Wed, May 16, 2012 - Page 10 News List

World Business Quick Take

Agencies

CHINA

FDI keeps dropping

Foreign direct investment (FDI) in the country fell for the sixth consecutive month last month, official figures showed yesterday, dragged down by a plunge in fund flows from crisis-struck Europe. Investment from overseas fell 0.7 percent from a year earlier to US$8.4 billion, the Ministry of Commerce said. In the first four months of the year, FDI reached US$37.9 billion, down 2.4 percent from the same period last year.

COSMETICS

Coty withdraws Avon offer

Coty Inc said it was withdrawing its US$10.7 billion offer to buy Avon. Coty announced its decision in a letter to Avon’s board a day after Avon said it would consider the offer. The letter was made public late on Monday. Avon’s response on Sunday came two months after Coty made its original offer and Avon executives asked for an additional week to weigh the bid. Coty said Avon has had ample time and is not seriously considering the deal.

INDUSTRY

ThyssenKrupp posts loss

German industrial giant ThyssenKrupp yesterday posted a stiff loss in the second quarter of its fiscal year because of one-off items, but said the worst was behind it, with asset sales under way. Things also looked much better in the group’s core activities, where its operating profit jumped by 61 percent to 134 million euros (US$172 million), orders gained 15 percent and sales were 7 percent higher at 10.6 billion euros. However, the group, which operates its business year to the end of September, said it was 587 million euros in the red amid weak demand for steel, a much worse result than the 36 million euro loss analysts had expected.

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