IN BRIEF (Page 17)

Green spending

BP Plc, Europe's second-largest oil company by market value, will invest about $1.5 billion in alternative energy projects this year, accelerating a 10-year business development program.

BP values its existing alternative energy business at $5 billion to $7 billion, the London-based company said yesterday.

Firm beats estimates

Telefonica SA, Europe's second-largest telephone company, said fourth-quarter profit rose, beating analysts' estimates, fueled by growth in Latin America.

Net income rose to 1.06 billion euros from 1.035 billion euros a year earlier, the Madrid-based company said yesterday. Analysts had anticipated profit of 909.5 million euros, the median estimate in a Bloomberg survey.

Australian investment

Australian business investment jumped past expectations last quarter as miners and manufacturers ramped up output to meet strong demand, while aggressive plans for future spending should fuel economic growth in the long run.

The figures reinforced expectations the central bank would hike interest rates to a fresh 11-year peak of 7.25 percent at its policy meeting next week, sending the Australian dollar zooming to 24-year highs on its US counterpart.

BAT gains

British American Tobacco Plc, the maker of Lucky Strike cigarettes, reported a 12 percent gain in profit after raising prices and said it's buying ST Group's cigarette business for 20.3 billion Danish kroner ($4.1 billion).

Full-year net income climbed to 2.13 billion pounds ($4.2 billion) from 1.90 billion pounds in 2006, the London-based company said yesterday in a Regulatory News Service statement.

Agencies

(China Daily 02/29/2008 page17)