IN BRIEF (Page 17)

Job cuts forecast

UK homebuilders will cut tens of thousands of jobs as the 19 billion-pound industry grapples with the worst housing slump in more than a decade, according to the chairman of the Home Builders Federation.

"There isn't a builder in the land who isn't considering overheads and job losses," Stewart Baseley said yesterday. Job losses "will be in the tens of thousands", he said. "I've never seen a downturn escalate as quickly as this."

Possible bid

ArcelorMittal, the world's biggest steelmaker, may offer at least A$4.2 billion ($4 billion) for Australia's Macarthur Coal Ltd to secure supplies as prices for raw materials surge.

Macarthur rose 8.1 percent in Sydney trading after Luxembourg-based ArcelorMittal said it paid A$631 million for a 14.9 percent stake. Brisbane-based Macarthur said yesterday a potential rival bidder had pulled out of talks.

Euro climbs

The euro rose one cent against the dollar and climbed to the highest in three weeks versus the UK pound.

The euro climbed to $1.5769 as of 7:05 am in New York, from $1.5646 on Tuesday. It also advanced to 80.02 pence per pound, from 79.49 on Tuesday, and traded at 162.67 yen, from 162.22. The yen climbed to 103.18 per dollar, from 103.68.

BJ'S boost

BJ'S Wholesale Club Inc, the third-largest US warehouse retailer, said first-quarter profit increased to $17.2 million and full-year earnings will exceed its forecast.

Net income rose to 29 cents a share from $13.7 million, or 21 cents, a year earlier, Natick, Massachusetts-based BJ's said yesterday in a statement distributed by Business Wire.

Wolseley dips

British building materials group Wolseley reported a 30 percent fall in nine-month profits yesterday, in line with its first-half performance, but said UK markets had slowed sharply in recent weeks.

The world's biggest distributor of plumbing and heating materials, which has been hit hard by a general economic downturn and a weak US housing market in particular, said it would cut a further 70 million pounds of costs.

German confidence

German business confidence posted an unexpected increase for May, retreating from the more than two-year low set a month earlier and indicating that companies have so far weathered record euro and oil prices, a closely watched survey showed yesterday.

The Ifo institute's index rose to 103.5 points in May compared with 102.4 points in April and 104.8 points in March, reflecting concern about the record-setting euro and soaring oil prices.

Clothier climbs

Talbots Inc, the US clothing retailer that targets women aged 35 and older, surged 21 percent in early New York trading after posting first-quarter profit that exceeded some analysts' estimates and reiterating its full-year earnings forecast.

Talbots, based in Hingham, Massachusetts, climbed $1.56 to $9 at 9 am in trading before the New York Stock Exchange opened.

Drugmaker advances

Merck KGaA, the world's oldest drugmaker, rose the most in a month in Frankfurt trading on speculation that its Erbitux tumor treatment will show additional benefits in colon and lung cancer patients in studies presented at a US meeting.

Merck gained 2.56 euros, or 2.9 percent, to 90.55 euros at 12:14 pm local time. The stock has gained 5.1 percent this year. The German drugmaker and partner Imclone Systems Inc will be releasing data at the American Society of Clinical Oncology conference.

Agencies

(China Daily 05/22/2008 page17)