BUSINESS BRIEFS

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Investor Icahn picks 2 for Yahoo board

SAN FRANCISCO, CALIFORNIA: Yahoo has added to its board of directors two executives picked by corporate raider Carl Icahn, fulfilling a condition of a truce it struck with the corporate raider. Former Universal Studios chief Frank Biondi and John Chapple, whose resume includes stints at telecom firms Nextel and AT&T Wireless, were appointed to the struggling Internet pioneer's board. "We are pleased to add people of Frank's and John's caliber to our board," Yahoo board chairman Roy Bostock said in a release. "Frank's extensive experience in the entertainment and media industries, combined with John's deep management experience in telecommunications, will provide valuable perspectives to our already diverse board."

Adecco turns down takeover bid

LONDON: British recruitment firm Michael Page International said it had turned down a cash takeover offer from Adecco, the world's largest staffing group, worth £1.3 billion. The proposal from Swiss group Adecco had been worth 400 pence per share, giving Michael Page a market value of £1.3 billion, a statement said. Michael Page's share price closed at 335 pence on Thursday. The British group said Adecco's offer had "undervalued the company and its prospects".

Thai TPI Polene faces loss

BANGKOK: TPI Polene, Thailand's third-biggest cement firm, said it would set aside a provision of 6.9 billion baht (US$205 million) in the third quarter for a court fine and would show a net loss for the quarter and full year. "We will make full provision in the third quarter for the 6.9 billion baht fine," company director and founder Prachai Leophairatana said. The fine was imposed in December after the company was found guilty of stock manipulation in 2004. Prachai, whose family founded the company and holds a 55-per cent stake in it, was sentenced to three years in jail in December for the offence but is free pending an appeal. "The third quarter will be a net loss and the full year will also turn to a net loss," he said, adding the company's financial health remained strong because the provision would not affect cashflow.

'MUFG eyeing broader US expansion'

TOKYO: Mitsubishi UFJ Financial Group's US$3-billion bid for control of US unit UnionBanCal Corp is more than just a rare bet by Japan's most conservative lender it could mark the start of a broader US expansion by the bank. As Japan's population ages and the domestic market continues to stall, financial firms in the world's second-largest economy are stuck with a sobering proposition: go abroad or face a slow decline at home. Mitsubishi UFJ's bid for the 35 per cent of UnionBanCal it doesn't already own may be part of a strategy that will include other US acquisitions, analysts said.

Swatch upbeat on H2 on Olympics fever

ZURICH: Swatch Group gave a confident outlook for the rest of the year as the Olympic Games give the group an extra boost, lifting its shares despite a 9-per cent fall in first-half net profit.Agencies