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Cemex cements top spot with Stake in Rinker

By Times wires
Published June 8, 2007

MEXICO CITY - Cemex of Mexico became the world's largest supplier of building materials on Thursday after it won a majority stake in Australia's Rinker Group Ltd., overcoming concerns of potential market dominance in some U.S. markets. Cemex, which has concrete operations in Florida, announced it had won acceptance of its $14.25-billion takeover bid from shareholders representing 50.34 percent of Rinker stock.

Demand for biofuel adds to food costs
ROME - Soaring demand for biofuels is contributing to a rise in global food import costs, increasing the burden for developing countries already struggling to feed their populations, a U.N. food agency said Thursday. Global expenditure for imported foodstuff in 2007 is expected to be more than $400-billion, almost 5 percent above last year's record figure, while developing countries are expected to face a 9 percent increase, the U.N. Food and Agriculture Organization said. The Rome-based agency's "Food Outlook" report blamed most of the increase on price hikes of up to 13 percent for coarse grains and vegetable oils, the commodities that are more heavily used in biofuel production.

U.S. agency blocks Qualcomm phones
WASHINGTON - A federal agency on Thursday barred the import of new models of cell phones that contain semiconductors made by Qualcomm Inc., because the chips violate a patent held by a rival, Broadcom Corp. The U.S. International Trade Commission's decision represents a compromise between a ban on all phones with Qualcomm chips, as Broadcom requested, and a ban only on the chips themselves, as recommended by an ITC administrative law judge late last year. The White House now has 60 days to approve or overturn the ruling. Qualcomm also could settle the patent dispute with Broadcom, based in Irvine, Calif., or appeal the decision to a federal court, analysts said.

U.S. jobless claims drop by just 1,000
WASHINGTON - The Labor Department reported Thursday that the number of Americans filing claims for jobless benefits totaled 309, 000 last week, down by 1, 000 from the previous week. The small improvement pushed claims down to the lowest level in three weeks. The drop was in line with analysts' expectations.

Fund sues Ceridian over buyout offer
MINNEAPOLIS - Ceridian Corp., a U.S. payroll and human-resource services provider, was sued by Minneapolis Firefighters' Relief Association, a pension fund that owns Ceridian stock, claiming a $5.3-billion buyout offer from Thomas H. Lee Partners LP and Fidelity National Financial Inc. undervalues the company. Ceridian Benefits, a division of Ceridian, operates in St. Petersburg.

Ablest stockholders support merger
TAMPA - Ablest Inc., a staffing company, said stockholders approved its merger with Select Acquisition Inc., an entity wholly owned by Koosharem Corp. The deal is expected to close soon.

[Last modified June 7, 2007, 23:18:49]