IN BRIEF

Citi can issue credit cards in China

SHANGHAI: The China unit of Citigroup Inc said yesterday it has received regulatory approval to issue credit cards in China becoming the first non-Asian bank to be allowed to run such business. Citi, which has branches in 13 cities in China, said it will likely launch the credit card business this year. Stephen Bird, CEO, Citi Asia Pacific, said: "Our business in China continues to perform strongly across both institutional and consumer lines, and our ability to introduce a credit and commercial card proposition adds to our healthy growth momentum in this key market."

China extends Iran crude import cuts

BEIJING: China will halve its crude oil imports from Iran in March compared to average monthly purchases a year ago, as a dispute over payments and prices stretches into a third month, sources said yesterday. China is the top buyer of Iranian oil, taking around 20 per cent of total exports, but it has since January cut purchases by around 285,000 barrels per day (bpd), or just over half of the total daily amount it imported in 2011. Negotiators from both nations, however, are expected to hold talks as early as this week to resolve the payments dispute, the sources said, adding that the European Union embargo on Iranian crude gave China an advantage in any talks.

Crisis hits Vietnam's business confidence

HANOI: Vietnam's Business Confidence Index (CBI) fell from 123 to 116 points between the third quarter of 2011 and January 2012 due to global economic turmoil. Predicting Vietnam's economic outlook for 2012, 33 per cent of the surveyed enterprises believed that the country's economic situation would remain almost identical to that of the previous year, while 7.6 per cent of the respondents said the situation would worsen. About 160 local enterprises in 11 key sectors were surveyed by WVB Vietnam Financial Intelligence Service Company Limited (WVB FISL) between mid-December 2011 and mid-January 2012.

Mitsubishi to end European production

TOKYO: Japan's Mitsubishi Motors is to stop manufacturing automobiles in Europe by around 2013 as it shifts its focus to emerging markets, reports said yesterday. Under the plan, which would be the first withdrawal from Europe by a major Japanese carmaker, the company will sell its NedCar subsidiary plant in Born, in the Netherlands, the Japanese business daily Nikkei and Jiji Press reported.

Agencies