Formula One delays IPO
Motor racing business Formula One Group has decided to delay its initial public offering (IPO) on the Singapore stock exchange because of global market weakness, the Wall Street Journal said yesterday, quoting unnamed sources. Formula One, whose major shareholder is private equity firm CVC Capital Partners, was in pre-marketing mode and had been planning to launch a preliminary prospectus with the Monetary Authority of Singapore by Tuesday, the newspaper added.
Sharp to upgrade displays
Japanese electronics maker Sharp Corp says it is upgrading its current displays to make them slimmer and clearer. Sharp also said yesterday that its innovation is based on technology that reduces power consumption. For liquid crystal displays, the technology, called IGZO, requires little adjustment to production lines or investment. The upgrade will be introduced this fiscal year. The technology can also be applied to organic LED screens, which can be paper-thin.
KPN mulls E-plus sale
Dutch telephone company Royal KPN NV says it is considering selling the third-largest mobile operator in Germany, E-Plus, to thwart a hostile bid by Mexican operator America Movil for a minority stake in KPN. Movil, controlled by billionaire Carlos Slim, has offered 8 euros (US$9.90) per share for enough KPN shares to give it a stake of just under 30 percent — the threshold at which it must by Dutch law launch a full takeover bid. KPN’s management said yesterday it had advised investors not to accept the Movil bid, dismissing it as too low and “opportunistic.”
Q1 exports increase 5.8%
New figures show the nation’s exports increased 5.8 percent in the first quarter of this year compared with the same period last year, but slowed within the EU market and dropped sharply in those European nations worst hit by the financial crisis. The Federal Statistical Office reported yesterday that exports grew to 276 billion euros in the first quarter compared with 260.9 billion euros a year earlier. Exports within the EU grew 2.2 percent to 161.2 billion euros, and only 0.9 percent in the other 16 countries using the euro to 107.4 billion euros.
Exports fall for third month
The nation’s exports declined year-on-year for a third straight month last month as eurozone turbulence and China’s slowdown took their toll on the export-dominated economy, official figures showed yesterday. Exports for last month fell 0.4 percent from a year earlier to US$47.2 billion, according to preliminary data from the Ministry of Knowledge Economy. Imports were down 1.2 percent at US$44.8 billion. However, inflation remained moderate last month, with the consumer price index rising 2.5 percent from a year earlier. The year-on-year increase was unchanged from April.
Windows test version out
Microsoft on Thursday released the final test version of its next-generation Windows software crafted to power devices ranging from tablets to desktop computers. “We are thrilled to be at this milestone with the Windows 8 Release Preview,” Windows and Windows Live division president Steven Sinofsky said. The nearly finished Windows 8 software is available for download in 14 languages at preview.windows.com.