IN BRIEF (Page 16)

Icahn ups Motorola stake

Billionaire investor Carl Icahn reported increasing his stake in Motorola Inc to 7.6 percent from 6.4 percent in a filing with the Securities and Exchange Commission.

In late March, after months of investor frustration, Motorola announced plans to split its slumping handset unit from its home and networks business to create two publicly traded companies. Then in April, Motorola ended a proxy fight with Icahn, agreeing to seat two of his nominees on its board of directors.

Best Buy purchase

Best Buy Co, the largest US electronics retailer, will pay 1.1 billion pounds for a 50 percent stake in a joint venture holding Carphone Warehouse Group Plc's European and US retail outlets.

The venture will comprise Carphone Warehouse's 2,400 retail stores in nine European countries, the Internet and direct businesses, insurance and airtime reselling operations, the companies said yesterday.

Retailer's growth slows

David Jones Ltd, Australia's second-largest department store chain, said third-quarter sales growth slowed to 3.8 percent after rising borrowing costs curbed consumer spending.

Sales rose to A$453.3 million ($424 million) in the three months ended April 26 from A$436.7 million a year ago, Sydney-based David Jones said in a statement yesterday.

Postbank profit

Deutsche Postbank AG, Germany's biggest consumer bank by clients, said first-quarter profit declined 19 percent on writedowns related to the US subprime-mortgage market collapse.

Net income fell to 116 million euros from 144 million euros a year earlier, the company said yesterday.

Next declines

Next Plc, the United Kingdom's third-largest fashion retailer, said a sales decline worsened after higher living expenses left Britons with less to spend on clothes.

Sales fell 8.9 percent at stores open at least a year and unaffected by new Next outlets nearby in the fiscal first quarter ended on April 26, Leicester, England-based Next said yesterday.

Phone firm doubles

Deutsche Telekom AG, Europe's largest phone company, said first-quarter profit doubled on a gain from selling a unit and lower interest costs.

Net income rose to 924 million euros from 459 million euros a year earlier, the company said in a statement yesterday.

Gloomy outlook

South Africa's economic confidence fell to a five-and-a-half year low in April, weighed down by expectations of slower growth, higher inflation and a longer cycle of tighter monetary policy, a poll showed yesterday.

The monthly survey of 20 economists showed the Reuters Econometer, which measures six weighted indicators, dived to 207.50 last month, its lowest since November 2002, from 231.39 in March.

Loss narrows

Bertelsmann AG, the owner of book publisher Random House, said yesterday that its first-quarter loss narrowed significantly from last year as the higher euro and a drop in sales at its book and music clubs crimped earnings.

The Guetersloh-based company lost 3 million euros in the January-March period, compared with a wider loss of 117 million euros a year earlier.

Fraport earnings

International airport operator Fraport AG said yesterday that its first-quarter net profit fell 32 percent from last year when the figure was bolstered by a one-time gain on a lucrative lease of a planned hotel and office center in Frankfurt.

The company, which operates Frankfurt International Airport, earned 25.6 million euros in the January-March period.

Agencies

(China Daily 05/09/2008 page16)