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China, Kazakhstan PMs back purchase of PetroKazakhstan
Beijing: Chinese premier Wen Jiaobao and Kazakhstan prime minister Daniyal Akhmetov have expressed support for China National Petroleum Corp's (CNPC) acquisition of PetroKazakhstan, CNPC said in a statement.

Both officials met in Moscow on Wednesday to discuss CNPC's US$4.18bn purchase of PetroKazakhstan that had sparked opposition from the Kazakhstan government.

'Both (the Chinese) Premier and Prime Minister (Akhmetov) expressed their strong support for the mutual-benefit cooperation between CNPC and KazMunaiGaz over PetroKazakhstan after the completion of the acquisition,' the statement said. It added that the Kazakh Prime Minister would help resolve all remaining issues obstructing the deal.

Last week PetroKazakhstan shareholders approved the acquisition of the company by CNPC. On the same day CNPC said it had agreed to sell part of PetroKazakhstan to KazMunaiGaz, a state-owned company.

Just days before the shareholder meeting, Kazakhstan's upper house of parliament, the Senate, passed a bill enabling the government to block sales of stakes in domestic energy firm, a sign the government wanted a piece of the oil and gas company on its territory.
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Anglo American to restructure - to return US$1bn to shareholders
London: Mining giant, Anglo-American, has announced plans to reduce its stake in the gold business, the source of its fortune, and return US$1bn (£555m) to shareholders.

The company said yesterday that it would cut its gold interests, now contained through a 51 per cent holding in AngloGold Ashanti, to a minority stake.

It will also spin-off paper and steel mills and return US$1bn to investors by the end of next year, in order to focus on its core mining activities. Anglo's chief executive, Tony Trahar, said: "What we are signalling here is a change in strategic direction. We are creating a more focused mining group."

Analysts at UBS valued Anglo's non-core businesses at US$13bn.

The company is expected to use the additional resources to grow its core interest - in platinum, diamonds, coal, base metals and iron ore.
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Toyota to overtake GM by next year
Tokyo: The Toyota Motor Corp Group may overtake its US rival General Motors next year to become the world's number one automaker in terms of output, according to a report in a Japanese business daily.

Toyota's global production is expected to reach 9.2 million units in 2006, including its group companies, Daihatsu and Hino Motors. The report bases its projections on the fact that GM's global production next year cannot be higher than its 2005 projection of 9.12 million vehicles given factory closures due to a sales slump.

The core Toyota company is set to increase its global output 12 per cent from its 2005 projection to 8.3 million cars next year, while Daihatsu Motor Co and Hino Motors are together expected to produce over 900,000 units.

Toyota's overseas output is also set to exceed production in Japan for the first time next year, rising above 4.0 million units on the back of strong sales in the United States and emerging economies.
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Amazon announces lower profits
London: The world's largest online bookstore announced lower third-quarter profits in the UK mainly due to a hefty legal settlement.

Amazon said its third-quarter net income fell to about £16.8 million, against £30.3m a year earlier. Profits were affected it said by a patent lawsuit settlement of around £22.4m.

However, sales in North America rose 28 per cent, which it said was its fastest growth.

The book retailer also set a revenue target that sparked fears of slowing growth. Moreover it set the target for the holiday season, when Amazon generates the bulk of its sales.
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Daimler profits zip past US$2bn
Berlin: DaimlerChrysler, the world's fifth-biggest carmaker, has posted surprisingly strong third-quarter results, with its quarterly operating profit rising 38 percent to 1.84 billion euros (US$2.2 billion), easily beating analysts' forecasts, thanks to a strong recovery at its flagship Mercedes Car Group.

Posting results a day earlier than expected, the world's fifth-biggest carmaker reiterated its forecast for slightly higher 2005 operating profit, excluding restructuring costs for its loss-making Smart small car brand.

Mercedes operating profit for the third quarter increased 43 percent to 436 million euros (US$527mn).

"The better (Mercedes) profitability was due in particular to the new products and the efficiency-improving measures," Daimler said in a statement, adding the results showed the division had definitely turned the corner in the second quarter.
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