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International Business News
Vietnam to freeze new golf courses to protect rice farms
AFP, Hanoi
Communist Vietnam plans to restrict the growth of new golf courses encroaching on rice farms to ensure national food security and protect thousands of poor farmers, state media reported Monday.
More than 140 golf courses, either operating or in the planning stages, would take up almost 50,000 hectares (more than 120,000 acres) of land, said the Vietnam News daily quoting a Ministry of Planning and Investment report.
New golf courses had been licensed at a rate of more than one per week since early 2006. when foreign investor interest surged in the "emerging tiger" economy, which saw growth of 8.5 percent last year.
But now. as food prices are sky rocketing amid doubledigit inflation, the government is planning to freeze new courses that do not meet land-use criteria and environmental protection requirements, reports said.
"Local governments should cease issuing new golf licenses if die projects are built on land which is currendy used to cultivate two rice crops a year," the ministry report said according to the Vietnam Investment Review.
Vietnam currendy has only 13 operating golf course projects, but new licenses have mushroomed recendy. especially near die northern capital Hanoi and around the southern business hub of Ho Chi Minh City, the report found.
Long An province, near the former Saigon, had issued 18 licenses, and state-owned companies had also asked for permission to build many courses, with shipbuilder Vinashin alone planning five golf projects, it said.
Unilever announces sale of American detergents to Vestar
AFP, Paris
The Dutch-British food to household products group Unilever said on Monday it was selling its detergents businesses in the United States, Puerto Rico and Canada to investment fund Vestar for 1.45 billion dollars.
Payment w’ould be in the form of 1.075 billion dollars (917 million euros) in cash and 375 million dollars in shares, Unilever said.
Vestra would add the activities to its existing detergents business Huish Detergents into a new company to be called The Sun Products Corporation (Sun Products).
Last year the Unilever activities concerned had sales of 1.0 billion dollars.
On the Amsterdam stock market, the price of shares in Unilever rose by 0.80 percent to 18.85 euros in initial trading. The overall index of leading shares showed a fall of 0.49 percent.
Britain's first sharia-compliant insurance firm launched
AFP,London
Britain's first sharia-compliant insurance company was launched Monday, offering motoring policies in line with the Islamic legal code.
Salaam Halal insurance uses Takaful principles, whereby the risk is spread between all policy holders. In contrast, conventional insurance policies shift the risk from the policy holder to the insurance firm.
People taking out a policy with Salaam Halal pay contributions into a pool, with that money then put into sharia-compliant investments -- avoiding companies that are involved in alcohol or pay interest.
The central pool of funds is used to pay any claims that arise, and at the end of the year, if the pool is over-funded, the excess will be distributed back to policyholders through a discount on their next premium.
The policies are aimed at Britain's 1.6 million Muslims, who constitute 2.7 percent of the total population, according to the 2001 census.
Emirates superjumbo highlights rapid growth in Gulf air travel
AFP, Dubai
Dubai carrier Emirates underscored the rapid growth of air travel in the oil-rich Gulf region on Monday as it takes delivery of its first Airbus super jumbo, the world's largest civilian airliner.
Chief executive Sheikh Ahmad bin Saeed al-Maktoum, in the German port city of Hamburg to collect the A380, also announced the airline has signed a letter of intent to buy 60 more planes from the European manufacturer.
The government-owned airline is already die largest single client of the A380, with a firm order for 58 planes in deal worth about 18.8 billion dollars based on list prices.
Emirates' new arrival will be put straight to work, with non -stop flights to NewYork starting on August 1
"A380 will represent... one of the essential pillars for Emirates' growth in the future," Sheikh Ahmad said on Saturday.