IN BRIEF (Page 16)

Sales slide

Italy's new car sales fell almost 20 percent in May from a year earlier, said Fiat SpA Chief Executive Officer Sergio Marchionne.

Fiat's share of the Italian automotive market was "stable" Marchionne told reporters at a conference in Trento, Italy, yesterday. He also reiterated the Turin, Italy-based company would meet targets for this year.

Merck falls

Merck KGaA fell the most in more than four months in Frankfurt trading after new data on the Erbitux cancer drug cast doubt it can overtake Roche Holding AG's Avastin as the medicine of choice for bowel and lung tumors.

Merck fell as much as 3.1 percent to 87.60 euros, and traded at 88.32 euros as of 9:28 am. The shares have gained 2.5 percent this year compared with a 13 percent decline in the Bloomberg Europe Pharmaceutical Index.

Banks' backing

Grupo Ferrovial SA, the Spanish builder that owns London Heathrow airport operator BAA Ltd, obtained backing from nine banks for a 7.65 billion-pound loan as part of a refinancing plan.

The agreement is "a very important step" in the program to reorganize BAA's borrowings, Madrid-based Ferrovial said in a regulatory filing yesterday, without identifying the lenders or stating the terms.

Opera's performance

Opera Software ASA, the Norwegian maker of Web browsers, reported a first-quarter profit on higher demand for Internet access on mobile devices.

Net income was 7.8 million kroner ($1.5 million), compared with a loss of 8 million kroner a year earlier, the Oslo-based company said yesterday in a statement. Sales climbed 57 percent to 102.7 million kroner.

Bin Laden's plans

Middle East Development LLC, the Dubai-based construction company controlled by a half-brother of Osama bin Laden, will seek to raise about $190 billion to build two new cities in Djibouti and Yemen and a bridge linking them.

Tarek Mohammad bin Laden will provide at least $10 billion of seed financing for the $200 billion project, Issam Halabi, Middle East Development's vice-president of technical affairs, told reporters at a conference organized by the Middle East Economic Digest in Dubai yesterday.

Ersol reaches record

Ersol Solar Energy AG rose to a record in Frankfurt trading, leading gains among solar stocks after Robert Bosch GmbH agreed to buy a majority stake and Germany's government cut industry subsidies less than expected.

Ersol jumped as much as 39.52 euros, or 64 percent, to 101.37 euros, which would be the highest close since the shares began trading in September 2005. The stock was at 100.75 euros as of 10:57 am local time.

Possible sale

Telkom South Africa Ltd, Africa's largest fixed-line phone company, may be sold to Mvelaphanda Holdings Ltd, run by former freedom fighter and one-time presidential hopeful Tokyo Sexwale, and Vodafone Group Plc.

Telkom shares surged as much as 15 percent, valuing the company at 84.2 billion rand ($11 billion). Mvelaphanda bid to buy all of Telkom, contingent on the sale of its 50 percent holding in mobile operator Vodacom Group Ltd, Pretoria-based Telkom said yesterday.

Aegon's aim

Aegon NV, the Dutch owner of US insurer Transamerica Corp., said it aims for average earnings growth of at least 10 percent.

Aegon is targeting average growth in net underlying earnings of at least 10 percent a year to 2012 from a 2007 base of 2.03 billion euros ($3.15 billion), The Hague-based insurer said yesterday.

Agencies

(China Daily 06/03/2008 page16)