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International Business News
US satellite radio firms to merge
AFP, Washington
US regulators formally approved the long delayed billion dollar merger of the nation's only two satellite radio compa nies, combining Sirius and XM into a single network with 18 million subscribers, the FCC said Saturday
The Federal Communications Commission, in a 3-2 vote Friday by its commissioners, approved Sirius Satellite Radio's 3.3-billion-dollar buyout of XM Satellite Radio, end ing about 16 months of regulatory limbo for the satellite radio pioneers.
Company executives have long argued that the merger would lead to major cost savings and the first-ever profits in the fledgling industry.
"The merger is in the public interest and will provide consumers with greater flexibility and choices," FCC chairman Kevin Martin said in a statement confirming the final vote.
"It will also spur innovation and advance the development and use of interoperable radios, bringing more flexible programming options to all subscribers."
The vote reportedly fell along party lines, with the FCC's three Republicans voting in favor of the controversial merger and the two Democrats opposing.
SKorea's LG cuts down on
LCD production
AFP, Seoul
LG Display, the world's second-largest liquid crystal display maker, has cut down on production in the short term amid a global supply glut and falling prices, a report said Sunday
The South Korean company plans to reduce its total LCD production by about 10 percent until August, Yonhap news agency said, quoting an LG official and industry sources.
LG Display's move followed similar steps by its Taiwanese rivals CPT, CMO and AU Optronics, it said.
"July and August are vacation seasons in North America and Europe, meaning less demand for products and a supply glut in global markets," the unidentified LG Display official was quoted as saying.
"Under the company's business principle to cope with the market flexibly, we have decided to reduce the amount of glass plate inputs" at two factories in South Korea, the official said.
Global LCD panel prices dropped more than 10 percent month-on-month in July amid oversupply, according to display market researcher DisplaySearch.
Malaysia to stabilise falling palm oil prices
AFP, Kuala Lumpur
Malaysia will put in place a series of measures to stabilise plummeting global palm oil prices including selling off crude stocks, a report said Sunday.
Peter Chin, minister of plantation industries and commodities, told the Sunday Star newspaper the government wanted to make sure that the almost 25-percent drop in prices in recent months did not become a long-term trend
"The ministry expects palm oil to contribute up to 60 billion ringgit (19 billion dollars) in revenue to the country's coffers this year, but the substantial drop in the global price may upset this target," he said.
“We are worried this may be the start of a further decline in the price of palm oil and we will take counter-measures to maintain a good price," the newspaper quoted him as saying.
In the past week, palm oil prices fell to 3,095 ringgit per tonne from 3,500 ringgit. The price early this year was at 4,000 per tonne.
Nokia to reimburse German state to end plant closure row
AFP, Berlin
Nokia will reimburse a German state over 1.3 million euros (two million dollars) to resolve a plant closure dispute that has cost the mobile phone giant tens of millions already, officials said Saturday.
Nokia will pay out the sum plus interest to North Rhine-Westphalia after announcing earlier this year it was closing down its last plant in Germany in the town of Bochum.
According to the economic weekly WirtschaftsWoche, the German research ministry had given Nokia four million euros in grants to finance its factory in Bochum, which is in the heart of the industrial Ruhr basin.
The fruit of Nokia's research should have been exploited by Germany but will not be after the Finnish phone maker closed Bochum, according to the ministry.