 IN BRIEF (Page 17)
(China Daily)
Updated: 2008-07-23 07:40 New fund General Electric Co, seeking higher returns overseas, and Abu Dhabi's Mubadala Development Co formed a partnership to invest in emerging markets in the Middle East and Africa, led by an $8 billion commercial finance fund. GE and Mubadala, run by the ruling al-Nahyan family, will each contribute $4 billion in equity over three years to the fund, with the aim of reaching $40 billion in assets, the companies said in a statement yesterday. Insurer dips UnitedHealth Group Inc, the largest US medical insurer, reported a 73 percent decrease in profit after underestimating healthcare costs and holding down premiums to keep customers. Net income for the second quarter fell to $337 million, or 27 cents a share, from $1.23 billion, or 89 cents, a year earlier, the Minnetonka, Minnesota-based company said yesterday in a statement on Business Wire. DuPont rises DuPont Co, the third-biggest US chemical producer, said second-quarter profit rose 11 percent because of record sales of corn and soybean seeds. Net income increased to $1.08 billion, or $1.18 a share, from $972 million, or $1.04, a year earlier, Wilmington, Delaware-based DuPont said yesterday. Net sales gained 12 percent to $8.84 billion. Automaker declines Maruti Suzuki India Ltd, the nation's biggest carmaker, plunged the most in more than two years after reporting a 6.6 percent decline in first-quarter net income. Maruti fell as much as 9.2 percent to 587.5 rupees, the lowest since May 18, 2006. It changed hands at 599.1 rupees at 10:38 am in the city, taking the fall to 40 percent so far this year. The New Delhi-based company said on Monday net income in the quarter ended June was 4.66 billion rupees ($109 million) compared with 4.99 billion rupees a year earlier. Darling's warning Chancellor of the Exchequer Alistair Darling said fallout from a global credit crunch is proving worse than previously expected, a sign that UK policy makers are bracing for slower growth. "The effect of what has happened is going to be far more profound than people predicted even at the turn of this year," Darling said. "It is quite clear that if you look during the course of this year, conditions have become more difficult across the world." Agencies (China Daily 07/23/2008 page17) |
