Vienna - Applying Austria's bail-out plan for the first time, leading financial institutions and the government are stepping in to rescue Constantia Privatbank AG, which was faced with a liquidity crunch, the finance ministry said Friday.

Five major Austrian banks are set to take over 100 per cent of the private banking institution that was reportedly suffering from an outflow of capital as major customers shifted their funds to bigger institutions.

In addition, the banks decided to inject 400 million euros (538 million dollars) into Constantia, while the Austrian national bank will contribute 50 million euros.

As foreseen in the Austrian government's banking package, the state will guarantee the capital injection.

Stockholm - Mobile telephone maker Sony Ericsson on Friday posted a loss for third quarter 2008, citing "challenging business conditions".

The group posted a pre-tax loss of 23 million euros (30 million dollars) for the quarter, compared to a pre-tax profit of 384 million euros for the corresponding business period in 2007.

Group turnover was 2.8 billion euros, down 10 per cent on third- quarter 2007, the joint venture between Japan's Sony and Sweden's Ericsson said.

Sony Ericsson said it sold 25.7 million handsets in the quarter, flat year on year, but slightly up compared to the 24.4 million handsets sold during the second quarter 2008.

Aythaya, Myanmar - In the morning mist, vintner Hans-Eduard Leiendecker checks on the rows of vines that he meticulously planted.

Only when saffron-clad Buddhist monks approach in a single file does one remember that they are not in Leiendecker's hometown, the Moselle town of Bernkastel in western Germany, but in tropical Myanmar.

Aythaya Vineyards is the brainchild of Bert Morsbach, who relocated from Thailand years ago, where he manufactured surf boards.

Almost 10 years ago, he leased a plot of land at an elevation of 1,300 metres near Inle Lake, about an hour's flight time north-east of Myanmar's main port city of Yangon.

Helsinki - Finnish-based Nokia, the world's biggest mobile phone maker, said Thursday its operating profit dropped 21 per cent for third quarter 2008.

Operating profit for the quarter was 1.46 billion euros (1.98 billion dollars), compared to 1.86 billion euros for the corresponding business period 2007.

Net sales dropped 5 per cent in the quarter to 12.2 billion euros.

Nokia estimated that its share of the global handset market in third quarter 2008 was 38 per cent, compared with 39 per cent in the third quarter 2007 and 40 per cent in the second quarter 2008.

India attained 50th place in the annual Global Competitiveness 2008-09 ranking. It was at 48th place last year. The list is compiled by the World Economic Forum with its network of Partner Institutes in various countries. 

China has improved its ranking and got 30th spot in the latest list. It attained highest rank among the BRIC economies. US topped the list of 134 countries. The country got the first rank despite financial crisis in the economy.

Tokyo - Yamato Life Insurance Co became the first Japanese financial firm Friday to fail due to losses linked to the global financial crisis, a media report said.

The medium-sized firm filed for bankruptcy protection Friday in Tokyo, reported Kyodo news agency.

The insurance firm incurred debts of 269.5 billion yen (2.68 billion dollars) from losses from investments in subprime mortgages-related bonds and other securities as their prices plunged amid the US financial crisis, the officials said.