold has touched a record 13 times this year and jumped to a record $945.60 an ounce yesterday. Copper for delivery in three months has jumped 23 percent since Dec 31 in London Metal Exchange trading.

Agencies

(China Daily 02/22/2008 page17)