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Business Briefs

Published: July 24, 2009
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Th
e net profit of 1.57 billion Swiss francs ($1.41 billion) compared with 1.22 billion francs in the same quarter last year and matched most analysts’ expectations.

Porsche brand may stay same
STUTTGART, Germany — The best thing Volkswagen AG can do when it carries through its proposed merger with Porsche is this: Leave Porsche alone and reap the revenue from a glossy brand with loyal, rich customers, ana-lysts say. Volkswagen emerged Thursday atop a power struggle among members of the Piech and Porsche families, who control Porsche Autombil Holding SE, that cost Wendelin Wiedeking his job as Porsche chief executive. The automaker is left to gather the spoils, namely the marquee Porsche name that will soon be counted with Audi, Bentley and Lamborghini, already among its stable of luxury brands. "I don’t think Volkswagen will change it much, Porsche is such a brand,” Howard Wheeldon, senior strategist at BGC Partners told The Associated Press. "There’s huge value in just the brand, it’d be best to leave it alone.”

Qualcomm to fight fine
SEOUL, South Korea — South Korea’s fair trade regulator said Thursday it was slapping U.S. chip maker Qualcomm Inc. with a record fine over what it called abuse of market dominance. The company vowed to fight the decision. The Korea Fair Trade Commission said in a statement that it was fining the San Diego-based company 260 billion won ($208 million), the largest such levy ever in South Korea. The commission, which had been investigating Qualcomm since 2006, said the company abused its dominant position in CDMA mobile phone chips by charging higher royalties for companies that used rival chipsets. It also said that Qualcomm favored customers who used its products by offering rebates.

Hyundai says profits rising
SEOUL, South Korea — Hyundai Motor Co. said second-quarter net profit rose 48 percent to a record high as robust sales in China and India helped it ride out the global auto slump. Hyundai Motor, which along with affiliate Kia Motors Corp. forms the world’s fifth-biggest automotive group, said in a regulatory filing Thursday it earned 811.85 billion won ($650 million) in the three months ended June 30. It posted net profit of 546.9 billion won a year earlier. Company spokesman Ki Jin-ho said the profit was the biggest ever for a single quarter.

From Wire Reports