IN BRIEF (Page 16)

Earnings warning

Bovis Homes Group Plc, the United Kingdom's most profitable homebuilder, said first-half results will be "significantly" lower than forecast because of a deepening slump in the country's housing market.

Bovis' reservations since March 10 fell to 1,382 homes, down 30 percent from a year earlier, the Longfield, England-based company said yesterday.

'Concrete bid'

Multi-Long Corp, a Brazilian company, has made a "concrete bid" for Italy's unprofitable airline Alitalia SpA and given details to the European Union, according to an e-mail from the company.

Multi-Long submitted its "entire" business plan to European Union regulators yesterday, Michael Breslow wrote in the e-mail. Breslow has been identified in press reports as the company's chief executive officer.

Loading begins

Fortescue Metals Group Ltd, run by Australia's richest man Andrew Forrest, began loading the first iron ore shipment from its Pilbara project, moving closer to its target of becoming the nation's third-largest exporter.

"They have just started loading," Port Hedland Harbor Master Lindsay Copeman said from the port yesterday. The vessel Blumenau is moored at Perth-based Fortescue's berth in the port and commissioning of the ship loader has begun, he said.

Profit rises

Veolia Environnement SA, the world's biggest water company, said first-quarter operating income rose 7.1 percent, helped by colder weather and acquisitions.

Earnings before interest and taxes climbed to 701.2 million euros from 654.8 million euros a year earlier, the Paris-based company said yesterday.

Tea falls

African tea prices fell for a second consecutive week at an auction in Mombasa, Kenya, on expectations more favorable weather will boost crops.

The average price fell 4.9 percent to $2.13 a kilogram at the sale on April 28 and 29, from $2.24 the week before, Mombasa-based Africa Tea Brokers Ltd, the founding broker of the auctions, said yesterday.

Phone firm declines

Bharti Airtel Ltd, India's biggest mobile-phone company, fell in Mumbai trading on concern that it may have to raise debt or sell shares to fund a takeover of African operator MTN Group Ltd.

Bharti fell 2.9 percent to 868 rupees as of 9:59 am on the Bombay Stock Exchange. Bharti and Johannesburg-based MTN Group said in separate statements that talks are "exploratory" and may not lead to a deal.

Cement maker increases

Holcim Ltd, the world's second-biggest cement maker, said first-quarter profit rose 3.9 percent on higher financial income.

Net income rose to 370 million Swiss francs ($352 million) from 356 million francs a year earlier, the Jona, Switzerland- based company said in an e-mailed statement yesterday. Sales fell 3.8 percent to 5.51 billion francs.

Services stagnate

Growth in Britain's dominant services sector all but dried up in April, sliding to a five year low as companies struggled against the sharpest rate of cost inflation on record, a survey showed yesterday. Sterling fell and interest rate futures rallied as investors felt the weak activity reading might tip the balance in favour of an interest rate cut from the Bank of England this week, despite current inflation worries.

Italian sales

Telecom Italia SpA, Italy's biggest telephone company, and Apple Inc agreed to sell the iPhone mobile communication and entertainment device in Italy.

Milan-based Telecom Italia will begin offering the iPhone by the end of the year, it said.

Agencies

(China Daily 05/07/2008 page16)