weekend that there will be 20,000 jobs will be cut from 2006 to 2008. They said they want to improve their market standing as they face fierce competition and declining markets. Even though the job cuts dismayed Volkswagen employees, investors were pleased with that decision as the companies shares rose to almost a 3-year high. The company also projects to enjoy a 61 percent increase in profit. Toy Company Lego Group and Star Wars franchise owner Lucasfilms Ltd. has agreed to continue their partnership until 2011. In 1999, Lego received the rights to create Star Wars toy products. During the release the "Star Wars Episode 1: The Phantom Menace", Lego earned more than $400 million. Under new ownership, MySpace ties up with SK Telecom and Earthlink, Inc. and Hello LLC will launch this service after a few months. The company will offer its subscribers new service of mobile phone access to MySpace. Together with the launch of MySpace's mobile phone access service, they will also release 'Hero' and 'Kickflip' phones that will be manufactured by Pantech and VK. Nokia and Sanyo Electric Co. will have a joint venture in order to develop new mobile phone with CDMA chips and 3G technology. Nokia aims to capture the American and Japanese market, while Sanyo hopes to be relieved of its financial debt. Arcelor plans to increase its dividend by 85% in order to prevent their rival, Mittal Steel's hostile takeover. Earlier, Arcelor rejected Mittal's bid, and has employed investment banks to formulate a defense plan. However, if the takeover happened, Mittal will scrutinized by the European Commission. However, a company has been entangled in certain issues, but has resolved their predicaments already. Google created a Chinese version of their search engine and will comply with the Communist Party's regulations. With 30,000 Internet censors commissioned by the government, China aims to deter its citizens from gaining access to websites that feature or discuss issues that are sensitive to Chinese policy. Although it baffled industry insiders, Google's compliance was in line with their aim to capture the lucrative Chinese market, home to more than a hundred million Internet users. Weather also affected businesses this week. On Sunday morning, residents of Northeastern United States including New York experienced a snowstorm which caused thousands of dollars worth of property insurance and led businesses to halt on Monday. Last September, Hurricane Katrina left insurance companies
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