VOL NO REGD NO DA 1589

Wednesday, February 08, 2006

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Business snippets
Traffic controllers' strike hits Orly airport
2/8/2006
 

          PARIS, Feb 7: No flights would take off or land at Orly airport between 0500 and 0900 GMT Tuesday due to a traffic controllers' strike, the administrative company Aeroports de Paris (ADP) announced. An ADP spokesman told newsmen he had "little information" about the reasons for tha air traffic controllers' strike. He said the airport, Paris's second after Charles de Gaulle-Roissy, was not closed but the flights were "stopped" and advised passengers to check with their airlines whether flights were normal. — AFP

Telekom eyes stake in Spice Telecom

KUALA LUMPUR, Feb 7: Malaysia's biggest telecommunication operator, Telekom Malaysia, said its wholly-owned unit TM International is in preliminary discussions to buy a stake in India's Spice Telecom Ltd. Telekom Malaysia said in a statement late Monday that the proposed deal was consistent with TMs continued interest in India, which "we see as complementing our other South Asian investments in Sri Lanka, Bangladesh and Pakistan." Spice operates in the northern Indian state of Punjab and the southern state of Karanataka with over 1.5 million subcribers. — AFP

Credit Agricole eyes German savings bank

FRANKFURT, Feb 7: French bank Credit Agricole is interested in buying a German public-sector savings bank, or Sparkasse, should that ever be possible, Credit Agricole chief Georges Pauget told the business daily Handelsblatt in an interview published Tuesday. "If it is possible one day to buy a Sparkasse, we'd be interested," Pauget said. "German Sparkassen and Credit Agricole have a similar style of banking," he argued. The French bank recently indicated it wanted to raise the proportion of its international activities from 35 per cent at present to 50 per cent by 2008. — AFP

Akzo Nobel reports 2pc gain in '05 net earnings

ARNHEM, Netherlands, Feb 7: Dutch chemical and pharmaceutical group Akzo Nobel reported Tuesday a two-per cent gain in 2005 net earnings to 961 million euros (1.12 billion dollars), beating market expectations. Analysts contacted by AFP's financial news unit AFX had predicted net profit in a range of 814 to 842 million euros at Akzo Nobel, which produces anti-depressants, contraceptives and a variety of paints. Net earnings in the fourth quarter rose to 317 million euros from 153 million in the same period of 2004. — AFP

US wants FTA with Mercosur

BUENOS AIRES, Feb 7: The United States is seeking a free trade agreement with the Common Market of the South (Mercosur), Latin America's largest trading bloc, according to a top US diplomat. Argentina's ABC Color newspaper yesterday quoted US Ambassador to Paraguay, James Cason, as saying that his country is seeking a deal either with Paraguay or with Mercosur. Cason, who had not yet made an offer to Paraguayan President Nicanor Duarte Frutos, said "the deal would bring many benefits to both sides. — Xinhua

Toyota profits soar 34pc in Q3

TOKYO, Feb 7: Toyota Motor, the world's number two automaker, said Tuesday its net profit jumped 34 per cent in the three months to December, helped by the growing popularity of its fuel-efficient hybrid cars. Toyota, which is on track to overtake struggling US rival General Motors as the world's top auto group, reported a third-quarter net profit of 397.6 billion yen (3.34 billion dollars), up from 296.5 billion yen a year earlier. Revenue rose 14.8 per cent to 5.33 trillion yen. Toyota has been investing billions of dollars in development and production facilities to boost global production in response to record sales as skyhigh oil prices fuel unprecedented interest in its gas-electric hybrid models. — AFP

NAB aims to build China business

SYDNEY, Feb 7: The National Australia Bank is aiming to expand its 7.0 billion dollar (5.2 billion US) wealth management arm, MLC, into China to capitalise on the looming deregulation of the country's pension system, a top bank executive said today. NAB chief executive for Australia and Asia, Ahmed Fahour, told the Australian Financial Review that he hopes to build NAB's China business to rank alongside its 8.0 billion dollar plus British operations. "With a billion people and a huge middle class being created, how can you ignore it?" Fahour said in the interview. — AFP

Japan, Vietnam to open FTA talks

HANOI, Feb 7: Japanese and Vietnamese trade experts will meet here next week to prepare negotiations for a free trade agreement between the two countries, officials said Tuesday. The experts will meet February 16-18 to prepare higher level meetings starting by the end of 2006, an official said. Vietnam signed a bilateral trade agreement with the United States five years ago, helping fuel rapid expansion of its economy. — AFP

 

 
  More Headline
US-EU battle over GMOs comes to a head at WTO
EU unveils plans for overhaul of investment rules
Malaysia monitoring inflation ahead of policy meet
Indian president for Asia-Oceania trade bloc
SingTel has 78m mobile subscribers
Traffic controllers' strike hits Orly airport
 

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