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International Business News
Time Warner buys India's NDTV Imagine for $126.5m
AFP, New Delhi
Time Warner Inc said Thursday its board had approved the acquisition of Indian entertainment channel NDTV Imagine Ltd for 126.5 million dollars.
The purchase from NDTV Networks Plc will be made through unit TUrner Asia Pacific Ventures, Inc and will see it gain a 92 percent slake in Imagine, and includes 50 million dollars to fund business after the sale has closed.
"This acquisition marks another significant milestone in Rimer's business in India," said Steve Marcopoto, president of TUrner Broadcasting System Asia Pacific Inc, in a statement.
"Our accelerated pace of investment here underscores both our commitment to this dynamic market and our view of India's compelling long-term potential," he added.
NDTV Imagine, a Hindi-language general entertainment channel launched last year, operates in the competitive reality television and drama market.
"Time Warner's experience, expertise and resources will ensure dial Imagine achieves its full potential in the near future." said Prannoy Roy, chairman of NDTV Limited, of which NDTV Networks Plc. is an indirect subsidiary.
US Fed stays course, sees record low rates
AFP, Washington
The US Federal Reserve extended its record low interest rates Wednesday and reaffirmed this policy would remain in place "for an extended period" to support a still-precarious economic recovery.
The central bank, concluding a two-day policy meeting, maintained the federal funds base rate of a range of zero to 0.25 percent, which has been in place for the past year under a plan to revive economic activity.
The Federal Open Market Committee headed by chairman Ben Bernanke did acknowledge some improvement in economic conditions, notably in the troubled labor market, but indicated this was not enough to shift away from a massive stimulus effort.
The FOMC statement said that recent data "suggests that economic activity has continued to pick up and that the deterioration in the labor market is abating."
It noted that the housing sector "has shown some signs of improvement over recent months" and that consumer spending is growing "a moderate rate" but is constrained by a weak labor market and tight credit. Philippine economy survives storms to post growth
AFP, Manila
The Philippines will avoid recession and post growth of at least 0.8 percent this year, despite the effects of the global economic slump and a series of killer storms, the government said Thursday.
"At the very least, the Philippine economy will exhibit positive growth this year. We are definitely not going into recession," said Socio-economic Planning Secretary Augusto Santos.
Gross domestic product (GDP) growth in 2009 was forecast to be within a range of 0.8 to 1.8 percent.
"We think 0.8 percent is likely but we are not discounting a figure higher," Santos told reporters.
The growth was attributed to the strong performance of both the agriculture and services sectors and the better-than-expected remittances from millions of Filipinos working abroad, which in turn fuelled local consumption.
GDP growth in 2010 was forecast at 2.6 to 3.6 percent, Santos added, citing the twin effects of a recovering global economy and the anticipation of huge domestic spending in the run-up to national elections in May next year.
BMW says 8,800 workers will face shorter hours in January AFP, Frankfurt
The German luxury car maker BMW will put 8,800 workers on shorter working hours in January as it anticipates a slump in the sales of some models, a spokesman said on Thursday.
The move affects in particular around 8,300 workers of the 19,000 at a plant in Dingolfing, southeastern Germany that makes the Series 5 model, of which a new version is to be launched in March.
Sales of the current model are therefore expected to slow sharply.
Many German companies have resorted to short work hours for staff, with around 1.1 million workers currently involved by the scheme.
The government pays part of the difference to keep people in jobs and trained for when the economy picks up again.