IN BRIEF (Page 17)

Restructuring charges

Siemens AG, Europe's largest engineering company, aims to book as many restructuring charges "as possible" during this fiscal year as part of a cost-cutting program, Chief Financial Officer Joe Kaeser said.

Siemens, based in Munich, may reconsider its plan to publish a forecast for earnings per share for the next fiscal year in July as items such as fines linked to a bribery investigation may affect the figures, Kaeser said. Return on capital employed will probably decline in the current fiscal year, which runs through September, the CFO said.

Wachovia chief 'retires'

Wachovia Corp, the fourth-largest US bank, said Chief Executive Officer Ken Thompson is retiring "at the request of the board".

The current chairman, Lanty Smith, was appointed interim CEO, the Charlotte, North Carolina-based company said yesterday in a statement.

'No case' for change

Australia will keep its so-called Four Pillars policy banning mergers and takeovers among the nation's biggest banks, Treasurer Wayne Swan said.

The government sees "no case" for changing the policy, Swan said in an e-mailed statement. It prevents takeovers and mergers among National Australia Bank Ltd, Commonwealth Bank of Australia, Westpac Banking Corp and Australia & New Zealand Banking Group Ltd.

Korean offering

South Korea will sell shares in Korea Development Bank next year in an initial public offering that the government has estimated may raise 20 trillion won ($19 billion).

The government plans to set up a holding company for the Seoul-based bank and its three affiliates, and will seek outside investors before selling a 49 percent stake in Korea Development Bank in the IPO, the Financial Services Commission said yesterday in an e-mailed statement.

Expansion plans

Deutsche Bank AG, Germany's biggest bank, is seeking acquisitions in Europe including Switzerland and plans to hire in Asia to increase business with wealthy clients.

The Frankfurt-based bank, which employs about 700 people in Asia, aims to add 200 this year in the region and at least the same amount in 2009, said Pierre de Weck, head of private wealth management.

Harris falls

Harris Corp fell 12 percent in early New York trading after Chief Executive Officer Howard Lance said the 113-year-old maker of military radios isn't seeking a buyer or merger partner, dismissing speculation that had driven up the stock price.

Harris declined $8.03 to $57.75 at 7:31 am in trading before the regular open of the New York Stock Exchange. The shares had risen 36 percent from March 31 to May 30 in part on reports about a possible takeover.

Tiremaker dips

Michelin & Cie, the world's second-largest tiremaker, fell to its lowest in more than eighteen months in Paris trading after Credit Suisse said soaring oil may spark price competition and hurt profit.

Michelin declined as much as 2.30 euros, or 4 percent, to 55.20 euros, the lowest since Sept 25, 2006. The stock was trading at 55.61 euros at 12:23 pm, valuing the company at 8 billion euros.

Approvals drop

UK mortgage approvals dropped in April to the lowest in at least nine years and manufacturing growth ground to a halt, bringing the economy closer to a recession.

Banks granted 58,000 loans for house purchase, the least since the series began in 1999, the Bank of England said in London yesterday.

Agencies

(China Daily 06/03/2008 page17)