Wed, Jul 10, 2013 - Page 15 News List

World Business Quick Take

Agencies

ENERGY

Shell names new CEO

Royal Dutch Shell PLC yesterday appointed its downstream director Ben van Beurden to replace Peter Voser as CEO when Voser retires next year. Van Beurden’s promotion marks a return to a Dutchman leading the Netherlands-British multinational after the tenure of Voser, who is Swiss. Van Beurden has worked for Shell’s upstream and downstream businesses in Europe, Africa, Asia and the US. He will take over from Voser on Jan. 1. Voser will retire at the end of March after 29 years with the company.

CONGLOMERATES

LVMH acquires Loro Piana

French luxury conglomerate LVMH will assume control of Italian exclusive ready-to-wear fashion group Loro Piana by buying an 80 percent stake for about 2 billion euros (US$2.5 billion), the company said in a statement on Monday. LVMH said that the Loro Piana family would keep the remaining 20 percent share, and that the Italian company’s current directors, Sergio and Pier Luigi Loro Piana, would keep their posts. It said the change in ownership would have a positive earnings effect as of the first year. Loro Piana’s turnover for this year is expected to reach about 700 million euros, while its pre-tax profit is forecast to come in at about 150 million euros.

INTERNET

Hulu gets more bids: report

The Wall Street Journal on Monday reported that several bidders have stepped up to vie for Hulu, an online video Web site that Internet pioneer Yahoo was said to be eyeing as an acquisition. The Journal cited unnamed sources as saying that Hulu had several suitors, including satellite television company DirecTV and a partnership led by US telecom titan AT&T. A Friday deadline had been set for submitting final bids for Hulu, which was launched in 2007 in a partnership between Comcast, 21st Century Fox and The Walt Disney Co.

AUTOMAKERS

Tesla to join NASDAQ

Tesla Motors Inc, the world’s best-performing automotive stock this year, will join the NASDAQ-100 Index next week, filling the spot vacated by Oracle Corp, which is moving to the New York Stock Exchange. The electric-car maker will be added to the gauge, which tracks the biggest firms on the NASDAQ, before the start of trading on Monday, NASDAQ OMX Group Inc said in a statement on Monday. Shares of Tesla have more than tripled this year in New York as the popularity of its new Model S sedan helped the company turn profitable for the first time.

FOOD

Abbott to cut formula prices

Abbott Laboratories will cut the prices of its main infant formula products in China by as much as 12 percent, the fourth foreign company to do so in a week after the government began a probe into possible price-fixing. Abbott will reduce the prices of products such as Similac and Pediasure by 4 percent to 12 percent in China, Pamela Harrison, a spokeswoman for the company, said by telephone yesterday. The Abbott Park, Illinois-based company joins Nestle SA, Danone and Dutch producer Royal FrieslandCampina NV in lowering prices after the National Development and Reform Commission, China’s top economic planning agency, started a probe into their pricing of milk powder. The investigation includes Mead Johnson Nutrition Co and domestic firm Biostime International Holdings (合生元國際控股).

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