World Business

Canada seeks lucrative reactor, uranium business in India in return for nuclear trade nod

Ottawa, Jan 17: Canada is hoping that its support for allowing India to rejoin the world's nuclear trade will help open the door to a lucrative business in reactors and uranium.

Canada inadvertently helped India develop an atomic bomb by giving it reactor technology in the 1950s and helped India win an exemption from nuclear non-proliferation rules that had banned it for decades from trading in nuclear technology and uranium.

Canadian Trade Minister Stockwell Day is heading to India with three of Canada's largest nuclear-industry companies, hoping to smooth the way for business opportunities in meetings with Prime Minister Manmohan Singh, Globeandmail. com reported.

Sony Ericsson posts fourth-quarter loss after "tumultuous" year

Sony Ericsson posts fourth-quarter loss after "tumultuous" year Stockholm - Mobile telephone maker Sony Ericsson on Friday reported a fourth-quarter loss and lower sales, describing the 2008 business year as "tumultuous" in the wake of the global economic downturn.

The group posted a pre-tax loss excluding restructuring costs of 133 million euros (174 million dollars) for the quarter, compared to a pre-tax profit of 501 million euros for the corresponding business period in 2007.

Restructuring costs in the quarter were 129 million euros.

Online piracy "critical problem" for thriving music industry

London - The international digital music sector saw a growth expansion of an estimated 25 per cent in 2008 but its business performance was still being overshadowed by unauthorized online downloads, the London-based International Federation of the Phonographic Industry (IFPI) said Friday.

Digital platforms accounted for around 20 per cent of recorded music sales in 2008, reaching a trade value of 3.7 billion dollars, IFPI said.

"Recorded music is at the forefront of the online and mobile revolution, generating more revenue in percentage terms through digital platforms than the newspaper, magazine and film industries combined," the annual report said.

Cathay Pacific puts cargo terminal on hold as recession continues

Cathay Pacific puts cargo terminal on hold as recession continues Hong Kong  - Cathay Pacific Airways on Friday announced it was putting a 4.8-billion-Hong-Kong-dollar (620-million-US-dollar) project for a new Hong Kong cargo terminal on hold because of the economic downturn which has hit profits, cargo and passenger numbers.

A spokesman said that the Hong Kong Airport Authority had agreed to let its subsidiary company Cathay Pacific Services Ltd defer the completion of the new terminal by two years to mid-2013.

Irish premier says "business as usual" at Anglo Irish Bank

Irish premier says "business as usual" at Anglo Irish BankDublin - Irish Prime Minister Brian Cowen said Friday that it was "business as usual" at the nationalized Anglo Irish Bank as trading in its shares was suspended on the Dublin stock exchange, Irish national broadcaster RTE reported.

Finance Minister Brian Lenihan said late Thursday that the Irish government would take complete control of Anglo Irish after it deemed a plan to inject cash into Ireland's third-largest bank "not now the appropriate and effective means to secure its continued viability."

International Green Week launched, EU dairy subsidies planned

International Green Week launched, EU dairy subsidies planned Berlin  - The European Union plans to resume programs to protect dairy farmers, an EU official said Thursday, the day before one of the world's major farm-products fairs opens for business in the German capital of Berlin.

Mariann Fischer Boel, commissioner for agriculture, said, "The abruptness of the fall in the price of milk in the last few months has surprised a lot of people." The EU ceased subsidizing exports a year and a half ago.