Sat, Mar 21, 2009 page10

• World Business Quick Take

  • AGENCIES
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  ■ STEEL

  ThyssenKrupp cuts jobs

  ThyssenKrupp plans to shed more than 3,000 jobs, a press report said yesterday, the first time a German industrial group would eliminate permanent posts as a result of the country’s recession. ThyssenKrupp, a steel maker and manufacturer of industrial goods, would cut 1.5 percent of its workforce as it struggles with falling demand for its products, the Financial Times said, without identifying its sources. The group’s steel, automotive and ship building divisions would be affected by the cuts, the newspaper said. Until now, German groups have reduced workers’ hours or eliminated temporary posts in an attempt to weather the country’s worst recession since the 1930s. In January, the heads of 30 leading German companies told German Chancellor Angela Merkel they would not resort to compulsory layoffs, the report said.

  ■ AUTOMOBILES

  Fiat may take Chrysler debt

  Chrysler LLC’s chief executive said on Thursday that if its proposed alliance with automaker Fiat SpA goes through, the Italian automaker would be responsible for 35 percent of Chrysler’s debt to the US government. Chrysler is living off US$4 billion in US government loans and is seeking an additional US$5 billion. CEO Bob Nardelli said in a video posted on Thursday on Chrysler’s Web site that the company could be viable on its own, but he said a deal with Fiat would enhance that viability. Fiat is discussing trading its small-car technology for a 35 percent stake in Chrysler.

  ■ ENERGY

  Total to refine in China

  French energy giant Total, spurred by more attractive pricing rules, is planning to set up new refining and petrochemicals projects in China, state media reported yesterday. Total wants to take advantage of a new system in China allowing competitive pricing and an appropriate profit margin for oil refiners, the China Daily reported, citing Total China chairman Jacques de Boisseson. Total currently operates one refinery in northeastern China and has no petrochemicals plant there. It has recently set up a venture with PetroChina in the South Sulige block in the Inner Mongolia region.

  ■ RETAIL

  Wal-Mart pays out US$2bn

  Wal-Mart Stores Inc has announced it has paid US$2 billion this year to its US employees in bonuses, merchandise discounts and retirement contributions. The world’s largest retailer said on Thursday that US$934 million of the money went toward bonuses, averaging US$666 for each of the company’s 1.4 million domestic workers. Wal-Mart chief executive officer Mike Duke said US$789 million was paid in profit-sharing and retirement contributions and the remainder went to the employee stock purchase plan and merchandise discounts for workers. In a letter, Duke congratulated employees for Wal-Mart’s recent successes in an economic environment that has its competitors struggling.

  ■ ELECTRONICS

  Pre needs polishing: Palm

  Palm Inc on Thursday said its upcoming Pre phone needed “more polishing” but that it was on track to start selling the high profit device in the first half of the year as it looks to grab back smartphone business from rivals. The company gave the update while it reported a wider loss and revenue that fell 70 percent from a year ago, in line with its recent warning for a weak fiscal third quarter.
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