IN BRIEF (Page 17)

Painful times ahead

Lafarge SA and Holcim Ltd, the world's two biggest cement makers, said the construction industry in developed countries faces "painful adjustment" as government debt levels lead to lower infrastructure spending, the Financial Times reported.

Markus Akermann, Holcim's chief executive officer, told the newspaper it will take three to five years for building-materials markets to return to their pre-recession peaks. Jean Desazars de Montgailhard, Lafarge's executive vice-president, said the company isn't yet feeling the effects of higher government spending in the US and Europe, the FT reported.