IN BRIEF (Page 16)

Icahn's challenge

Billionaire investor Carl Icahn signaled that he will nominate his own slate of directors at Yahoo Inc's annual meeting after the Internet company snubbed a $47.5 billion takeover offer from Microsoft Corp.

Icahn owns about 59 million shares or share equivalents of Yahoo, he said in a letter to the board. All 10 of Yahoo's directors are up for re-election at the annual meeting on July 3.

'Time to buy'

Close to half of affluent US investors see the stock market as a buy, with energy as the industry and Asia as the region to be in.

The annual Bloomberg/Los Angeles Times poll of investors found that 44 percent of those with household incomes of $100,000 or more viewed it as a good time to buy stocks, versus 15 percent who said it isn't.

Profit rises 150%

San Miguel Corp's profit surged 150 percent in the first quarter, boosted by the largest Philippine food and drinks company's asset sales.

Net income rose to 11 billion pesos ($257 million) in the three months ended March, San Miguel President Ramon Ang said. The Manila-based company posted a 4.33 billion peso profit in the same period last year.

Asset sale

Credit Agricole SA, France's third-largest bank by market value, changed the head of its investment bank and plans to sell 5 billion euros of assets after losses tied to the US subprime mortgage market collapse.

Marc Litzler, 48, was replaced as chief executive officer of Calyon by Patrick Valroff, 59, who headed Sofinco, the Paris- based bank's consumer-credit arm, CEO Georges Pauget told reporters yesterday.

Brewer boosted

SABMiller Plc, the world's third-largest brewer, said annual profit climbed 23 percent on price increases to recoup higher commodity expenses and rising beer sales in eastern Europe and the United States.

Net income rose to $2.02 billion, or 134.2 cents a share, in the year ended March 31, from $1.64 billion, or 109.5 cents, a year earlier, the London-based company said yesterday.

Agencies

(China Daily 05/16/2008 page16)