IN BRIEF (Page 16)

Growth forecast cut

The Organization for Economic Cooperation and Development cut its forecast for growth this year and now expects expansion of "less than" 2 percent in its 30 member nations, Secretary General Angel Gurria said.

"2008 will be a difficult year of lower growth and some more unpleasant surprises," Gurria said in an interview in Oslo.

Swisscom rises

Swisscom AG, Switzerland's largest telephone company, reported an increase in fourth- quarter profit on higher earnings from its Fixnet division.

Net income climbed to 441 million Swiss francs ($424 million) from 369 million francs a year earlier, the company said.

Pirelli repurchase

Pirelli & C SpA will repurchase a 39 percent stake in its tire business for as much as 850 million euros, Il Sole 24 Ore reported, without saying where it got the information.

Pirelli should complete the transaction, which will give it 100 percent of the tire company, in about a week, according to the Italian newspaper.

Pension fund loss

Norway's government pension fund lost 2.7 billion kroner ($522.7 million) on a bond investment made by six managers at its sovereign wealth fund, Dagens Naeringsliv said.

The six investment managers have lost their bonuses and some have chosen to quit, the newspaper reported, citing Yngve Slyngstad, the fund's managing director.

Big sale

UK retailer Marks & Spencer Group Plc began to offer customers 50 percent off a variety of goods on Tuesday in a mid-season sale that raised concerns about the strength of the clothing industry, the London-based Times said.

The retailer said the sale wasn't unusual, the Times reported.

Agencies

(China Daily 03/06/2008 page16)