Sun, Jan 03, 2010 - Page 11 News List

Business Quick Take

AGENCIES

■COFFEE SHOPS

85˚C plans share sale

85˚C Bakery Cafe (美食達人), which aims to expand its network in Taiwan to 180 stores this year, plans to sell shares for the first time as early as this year on the Taiwan Stock Exchange, the Chinese-language newspaper Apple Daily reported yesterday, citing company spokeswoman Cathy Chung (鐘靜如). Yuanta Securities Co (元大證券) is the underwriter for the sale, the report said.

■TOURISM

Chinese spent big: report

More than 600,000 Chinese tourists visited Taiwan last year, state-run media reported yesterday, amid warming relations between the two sides. The 606,100 visitors each spent nearly US$1,800 during their stay, tourism officials were quoted by the China Daily newspaper as saying. “Years of isolation between the two sides have made Taiwan an attractive place for mainland tourists,” said Zheng Lijuan, deputy general manager of a unit of travel group CITS International (中國國際旅行社).

■TELECOMS

China Mobile denies buyout

China Mobile Ltd (中國移動), the world’s biggest phone company by market value, denied a report that it was in talks to buy Tencent Holdings Ltd (騰訊). Tencent, operator of China’s biggest online chat software, is the country’s largest Internet company by market value. “We have no plans to buy Tencent,” Rainie Lei (雷雨), a spokeswoman at China Mobile, said by telephone yesterday. China’s DoNews.com reported on Friday that China Mobile chairman Wang Jianzhou (王建宙) visited Tencent’s headquarters in Shenzhen to discuss a possible takeover, citing people it didn’t identify.

■AUTOMAKERS

Hyundai puts out plant fire

Hyundai Motor Co has extinguished a blaze that broke out at a plant in Ulsan yesterday, South Korea’s largest automaker said. The fire occurred at about 11:25am, Hyundai said in an e-mail. Police are investigating the cause of the blaze, the automaker said. The fire damaged a cooling tower at the plant, which makes Hyundai’s sport-utility vehicles Santa Fe and Tucson, Yonhap News reported. The incident won’t affect production, the company said. No one was injured in the fire, Hyundai said. The plant is about 400km south of Seoul.

■ECONOMY

Indonesia beats forecasts

Indonesia’s budget deficit totaled 87.2 trillion rupiah (US$9.3 billion), or 1.6 percent of GDP, last year, less than a forecast 129.8 trillion rupiah, the Finance Ministry said on its Web site on Friday. Revenues and grants totaled 866.8 trillion rupiah, or 0.5 percent below the estimate, while spending amounted to 954 trillion rupiah, or 4.7 percent less than targeted, it said. Indonesia’s economy probably grew 4.3 percent to 4.4 percent last year, while inflation last year was “about 3 percent,” the statement said.

■INSURANCE

Allianz predicts recovery

Germany’s insurance giant Allianz foresees a massive recovery for the country’s economy this year, with growth exceeding official forecasts and unemployment rising only marginally, a report said on Friday. The daily Bild quoted the group’s chief economist Michael Heise as saying growth would reach 2.8 percent, comfortably above the German central bank’s prediction of 1.6 percent and the strongest since 2006. He said the good performance would be spurred by a boom in exports, stable domestic consumption, government recovery programs and recent tax cuts.

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