Tycoon to use funds to set up new lender

French billionaire Romain Zaleski's Carlo Tassara International SA plans to use the 1.17 billion euros it raised from the sale of a stake in ArcelorMittal to fund new projects, including a bank.

Business International

StanChart dumps plan to fund SIV

Standard Chartered Plc abandoned a plan to refinance its $7.15 billion Whistlejacket Capital Ltd structured investment vehicle, the largest SIV run by a bank to collapse.

Utility reports strong growth

French power utility EDF yesterday reported stronger than expected underlying earnings growth for 2007 but said 2008 would be marked by sharply higher investment costs.

BNP Paribas profit dips 42% on writedowns

BNP Paribas SA, France's largest bank, reported a 42 percent decline in fourth-quarter profit after writing down the value of securities hurt by worsening credit markets.

IN BRIEF (Page 16)

Oil falls back from $100

Crude oil fell from a record $100.10 a barrel in New York on speculation that a US Energy Department report will show stockpiles rose for a sixth week.

Business International

Microsoft may still snap up Yahoo

Microsoft Corp, the world's biggest software maker, may succeed in fighting off rival suitors for Internet search company Yahoo! Inc because they can't offer as much to Yahoo's shareholders.

Gates outlines Web search investment plans

Microsoft plans to invest heavily in Web search to compete against Google, even if it fails to acquire Yahoo, the company's Chairman Bill Gates said.

Foster's reports sluggish growth

Foster's Group Ltd, Australia's biggest alcoholic drinks company, posted its slowest growth in first-half net profit in several years yesterday, as US wine sales slumped and the strong Aussie dollar crimped earnings.

Firms trade lawsuits over phone patents

Motorola Inc and BlackBerry maker Research In Motion Ltd sued one another over mobile-phone patents, each claiming their competitor is using handset technology without permission.