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International Business News
Yahoo rejects new
Microsoft deal
Al:P, Sun Francisco
Yahoo said Saturday it had rejected a "ludicrous" deal with Microsoft orchestrated by corporate raider Carl Icahn, who is bent on overthrowing the struggling Internet search pio neer's board.
Yahoo said a "take it or leave it" proposal made by Icahn and Microsoft on Friday called for a massive restructuring of the California firm and the sale of its online search business to the US software colossus.
"This odd and opportunistic alliance of Microsoft and Carl Icahn has anything but the interests ofYahoo's stockholders in mind," Yahoo board chairman Roy Bostock said in a release.
"While this type of erratic and unpredictable behavior is consistent with what we have come to expect from Microsoft, we will not be bludgeoned into a transaction that is not in the best interests of our stockholders."
Bostock called any notion of accepting the offer "ludicrous,” saying it was crafted without input from Yahoo and weighted mightily in Microsoft's favor.
China trade deficit in food
up 14-fold
AFP, Beijing
China registered a 7.57 billion dollar trade deficit in agricultural products during the first five months of 2008, up by more than 14-fold over the same period last year, state press said Sunday.
China imported 23.75 billion dollars of agricultural products in that period, up 59 percent over last year, the official Xinhua news agency said, citing the agriculture ministry.
The nation exported 16.18 billion dollars of agricultural products during the period, up 12 percent over the first five months of2007, it said.
China has reacted to soaring global food prices by raising taxes on food exports this year by up to 25 percent.
The nation has also cracked down on the smuggling of grain out of the nation, with world prices higher than domestic ones.
Soaring food prices and their potential for social disruption have emerged as one of the key concerns facing China's stability-conscious ruling Communist Party, as it seeks to maintain a long-running economic expansion.
Consumers put the brakes on Malaysia's Proton
AFP, Kuala Lumpur
Malaysian Proton's highly publicised campaign to hike sales appears to have hit a road block, with drivers saying they will snub the national carmaker in favour of foreign models.
Proton last month launched a "zero-defect" campaign aimed at erasing a persistent reputation for poor quality that has left it struggling to compete against Japanese and European carmakers.
Proton managing director Syed Zainal Abidin also announced plans to fit all models with natural gas tanks from October to help motorists beat the rising cost of fuel - following a 41 percent petrol price hike here last month.
But a snapshot of consumers in the capital Kuala Lumpur by AFP on the weekend shows many critical of the carmaker after a string of bad experiences.
“I am not convinced they can improve the quality of Proton cars," said R. Shangmugam, who now drives a Honda after owning three different Proton models.
Shangmugam, 40, said the rear axle of a Proton Saga that he owned in 2001 broke off -- while he was driving.
Bombardier may unveil 'greener' aircraft
AFP, Montreal
Canada's aviation giant Bombardier could unveil its CSeries, a fuelsipping "greener" rival to smaller aircraft made by industry leaders Airbus and Boeing, on Sunday in Britain, local media said Saturday.
Bombardier, a leading manufacturer in railway equipment and the third largest global builder of airplanes, is looking to deliver a model that consumes 20 percent less fuel, thanks to a new motor style and lighter composite materials, Canada's La Presse reported.
The CSeries twin-engine aircraft seats 110-130 people, and would compete with Airbus' A319 (125 seats) and Boeing s B737-600 and 700 (110-130 seats).
“The Farnborough (Britain) air show officially does not open until Monday but Bombardier is in (he habit of making its big announcements on the eve of a show opening, the Montreal paper's aeronautics expert wrote
The company put the CSeries project on hold in May 2006, after it had been in the works for a decade, but relaunched the process last year once it appeared that rising fuel costs would ignite demand for a more fuel-efficient aircraft.