IN BRIEF (Page 17)

Huge loss

Fannie Mae, the largest source of money for US home loans, posted a $3.55 billion loss in the fourth quarter as the failure of homeowners to keep up with their mortgage payments dragged down the value of the company's assets.

The net loss was $3.80 share, compared with profit of $604 million, or 49 cents, a year earlier, Washington-based Fannie Mae said in a statement yesterday.

Wheat nosedives

Wheat prices in Chicago dropped the most in 22 years, retreating from a four-day rally, on expectations farmers will plant more to take advantage of record prices. Corn and soybeans also fell.

Wheat for May delivery fell as much as 135 cents, or 11.1 percent, to $10.795 a bushel on the Chicago Board of Trade. The contract was at $10.90 in after-hours electronic trading as of 11:46 am in London.

Smiths to gain

Smiths Group Plc, the world's biggest maker of airport-security scanners, may boost its shares 20 percent by equipping port and border authorities with X-ray units that can penetrate 410 mm of steel.

Earnings before interest and tax at Smiths' detection unit will jump 50 percent to 118 million pounds over the next three years, about a quarter of total estimated operating profit, said Nick Cunningham, an analyst at Evolution Securities in London.

Autodesk drops

Autodesk Inc, the biggest maker of design software used in construction and engineering, fell 12 percent in early trading after cutting its profit forecast because of marketing costs and slowing US sales.

Excluding compensation and acquisition expenses, profit in the current quarter will be 46 cents to 48 cents a share, San Rafael, California-based Autodesk reported.

Nelson quits BAA

BAA Ltd Chief Executive Officer Stephen Nelson will quit after worsening delays at London's Heathrow airport drew criticism from airlines and travelers.

Colin Matthews, a former British Airways Plc executive who served as CEO of water utility Severn Trent Plc, will succeed Nelson as head of the United Kingdom's biggest airport operator effective April 1. Nelson is resigning after almost two years in the post, BAA owner Grupo Ferrovial SA said yesterday in a statement.

EU probes aid

European Union regulators started an investigation into German aid to IKB Deutsche Industriebank AG and Landesbank Sachsen AG, probing to see whether the bailouts distort competition and violate EU law.

The European Commission, which determines whether government grants in the 27-nation EU harm competition, could force the banks to return the aid.

Banks selected

Qatar Petroleum, the world's largest supplier of liquefied natural gas, selected nine banks where investors can buy shares for the country's first public sale of an energy asset.

Qatar National Bank, the biggest lender in the Persian Gulf country, is the lead receiving bank for the 65.8 percent stake sale in Gulf International Services QSC, state-owned Qatar Petroleum said in a statement.

Agencies

(China Daily 02/28/2008 page17)