Sat, Sep 12, 2009 page10

• World Business Quick Take

  • AGENCIES
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  ■AUTOMOBILES

  Government targets investors

  The British government is taking legal action to bar four investors involved in the collapse of automaker MG Rover from any company management positions, British Business Secretary Peter Mandelson said yesterday. The businessmen, known as the Phoenix Four, reportedly collected millions in pay and pensions from the company before its collapse, a report released by Mandelson’s department said. Former Rover executives John Towers, Peter Beale, John Edwards and Nick Stephenson responded angrily, calling the report a “witch hunt” and a “whitewash for the government.” MG Rover went into administration in 2005 and its assets were later sold to China’s Nanjing Automobile Group (南京汽車).

  ■CHINA

  Dollar advises diversity

  It makes sense for China to diversify its huge stockpile of foreign exchange reserves, the US Treasury’s economic and financial emissary to China said yesterday. China’s forex reserves, the world’s biggest stockpile, stood at US$2.13 trillion at the end of June. China has expressed concerns in the past about the value of its holdings of US Treasuries, as massive US debt offerings pose the risk of eroding the value of dollar assets. “The general issue is that China has a huge amount of reserves and it makes some sense to diversify what you put these reserves [into],” David Dollar told a meeting of the World Economic Forum in the Chinese city of Dalian. “It’s healthy to have a wide and different type of reserve currencies,” he said.

  ■BANKING

  Banks deny Myanmar links

  Two Singapore banks have rejected a report by a US-based rights group that said Myanmar’s ruling junta deposited billions of dollars with them. DBS Group Holdings and Oversea-Chinese Banking Corp (OCBC) said in separate statements late on Thursday that there was no truth in the report by EarthRights International (ERI). ER had said in a report released on Thursday that energy giants Total and Chevron were propping up the Myanmar military regime with a gas project that allowed the junta to stash almost US$5 billion in the two Singaporean banks.

  ■AVIATION

  Pilots, management to meet

  Pilots of India’s Jet Airways were scheduled to hold a meeting yesterday with the airline management and the government’s chief labor commissioner to resolve a four-day strike that has led to the cancelation of more than 800 flights. Operations at India’s second-largest private airline remained disrupted as more than 150 flights across the country were canceled yesterday, the airline’s Web site said. At least 400 pilots have been on mass sick leave since Tuesday to protest the sacking of two pilots by the airline.

  ■ELECTRONICS

  Console price cuts work

  Sony and Microsoft sold more game consoles last month after they cut prices, helping ease the overall decline in the US video-game market. Last month sales of Sony’s PlayStation 3 console gained 13 percent from a year earlier, the first increase in 10 months, and those of Microsoft’s Xbox 360 rose 10 percent, researcher NPD Group said on Thursday. Nintendo’s Wii console, the industry leader, slumped 39 percent to 277,400 units, NPD said. Sony cut the price of the PS3 by 25 percent on Aug. 19 and Microsoft lowered the price of its most powerful console, the Xbox 360 Elite, by a similar proportion to US$300 on Aug. 27.
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