IN BRIEF (Page 16)

New BT chief

British telecoms operator BT Group said yesterday that its retail division chief, Ian Livingston (above), is to succeed Ben Verwaayen as chief executive in June.

The company gave no specific reason for the departure of Dutchman Verwaayen, 56, who has headed BT since 2002. BT said in a statement that Verwaayen would step down as chief executive on May 31 and would leave the board at the end of June.

Price hike

BHP Billiton Ltd, the world's biggest mining company, won a 220 percent increase in the price of coal sold to ArcelorMittal, the largest steelmaker, according to UBS Investment Research.

The increase represents an annual contract price of $305 a metric ton for the steelmaking raw material, 36 percent more than UBS' forecast of $225 a ton, the bank said yesterday in a report. Emma Meade, a spokeswoman for Melbourne-based BHP Billiton, declined to comment.

Entering Russia

TPG Inc, the buyout firm run by David Bonderman and Jim Coulter, agreed to buy an $800 million stake in drug distributor SIA International, its first investment in Russia.

The Fort Worth, Texas-based buyout firm will buy a 50 percent stake from founder Igor Rudinsky, TPG said in an e-mailed statement today. The takeover is TPG's first in Russia since it opened a base there three years ago and the biggest investment by a US private equity firm in the nation.

TomTom cuts outlook

TomTom NV, the world's largest maker of car navigation equipment, lowered its sales outlook for this year as European shops reduce inventory more than anticipated.

TomTom targets revenue of 1.8 billion euros ($2.8 billion) to 2 billion euros this year, the company said in an e-mailed statement yesterday.

First profit

Groupe Eurotunnel SA, operator of the undersea rail tunnel between the United Kingdom and France, posted its first-ever annual profit after a debt restructuring agreement cut financing costs and saved the company from bankruptcy.

Net income was 1 million euros last year, excluding a one-time gain of 3.32 billion euros from the rescue plan, the Paris-based company said yesterday.

Sales rise

Volkswagen AG, Europe's largest carmaker, said global sales last quarter at the main VW brand rose 8.4 percent on demand from China, Latin America and Germany.

Deliveries worldwide increased to 920,000 vehicles from 850,000 from January to March, Volkswagen said.

Probe begins

Ofgem, the UK energy regulator, began an investigation of alleged market-position abuse by Scottish Power Plc and Scottish & Southern Energy Plc.

The regulator received a complaint "alleging abuse of a dominant position in the electricity generation sector", Ofgem said in a statement distributed yesterday by the Regulatory News Service.

Possible purchase

Italian drinks company Gruppo Campari, owner of Skyy Vodka, would consider buying any brands from Absolut vodka maker Vin & Sprit that the Swedish company's

new owner, Pernod Ricard SA, might put up for sale, its chief executive officer said.

The company has made 12 acquisitions in 12 years and is "constantly on the lookout" for new purchases, Chief Executive Bob Kunze-Concewitz said in an interview.

Agencies

(China Daily 04/09/2008 page16)