Business International

Latest Merrill loss follows writedown

Merrill Lynch & Co posted its third straight quarterly loss and will cut about 3,000 jobs after at least $6.5 billion of writedowns and a 40 percent drop in investment-banking fees.

Nokia profit misses estimate

Nokia Oyj, the world's biggest maker of mobile phones, posted a first-quarter profit that trailed estimates on costs for pensions and closing a plant, and forecast the handset market's value will shrink in euro terms this year.

UK 'may unveil' rescue package

The UK authorities could announce as early as next week the details of a plan to ease tight conditions in the mortgage market, a source said yesterday.

Japanese confidence takes a tumble

Confidence among Japanese manufacturers fell to a five-year low in April as a weak dollar, high raw materials costs and sluggish domestic demand weigh on business, a survey showed.

IN BRIEF (Page 17)

Business International

ArcelorMittal to boost steel prices

ArcelorMittal, the world's largest steelmaker, plans to boost prices on some contracted steel shipments in the US by $250 a ton to recoup surging costs for energy and iron ore.

Rio has drop in output of mining products

Rio Tinto Group, the world's third-largest mining company, reported a drop in production of steelmaking coal, copper, diamonds, zinc and lead as the industry struggles to grow at a time of record-high prices.

Rice jumps to record high on Philippines' lead

Rice climbed to a record for a second day as the Philippines, the world's biggest importer, sought to buy 1 million metric tons and floods delayed planting in the US, increasing concern that there's a global shortage of the grain.

Carlyle bids for TheFaceShop

Carlyle Group, Bain Capital LLC and Advantage Partners LLC were picked to submit final bids for South Korean cosmetics maker TheFaceShop, said four people familiar with the matter.

IN BRIEF (Page 17)