Mon, Aug 22, 2011 - Page 10 News List

World Business Quick Take



No euro finance minister

The creation of a eurozone finance minister is not on the agenda as the bloc tackles its debt troubles, German Finance Minister Wolfgang Schaeuble said in a newspaper interview yesterday. At a meeting in Paris on Tuesday, French President Nicolas Sarkozy and German Chancellor Angela Merkel announced plans to create a “true eurozone government.” Schaeuble told Die Welt that it was a government in the sense of a steering committee and not a government in the normal sense of the term. “Without a change to the European treaties, there could not be a European government like you are hearing being spoken about,” he said.


BHP buys Petrohawk Energy

Mining giant BHP Billiton said yesterday that it had secured a US$12.1 billion takeover of US energy firm Petrohawk Energy Corp and hoped to legally formalize the tie-up “as promptly as practicable.” BHP said it had acquired “and expects to promptly pay for” 97.4 percent of Petrohawk’s outstanding shares in a deal worth US$15.1 billion, including the energy company’s debt. “As the final step of the acquisition process and following payment for all shares ... BHP Billiton expects to effect a short-form merger under Delaware law as promptly as practicable,” BHP said in a statement.


Bain takes over MYOB

Bain Capital LLC agreed to buy MYOB Pty Ltd, an Australian business management software maker, for an undisclosed sum to benefit from selling products to faster-growing economies in the Asia-Pacific region. Boston-based Bain will buy a majority stake in MYOB from buyout firms Archer Capital and HarbourVest Partners LLC, the companies said in an e-mailed statement yesterday. The terms of the deal were not released. MYOB was acquired by Archer in 2009 and is Australia’s largest independent software vendor, according to the statement. The acquisition gives Bain a majority stake in MYOB, alongside management who will continue to be shareholders in the company, the statement said.


CPI invests in Guinea

Chinese state-owned energy giant China Power Investment Corp (CPI, 中國電力投資集團) plans to invest US$6 billion to develop bauxite production in Guinea, a senior executive said on Saturday. CPI “intends to invest more than US$6 billion in bauxite production in the Boffa region over the coming years,” vice chairman Yu Dehui (餘德輝) said on Guinean state television. He said the facilities his group plans to build would produce up to 8 million tonnes of bauxite — the main source of aluminum — a year and would employ tens of thousands of Guineans.


Guyana seeks mill help

Guyanan Minister of Agriculture Robert Persaud says he is seeking a foreign company to run a malfunctioning US$200 million Chinese-built sugar mill because the country does not have the necessary expertise. Persaud said on Saturday that the factory was supposed to nearly double Guyana’s annual average sugar production to about 500,000 tonnes, but engineering defects and other problems had limited production. The mill is owned by state-owned Guyana Sugar Corp. China’s National Technical Import and Export Corp built the factory and was threatened with fines for missing deadlines and struggling to get production up to full capacity.

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