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Unocal acquisition: Chinese firm CNOOC and Chevron face off
Beijing: The State-run energy firm China National Offshore Oil Corp. (CNOOC) is being urged by financial markets, its rivals and U.S. politicians not to challenge Chevron's US$16 billion bid for Unocal.

According to media reports, CNOOC is poised to counter Chevron's bid because a valuation report on U.S. producer Unocal by CNOOC's independent advisers, including investment bank Rothschild, could favor such a move.

If the deal goes through, it would be the biggest ever overseas acquisition by a Chinese firm.

Analysts say that the CNOOC bid faces political obstacles in the United States. Investors have already begun dumping CNOOC shares. It used to be an investor favorite because of its high-growth prospect and low-cost structure.

Meanwhile two California-based lawmakers have urged the Bush administration to review and possibly block any bid by CNOOC.
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New-look Sony to shed deadwood, focus on core
Tokyo: Howard Stringer, Sony's new CEO, will unveil a strategy in late September to reallocate resources. It would appear that Sony may trim its product line-up or downsize struggling businesses.

The newly appointed Stringer, and new president Ryoji Chubachi, have the responsibility of reviving Sony's core electronics division, which has been in the red for the past two business years amid intense price competition.

Sony has faced declining sales of traditional Cathode Ray Tube sets and sinking prices of Liquid Crystal Display models. The inventors of the Walkman have lost their footing in the portable music player market, being comprehensively outmanoeuvred by Apple Computer's iPod device.
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