Quickbites

These MoUs are aimed at repositioning Thomson from its traditional businesses of design, development, production and marketing of finished consumer products, to activities which generate recurring revenues. These include expansion of Thomson’s key components and sub-assemblies upstream business of its core activities, and downstream, aggressive development of interactive services for the future television.

S&P targets Japanese bank

Standard and Poor’s has lowered several of its credit ratings on the Long-Term Credit Bank of Japan and said they would be kept on its "CreditWatch" list. The agency said the ratings wouldremain on the list — where they were placed on June 11 — with "developing" implications, which meant they could be raised, lowered or maintained in the near-term.

The long-term senior debt, certificate of deposit and counterparty credit ratings were lowered to double-B-plus from triple-B-minus. Short-term ratings went from A -3 to B. The agency expressed concern "about the bank’s unimproved funding situation over the last month" and warned there was a chance a planned merger with Sumitomo Trust and Banking would founder.

"Even after the announcement of the merger plan with Sumitomo Trust, investor confidence in LTCB has not recovered," S&P said.

It warned that with LTCB’s limited financial resources, high problem loans and large unrealised securities losses, its viability as an independent institution remains vulnerable, the agency warned.

BA slashes links to Jakarta

British Airways is cutting down its flights linking Jakarta and London from six times a week to twice a week due todecreasing passenger loads amid the economic downturn, the airline said. The flight frequency adjustment will become effective on October 25, British Airways country manager for Indonesia, Claire Hatton, said in a press release.

"By reducing our schedule to two flights a week, we are able to continue our presence in the Indonesian market and be ready to strengthen it again when economic conditions lead to an increase in passenger demand," Hatton said.

She said that British Airways will work with other airlines, including Australia’s Qantas, to fill in for the company and fly passengers to Singapore during days when British Airways flights are not scheduled. British Airways flights link London and Jakarta via Singapore.