Business In Brief

Nasdaq in hostile bid to take over London Stock Exchange LONDON – The Nasdaq Stock Market Inc.cut its threshold for going ahead with its hostile 2,7 billion pound takeover bid for the London Stock Exchange Group PLC as it formally launched the offer yesterday.

In an attempt to win over shareholders directly – following last month’s rejection by the LSE board of its 1,243 pence per share – Nasdaq slashed the level of acceptances needed for the offer to become unconditional from 90 per cent to 50 per cent plus one share. The New York-based exchange already owns 28,75 per cent of the LSE after building up its stake gradually this year.It said it will not improve its offer unless a rival bid is made or if it is agreed to by the LSE board.Vietnam to formally join WTO on Jan 11 GENEVA – Vietnam will formally join the World Trade Organisation on January 11, becoming the body’s 150th member, officials said here yesterday.The southeast Asian nation has informed the WTO that it has ratified its membership agreement, and will take up its seat one month hence, the global trade body said in a statement.The move followed the approval last month by Vietnam’s Communist-dominated national assembly, finalising Hanoi’s almost 12-year-long drive to join the WTO.At the time, WTO director general Pascal Lamy hailed the country’s efforts and determination to achieve membership.President Nguyen Minh Triet had said membership “will directly impact Vietnam’s economic relations with other WTO members and the global economy.”South Africans, Australians in Tote sale LONDON – Britain would prefer to sell state-owned bookmaker the Tote to a partnership between the Tote’s management and a consortium of horse racing industry players, an industry source said yesterday.The decision, which the government communicated to its preferred bidders at a meeting late on Monday, would appear to rule out investment by possible foreign partners such as South Africa’s Phumelela and Australia’s Tabcorp Holdings.Airlines to make US$2,5b profits in 2007 GENEVA – International airlines are set to make lower losses than predicted in 2006 and reap 2,5 billion dollar profits next year, the industry’s main association said yesterday.The International Air Transport Association cut its forecast for airline losses this year to just US$500 million, against US$1,7 billion previously forecast.The industry is expected to report a net profit of US$2,5 billion in 2007, the IATA said in data released at its annual media presentation.That was US$600 million dollars above its previous forecast for 2007 in September.But the business environment is expected to become tougher due to a global economic slowdown IATA is the main industry association grouping more than 260 airlines worldwide.Nampa-Reuters-AFP-APThe New York-based exchange already owns 28,75 per cent of the LSE after building up its stake gradually this year.It said it will not improve its offer unless a rival bid is made or if it is agreed to by the LSE board.Vietnam to formally join WTO on Jan 11 GENEVA – Vietnam will formally join the World Trade Organisation on January 11, becoming the body’s 150th member, officials said here yesterday.The southeast Asian nation has informed the WTO that it has ratified its membership agreement, and will take up its seat one month hence, the global trade body said in a statement.The move followed the approval last month by Vietnam’s Communist-dominated national assembly, finalising Hanoi’s almost 12-year-long drive to join the WTO.At the time, WTO director general Pascal Lamy hailed the country’s efforts and determination to achieve membership.President Nguyen Minh Triet had said membership “will directly impact Vietnam’s economic relations with other WTO members and the global economy.”South Africans, Australians in Tote sale LONDON – Britain would prefer to sell state-owned bookmaker the Tote to a partnership between the Tote’s management and a consortium of horse racing industry players, an industry source said yesterday.The decision, which the government communicated to its preferred bidders at a meeting late on Monday, would appear to rule out investment by possible foreign partners such as South Africa’s Phumelela and Australia’s Tabcorp Holdings.Airlines to make US$2,5b profits in 2007 GENEVA – International airlines are set to make lower losses than predicted in 2006 and reap 2,5 billion dollar profits next year, the industry’s main association said yesterday.The International Air Transport Association cut its forecast for airline losses this year to just US$500 million, against US$1,7 billion previously forecast.The industry is expected to report a net profit of US$2,5 billion in 2007, the IATA said in data released at its annual media presentation.That was US$600 million dollars above its previous forecast for 2007 in September.But the business environment is expected to become tougher due to a global economic slowdown IATA is the main industry association grouping more than 260 airlines worldwide.Nampa-Reuters-AFP-AP