IN BRIEF (Page 16)
Back in the black
German semiconductor giant Infineon said yesterday that it finally returned to profit in the three months to December after seven consecutive quarters of losses, thanks largely to its Qimonda memory chip unit.
Infineon, which runs its business year from October to September, said in a statement it booked net profit of 120 million in the first quarter to December.
Single market mooted
Australian Treasurer Peter Costello called yesterday for a freeing up of investment rules with New Zealand as part of moving towards a single economic market.
Costello met with New Zealand Finance Minister Michael Cullen in the New Zealand capital and called for an ambitious agreement on investment rules between the neighboring countries.
Korean takeover?
A senior executive from the world's biggest steelmaker Arcelor Mittal will visit South Korea this week for talks on cooperation with South Korean steel giant POSCO, officials said yesterday.
Roland Junck, a member of the Arcelor Mittal management committee, is to meet POSCO Chairman Lee Ku-taek on Friday, a POSCO spokeswoman said.
The trip comes amid speculation that the South Korean firm could become a takeover target by foreign rivals.
Merger talks
Japan's second-largest steelmaker JFE Steel is in talks with South Korea's Hyundai Steel on forming a comprehensive alliance, including a capital tie-up, a newspaper said yesterday.
JFE Steel is considering providing the South Korean firm with the technology to build and operate blast furnaces, as well as helping to construct and manage mills, the Nikkei business daily said without citing sources.
Wage caution urged
German Bundesbank President Axel Weber warned in a newspaper interview yesterday that excessive wage demands could lead to further interest rates increases by the European Central Bank.
"If the upcoming wage rounds are too high and jeopardize price stability, further rate hikes might be needed," said Weber, who as head of the German central bank sits on the ECB's rate-setting governing council.
France out of doghouse
Long a leading offender of EU fiscal rules, France is set to become a shining example of sound budget management today when its EU partners drop action against Paris over its public finances.
The highlight of a monthly meeting of EU finance ministers is expected to be the end of sanctions against France that were put in place in 2003 after its public deficit broke EU rules the previous year.
Agencies-AFP
(China Daily 01/30/2007 page16)
