Inflation drops in HK

HONG KONG: Inflation in Hong Kong dropped to 0.5 per cent in April from 0.8 per cent in March. The decline was attributed to slower growth in the price of package tours, jewelry and food. Gradual inflation is expected in the coming months. — AP

IBM to slash jobs

NEW YORK: IBM’s plans to slash up to 13,000 jobs could face stiff resistance from workers unions worldwide who are planning both coordinated and individual actions from Monday. — HNS

Projection lowered

WASHINGTON: The yawning US trade deficit probably will weigh down economic growth this year. The economy, as measured by GDP, is projected to expand by 3.4 per cent in 2005, compared with an earlier estimate of 3.6 per cent. — AP

Mitsubishi posts loss

TOKYO: Mitsubishi Motors recorded $4.4 billion in losses for the fiscal year ended on March 31, its second straight year in the red, as the scandal-ridden Japanese automaker struggles to regain customer trust and sales. — AP

Mizuho’s profit rises

TOKYO: Japanese megabank company Mizuho reported a 54 per cent rise in profit for the fiscal year that ended on March 31. Mizohu Financial Group Inc, was making progress in cleaning up balance sheet. — AP

Telenor’s expansion

OSLO: The Telenor ASA telecommunications group announced deals to buy Swedish and Danish broadband suppliers for more than $1 billion. It was buying Bredbandsbolaget and Cybercity. — AP