BIZ BRIEFS

S Korea, Russia trade

SEOUL: Trade between South Korea and Russia hit a record high of $9.75 billion last year, the official Korea Trade and Investment Promotion Agency said on Sunday. South Korea’s exports to Russia increased 34 per cent year-on-year to be worth $5.18 billion last year, while its imports rose 16 per cent to $4.57 billion, the agency said. Last year marked South Korea’s first trade surplus in eight years in the bilateral trading which has grown more than 50 times since 1992, it added. South Korea exports cars, synthetic resins, steel and auto parts, and imports aluminum, crude oil, naphtha and nickel bullion in trade with Russia. — AFP

Skoda in profit mode

PRAGUE: No longer a laughing stock, Czech Republic’s biggest car maker Skoda Auto has become a profit-producing force for owner Volkswagen, with a strategic mission for new

markets in Russia, China and India. Skoda, which Volkswagen bought into in 1991, announced record net profits of $515 million for 2006 last week, an increase of 40 per cent on the previous year. Car production surged 12.6 per cent to a record 556,347 with deliveries up 11.7 per cent and overall sales climbing 8.7 per cent to 203.7 billion koruna.—AFP

Texas opts for coal

TEXAS: Let the rest of the world worry about global warming. In Texas, lawmakers and industrialists say the future is coal, even if that means spewing out more heat-trapping gas each year than Sweden or Portugal. Already the US leader in carbon emissions, Texas, home state of President George W. Bush, would see its carbon-dioxide (CO2) emissions explode if the proposed 16 coal-fired plants are built. Elected leaders say they are needed to fuel the growing state’s voracious energy appetite.—AFP

Bras boost market

COLOMBO: For some engineers in Sri Lankan industrial towns, making women happy is their main job — they design sexy bras which are comfortable too. Ranil Vitarana is one of hundreds of Sri Lankans developing exotic undergarments for top international brands including sucg\h names as Victoria’s Secret, Marks and Spencer and Triumph — making Sri Lanka a global hot spot for lingerie.Sri Lanka, better known for tea and a 35-year old ethnic conflict, is remaking its image. The private sector is investing heavily in the lingerie market so it can remain competitive with China, India and Vietnam.—AFP

Large investment plan

Washington: The long expected takeover of a Texas energy giant by Texas Pacific Group and Kohlberg Kravis Roberts for more than $30 billion showcases the insatiable appetite and deep pockets of private investment funds. According to Saturday’s edition of The New York Times, the board of TXU Corp is most likely to agree on Sunday a buyout valued at between $30 billion and $45 billion, if debt of roughly $12 billion is included.— AFP