GM will close their Belgian plant

General Motors (GM) has confirmed it will close a Belgian plant at its European arm Opel, cutting 2 ,300 jobs. The CSC metalworkers' union said the carmaker had told staff it would shut down its factory in Antwerp. "It is the tough reality of the current business environment," Opel president Nick Reilly said. GM also said 8 ,300 jobs would be cut across Europe - less than it had previously estimated - with 4 ,000 to be lost in Germany alone. In November, GM had said that it would cut about 9 ,000 jobs in Europe, after cancelling its planned sale of Opel to Canadian car parts maker Magna. Reduce capacity The company said it needs to cut Opel's capacity by 20 %. "We have to take a plant out and unfortunately it is Antwerp," Mr Reilly said. In its November announcement, GM had said that as well as the Belgian job cuts, some 5 , 425 jobs in Germany and 900 from its Zaragoza plant in Spain would also go. In the UK, GM has cut 354 jobs at its Vauxhall plant in Luton, but has stated that there would be no cuts at its Ellesmere Port plant, which makes the Vauxhall Astra. GM has also failed to sell its Swedish car brand Saab and is starting to wind down the operation, though some buyers have still expressed interest in it.

Ebay in profit

Profits at online auction giant eBay have surged, thanks to the sale of a majority stake in its internet phone company Skype. EBay made a net profit of $1.36 bn (£835 m) in the three months to the end of December, up from $367 m for the same period a year earlier. The profits were lifted by the gain of $1.4 bn that it decided to register in the quarter from the Skype sale. EBay agreed to sell 65 % of Skype in September for $2 bn. The company said its profits were also bolstered by growth at its PayPal online payments business, and increased shopping over the Christmas period. Excluding the one-off gain from the Skype sale, its results were still ahead of market expectations. Its revenues rose 16 % from a year earlier to $2.37 bn.

Citigroup see lose

Citigroup Inc became the latest bank to take a cautious view of consumers' credit problems, reporting a $7.77 billion fourth-quarter loss due to failed loans and the costs of repaying $20 billion in government bailout money. Even with the loss, Citigroup, the hardest hit of the big US banks during the credit crisis and recession, plans to give big bonuses this month to its top employees. The earnings report Tuesday, which met analysts' expectations, reflected Citigroup's struggles and changing status in the banking industry. The company was forced to set aside $8.18 billion to cover the loans consumers can't repay, joining other big lenders who are still losing money on loans. But Citigroup, having been forced to shed its big investment banking and brokerage businesses during the banking crisis, lacked those buffers against losses that other major financial companies still have. The company's focus, therefore is on loans, which are deeply troubled but showing some very early signs of improvement. For example, the addition to Citigroup's loan reserves was down 10 per cent from the third quarter, and 36 per cent from a year earlier. And John Gerspach, Citigroup's chief financial officer, noted during a conference call with the media that the number of mortgage and credit card loans that were newly delinquent, or between one and three months past due, had started to stabilize and even drop in some of its lending portfolios. However, 'the US credit story is still very much developing,' Gerspach said.

Tablet computer in market

Industry tracker Deloitte predicts the tablet computer market will boom this year with tens of millions of people deciding the notepad-sized devices are 'just right' for their needs. 'This Goldilocks of devices — not too big, not too small — is expected to offer an appealing balance of form and function going forward,' the market analysis firm said, referring to the well- known children's story. Tablet computers 'may turn out to be 'just right' for many users in 2010,' Deloitte said. The forecast bodes well for iPhone, iPod and Macintosh computer maker Apple, which is hosting a January 27 event here to unveil its 'latest creation,' which is hotly rumoured to be a tablet computer resembling an oversized iPod Touch. The Cupertino, California-based company did not supply any further details about the invitation-only event to be held at 10:00 am Pacific time ( 1800 GMT) at the Yerba Buena Centre for the Arts Theatre in San Francisco. According to various reports, Apple is poised to launch a colour multimedia device that allows users to browse the Web, listen to music, watch movies or television shows and also serve as an electronic book and newspaper reader. Publishing powerhouse HarperCollins was reported to be in talks with Apple regarding providing digital literature for reading on a tablet device. Apple's tablet is expected to have a 10- to 11-inch (25.4- to 27.9-centimeter) screen, slightly larger than typical devices on the market. 'With a new form factor and significant processing capacity, connected portable devices will likely be purchased by tens of millions of people in 2010,' Deloitte predicted. 'Called Net tablets, or netTabs, these devices have an advantage over smartphones — which are small for watching videos or Web browsing — and notebooks, netbooks, and ultra-thin PCs, which are too heavy, or expensive.'

Strom reduce the rice production of Philippines

Rice production in the Philippines, the world's biggest importer of the grain, fell by more than 3.0 percent last year after a series of major storms damaged crops, the government said Wednesday. Tropical storm Ketsana and Typhoon Parma, which claimed more than 1 ,100 lives in October and November as they pummelled the main island of Luzon, were mainly responsible for the fall in rice output, the agriculture ministry said. Unmilled rice production was 16.26 million tonnes last year, down 3.31 percent from 2008 , the ministry said in its annual report. The government had already made large tenders in a tight global market late last year to head off possible shortages of rice, the staple food for the 93 million Filipinos. The entire crops sector, which accounted for 46.80 percent of total agricultural output, also slid by 1.42 percent last year due to the bad weather and rising fertiliser costs, the ministry said. However, livestock, poultry and fisheries managed slight increases to push agricultural growth up by 0.37 percent overall. Of the Philippines' key export crops, coconut production rose 2.20 percent while bananas added 3.74 percent as key growing areas escaped the worst of the destructive storms.

NY TIMES will give their full web access in 2011

The New York Times says it will charge readers for full access to its website starting in 2011 , a risky move aimed at drawing more revenue online without driving away advertisers that want the biggest possible audience. The potential pitfalls have made most other major newspapers hesitant to take a similar step. But after months of deliberation, the Times said Wednesday it will use a metered system, allowing free access to a certain number of articles and then charging users for additional content. The Times did not disclose how many articles will be available for free and what it will charge to read more. Subscribers to the printed version of the Times would still have free access to the Web site. It would not be the first time the newspaper has tried to charge for its online articles.

Bangladeshi government will reopen all closed jute mills

The government has made all arrangements for reopening two more closed jute mills - Daulatpur Jute Mills at Khalishpur in Khulna and Kawmi Jute Mills in Sirajganj. The two mills will be able to resume production after getting approval from the finance ministry as it requires about Tk 136 crore. About 5 ,000 workers will get back their jobs. The government is also taking steps to reopen all closed jute mills in phases throughout the country. Presently, 16 jute mills, out of the total 27 , under Bangladesh Jute Mills Corporation ( BJMC) are in operation. The closed Khulna People's Jute Mills has been handed over to the BJMC and will be back in operation by February, taking back several thousands of workers. Meanwhile, the government has also formed a 19- member commission, with eminent economist Dr Kholiquzzaman Ahmad as its head, for formulating a time-befitting jute policy. The government has also taken steps for wide global campaigns to promote jute as the natural fibre as the Food and Agriculture Organisation of the UN has declared 2010 as the natural fibre year. The government is also making compulsory the use of jute in packaging goods. The country's jute mills produced 600 tonnes of jute goods in the current year, which doubles the amount produced in the last year. Jute and jute goods are exported to about 100 countries in the world, including Sudan, Egypt, Iran, Syria, UAE, Australia, New Zealand, USA, European countries, India, Indonesia, Sri Lanka, China and Thailand.

Arrow Fabrics will invest in Karnaphul EPZ

Bangladeshi company Arrow Fabrics (Pvt) Ltd will expand its garment manufacturing industry in the Karnaphuli Export Processing Zone. The 100 percent local company will invest $1. 74 million to set up its unit and will produce specialised garment items. The company will also create employment opportunity for 1 , 500 Bangladeshi workers. Md Moyjuddin Ahmed, member (investment promotion) of Bangladesh Export Processing Zones Authority (Bepza), and Masuda Begum, managing director of Arrow Fabrics, signed an agreement at the Bepza complex on Wednesday.

Indian energy industry hunt for deal

Cash-rich Indian energy groups are looking to flex their new-found muscles with global acquisitions as the fast-growing country joins China in the hunt for vital resources, analysts say. "India's oil and gas sector will be a force to reckon with this year for cross-border deals," said Sidharth Punshi, India head of global investment bank Jefferies. Reliance Industries, controlled by India's richest man Mukesh Ambani, has generated two billion dollars via stock sales since September and is expected to keep raising cash to boost its reserves and fund eventual acquisitions. The company, India's largest by market capitalisation, already has Netherlands-based chemicals group LyondellBasell in its sights. But Lyondell, which does most of its business in the United States, has so far resisted a takeover offer from Reliance worth an initial 12 billion dollars. "There is no doubt Reliance is looking to acquisitions (beyond Lyondell)," said energy analyst Deepak Pareek at Mumbai's Angel Broking. A deal between Reliance and Lyondell, the world's third-largest chemicals maker, would create a global energy and chemicals giant, with annual revenues estimated at near 80 billion dollars. Reliance had no comment to make on its future takeover strategy when contacted by AFP. But Pareek said the speed with which Reliance has raised money has raised eyebrows. "Several local key projects have been completed, so Reliance can focus on acquisitions," he added. For Reliance, an overseas acquisition would diversify its assets -- it is almost entirely focused on India at present -- and would launch it as a global competitor to established European, US or Chinese rivals. "There are oil companies in the UK, Canada and Central Asian Republics with proven reserves, which could be attractive buy-out targets for Indian firms," said Bundeep Singh Rangar, chairman of advisory firm IndusView. "The idea is to expand overseas and be one step ahead of global oil firms who are keen to enter India," he told AFP by telephone from his London office. Indian companies would be following the lead of Chinese energy giants such as CNOOC and Sinopec, which have been on a buying spree in Africa and Central Asia. India, which imports at least 70 percent of its oil needs, has like China been racing to find new energy sources to fuel its rapidly developing economy. Reliance's rivals, state-run exploration firm Oil and Natural Gas Corp (ONGC), Cairn India and Essar Oil, are also on the lookout for acquisitions. Essar Oil is in talks to buy out three Shell refineries -- one in Britain and two in Germany -- in exchange for a 10- percent stake in the British group. Cairn India, controlled by British oil explorer Cairn Energy, has meanwhile begun pumping crude from a vast oilfield in the desert state of Rajasthan, which will eventually increase India's crude output by 20 percent. Reliance itself became an Indian corporate giant by investing in its local refining and other operations, rather than through acquisitions. It folded subsidiary Reliance Petroleum into its broader group -- the largest deal in India's corporate history -- in March last year. Its Jamnagar refinery, the world's largest oil- processing complex in western India, now has a combined capacity to process 1.24 million barrels of oil a day.

Bangladesh will export more apparel in India

Bangladeshi apparel exporters look to a wider market in India following the prime minister's recent visit to the next-door neighbour. They said India has also agreed to increase duty-free import of Bangladeshi garments to 14 million pieces a year from eight million now. "This time, we did not see any negative attitude from India, as we did in the past," said Abdus Salam Murshedy, president of Bangladesh Garments Manufacturers and Exporters Association (BGMEA), at a press conference at Dhaka Sheraton Hotel. He said India was unaware that Bangladesh manufactures world-famous apparel brands. "Now they have come to know about what we do. We will soon hold some single country trade fairs in some large Indian cities to let them know our capacity," said Murshedy. Nearly 50 business leaders accompanied Prime Minister Sheikh Hasina during her visit to India. They organised the press conference yesterday to let the media know the outcome of their visit. Kazi Akramuddin Ahmed, chairman of Standard Bank, led the delegation consisting of business personalities of different chambers and sectors. They had a series of meetings with their counterparts in India. Fazlul Hoque, president of Bangladesh Knitwear Manufacturers and Exporters Association, informed reporters that currently, India's retail apparel market is worth $27 billion with an annual growth rate of 18 percent. "We are amazed to see the size of India's retail apparel market and its growth rate as well," Hoque said. Maj Gen (retired) Amjad Khan Chowdhury, chief executive of Pran-RFL, the single largest Bangladeshi exporter to India, is also upbeat on good business in India. "We have a strong business opportunity in India," Chowdhury said, adding that he considers the northeastern regions of India to be Bangladesh's market. Pran-RFL, which produces a variety of consumer products, is also trying to set up a factory in Tripura, a popular market for Pran products, to set up a factory there. But the government is not allowing "export of capital" , he alleged. Earlier, Kazi Akramuddin Ahmed read out a written statement on the outcome of the visit. He termed the trip successful. "Bilateral relationships have reached a new height. Long standing distrust has gone off," Ahmed said. Indians are now interested in investing in Bangladesh, he added. The business leaders took questions on non- tariff barriers, negative list, India's use of Chittagong and Mongla ports, power sharing and regional connectivity. The chairman of Standard Bank said allowing India, Nepal and Bhutan to use our ports will not only boost revenue earnings but also improve infrastructure. Currently, those ports are seriously under- used, he added.