Nokia sees weaker handset sales through Q2
Helsinki: Nokia, the world's biggest mobile phone maker, on Tuesday said that sales of its handsets could be weaker through the second quarter because of a European economic slowdown and the dollar's slide. The Espoo-based company also cautioned that lingering fears about the spread of severe acute respiratory syndrome, or SARS, in Asia would likely have an effect on sales there, too, particularly in China where the company is making a big push to sell phones. The company said that it still expected pro forma earnings to be within 0.13 to Ç0.16 (15 to 19 US cents) a share, in line with its initial estimates. It said its growth in sales of cell phones would likely be on the low end of the 4-12 per cent range it has forecast. Regardless, the company said that it still expected to post an increase in market share with phones sold worldwide.
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OPEC divided over production cut
Doha: OPEC countries were split over a potential cut in production to allow for Iraq coming back on stream, while non-OPEC Mexico said there was no need to tighten the tap. Abdullah al-Attiyah, president of the Organisation of Petroleum Exporting Countries (OPEC), said the cartel would consider a cut at its meeting on Wednesday in Qatar’s capital, Doha. ‘‘Now is the right time for OPEC to study how to accommodate Iraq, how to make room for Iraq, by, you know, cutting production from others,’’ Attiyah, also Qatar’s oil minister, told reporters. Attiyah, citing Iraqi authorities, said Iraq’s crude production would likely be one million barrels per day and beyond from mid-June. ‘‘Iraq will come to the market. That’s their right ... We have to help them and we also have to make room for them.’’ On current price levels, Attiyah said crude was selling within OPEC’s price band mechanism of 22-28 dollars a barrel.
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3 firms eyeing GM Daewoo's vehicle unit
Seoul: GM Daewoo Auto & Technology Co on Tuesday said that at least three automakers were interested in buying its commercial vehicle unit, which was excluded when General Motors Co bought the ailing South Korean firm last year. "We plan to send a letter of invitation to potential bidders next month and we are at the moment talking with three local and foreign companies to sell the unit," a Daewoo spokesman said. The spokesman declined to identify the potential buyers. GM, the world's biggest automaker, and partners acquired a majority stake in ailing Daewoo Motor last year for $251 million, creating GM Daewoo Automotive & Technology Co. Daewoo is now in the process of liquidating assets, which were not part of that acquisition. GM Daewoo, South Korea's third-largest automaker, is made up of two of Daewoo's South Korean plants, one plant in Vietnam and a number of operations in Western Europe and Puerto Rico, most of them sales units.
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