VW may bid again for Rolls-RoyceVolkswagen is expected to launch a new counterbid next week for the Rolls-Royce luxury car marque owned by Vickers with an offer of between 400 and 500 million pounds. The German carmaker is determined to table a fresh offer before a rival 340 million pound bid from BMW is voted on by shareholders at an extraordinary meeting in early June, a report in the Financial Times business daily said. The Rolls-Royce parent company, British engineering group Vickers, said it had reached "full agreement" on the sale to BMW of the last major auto brand to be held in British hands. However, it said it would keep the door open to credible new offers.Since Rolls-Royce was put up for sale last October, BMW has emerged as clear favorite to carry off the luxury prize, given close links between the two companies. The German auto group already supplies engines for the new model Rolls, the Silver Seraph, which Vickers hopes will revive the luxury car brand. But large shareholders havemade it clear they will vote for the highest offer.Fuji, Chase Manhattan to tie upJapan's Fuji Bank Ltd. plans to tie up with Chase Manhattan Bank of the United States on management of investors' securities holdings, a press report said. Fuji, a leading Japanese commercial bank, has reached a basic agreement to entrust such service abroad to the major US bank starting in July, in an effort to reduce costs and expand services, Jiji Press reported. In return, Chase Manhattan will entrust Fuji with management of investors' securities holdings in Japan to maximise the efficiency of its operations here, Jiji added. No officials were immediately available at either of the banks to confirm the report. Chase Manhattan has been globally engaged in the service, in which banks are entrusted by investors to safekeep their securities holdings, manage dividends and interest payments and exercise shareholders rights on their behalf.WTO action against EU on TV piracyUS Trade RepresentativeCharlene Barshefsky said her office will initiate World Trade Organization dispute settlement proceedings against the European Union and Greece regarding the high rate of television piracy in Greece. "Approximately 150 Greek TV stations continue to broadcast US-owned motion pictures and television programming, without authorization and without any payment of compensation to US copyright holders," Barshefsky said. ``We look to Greece and the EU to recognize their obligations and to move quickly to end piracy of US copyrighted works," she said. She said 15 countries, including the EU, Greece, Indonesia, Italy and Israel, have been placed on the US 301 priority watch list. These are countries in which adequate intellectual protection or market access is particularly troublesome to Washington. She said Washington will continue to monitor the situation in Paraguay following its designation as a priority foreign country earlier this year. Piracy and counterfeiting have reached "alarming levels in Paraguay", thetrade representative noted.
