London, Dec 23 : The recent global meltdown has seen an upswing in what is known the "lipstick effect", as sales of cosmetics are rising with more women trying to cheer themselves up by spending money in make-up rather than cars, holidays and kitchens.

Economists have said that due to the financial crisis, people are steering away from making extravagant purchases like cars, holidays and kitchens and are instead spending their money on small luxuries like make-up.

And the sales figures from some of the world''s big cosmetic companies - LOreal, Beiersdorf and Shiseido-reflect the theory.

Tokyo - Japanese electronics giant Panasonic Corp and its smaller competitor Sanyo Electric Co have announced their agreement to a business alliance Friday, sealing Sanyo's takeover.

Panasonic will take control of about 70.5 per cent of Sanyo's shares after US investment bank Goldman Sachs, which is one of Sanyo's major shareholders together with two Japanese investment firms, agreed to the deal on Thursday.

Sanyo's management threw its support last month behind the takeover, which would create one of the world's largest consumer electronics companies.

Paris - French bank BNP Paribas disclosed Thursday that it is postponing its planned takeover of the troubled bank and insurance company Fortis, citing a Brussels court ruling.

On its website BNP Paribas cited a December 12 ruling by a court in Brussels ordering a 65-day freeze on any transaction involving Fortis in a case involving a suit filed by some 2,000 shareholders challenging the selloff of the bank.

BNP Paribas also called off an extraordinary shareholders meeting which had been set for Friday to vote on the Fortis takeover.

In late September, a joint rescue plan by The Netherlands, Belgium and Luxembourg was announced effectively to nationalize Fortis and then break up the company into separate units in each of the countries.

Taipei - Taiwan will hold a two-day fashion fair in China's capital Beijing this week to promote Taiwanese textile products, the Taiwan Textile Federation said Wednesday.

The fashion fair, the third since 2006, was scheduled for Thursday and Friday at the Grand Hyatt Hotel in Beijing.

Thirteen Taiwan manufacturers and designers will set up booths and hold two shows to unveil 2009 spring/summer wear and accessories, the federation said in a statement.

A total of 149 Chinese garment manufacturers and designers and 50 clothing retailers will attend the fair to discuss cooperation with their Taiwanese counterparts and place orders.

Taipei - Kaohsiung Harbour's 2008 container volume will drop due to the global economic slump, an official said Wednesday.

In the first 11 months in 2008, the Kaohsiung Harbour's container volume totalled 8.97 million TEUs (twenty-foot equivalent unit), down 3.9 per cent from 2007's same period, Huang Kuo-ying, deputy director of the Kaohsiung Harbour said.

Total 2008 container volume is expected to reach 9.9 million TEUs, down 2.9 per cent.

The Kaohsiung Harbour's 2007 container volume rose 4.7 per cent from 2006, but business fell in 2008 due to the global financial crisis.

According to Gartner, the worldwide semiconductor industry has been hit by the softening consumer and business demand as it recorded an estimated revenue decline of US$12 billion for 2008, compared to last year.

The effects of constrained budgets are being felt by the semiconductor companies. Moreover, there has been a tremendous slowdown in demand of products like cars, consumer electronics and Pc's that has led to the lower revenues. Components for sectors ranging from the technology industry to the medical industry are made by the semiconductor industry.