Toyota increases 2008 sales forecast

Toyota Motor Corp raised its sales forecast for 2008 to 9.85 million vehicles, cementing the company's lead as the world's most profitable carmaker.

Jay-Z quits as Def Jam boss

Universal Music Group said on Monday that Shawn "Jay-Z" Carter is stepping down as president of its Def Jam Records unit, effective by the end of the year.

Tokyo stocks close on high note

Japanese stocks closed at their highest in nearly two weeks yesterday as investors picked up recently pressured shares such as Sony Corp, encouraged by a softening yen and after news from Merrill Lynch prompted a rally on Wall Street.

Singapore snaps up Merrill stake

Merrill Lynch & Co Inc shored up its capital base by as much as $7.5 billion after selling a stake to Singapore's government and an asset manager, and unloading much of a lending business, as it wrestles with huge subprime mortgage losses.

Biz People

Lula: Good prospects in '08

IN BRIEF (Page 16)

Business International

Iran, Italy gas deal in pipeline

Iran and Italian power company Edison are nearing agreement on a deal to pump more than a billion cubic feet of Iranian gas to Europe per day, the Iranian oil minister said on Sunday.

New deadline in Kashagan talks

Kazakhstan and a consortium of major oil companies led by Italy's Eni have set January 15 as the new deadline for talks over the fate of the giant Kashagan oilfield, Kazakh Energy Minister Sauat Mynbayev said yesterday.

ECB faces major tests in the year to come

The European Central Bank starts 2008 with its stature boosted by quick responses to this year's banking crises, but its credibility will be tested soon by money markets, wage demands and a potential housing bust.

Subprime mess will remain with us well into 2008

Anyone looking to reflect on the high points of the year in business and finance can pretty much do it in one, maybe two, words: subprime mess.

IN BRIEF (Page 16)