U.S. slaps sanctions on N.Korea, Indian, Russian firms
Washington: The United States has imposed sanctions against seven companies from North Korea, Russia, India and Cuba for their alleged arms dealings with Iran. Officials said the sanctions were imposed after the United States obtained 'credible information' that the companies had transferred equipment or materials to Iran since Jan. 1, 1999. The Federal Register said the sanctions were imposed as these firms had passed on equipment or technology to Iran that could contribute to the development of weapons of mass destruction or cruise or ballistic missile systems.

'The sanctions apply to the specific entities and their successors, sub-units or subsidiaries but not to their respective countries or governments the US officials said.

The sanctioned companies include the Korean Mining and Industrial Development Corporation and the Korea Pugan Trading Corporation of North Korea. The Russian firms were listed as state-owned arms export firm Rosoboronexport and warplane maker Sukhoi. The Indian firms were Balaji Amines and Prachi Poly Products while the Cuban company was identified as the Center for Genetic Engineering and Biotechnology. Under the restrictions, no U.S. government agency may enter into a deal with the companies on the list. The sanctions will be in place at least until July 28, 2008, and are in effect immediately.
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Toyota Q2 profits zoom
Tokyo: Toyota Motor Corp has registered a 27 per cent jump in quarterly operating profit in the second quarter of 2007. Toyota's operating profit for the April-June first quarter was 512.42 billion yen ($4.45 billion), as a weaker yen and cost cuts offset higher spending on raw materials, facilities and research.

Toyota's net profit surged 39 per cent to 371.50 billion yen, while revenues grew 13 per cent to 5.638 trillion yen.

Toyota's results were on the back of higher sales in North America and Europe. The company's market value at $188 billion is three times the combined worth of US' 'Big Three' auto makers and may soon overtake General Motors Corp. as the world's biggest car maker by sales volume.
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Roland Junck may be appointed CEO of Arcelor-Mittal
Belgium: The new Arcelor-Mittal steel group may appoint Arcelor vice president Roland Junck as its new chief executive.

Junck, 51, joined Arbed, one of the companies that later formed Arcelor, in 1980. He became senior vice president of Spain's Aceralia in 1998 and a member of Arbed Group management board in 1999. Both companies formed Arcelor with France's Usinor in 2002.

The appointment of a CEO would resolve one issue for the new group, which is being formed after Arcelor yielded to Mittal's euro25.4 billion (US$31.9 billion) takeover in June after a bitter five-month battle.

Mittal chairman and chief executive Lakshmi Mittal, 55, will be president of the new company, while Arcelor chairman Joseph Kinsch, 73, will be chairman for an undetermined time, eventually to be succeeded by Mittal.
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