Dell, allies raise offer
Dell founder Michael Dell and his investor allies on Wednesday boosted their buyout offer for the struggling company to become a private entity. The new offer from Michael Dell and private equity firm Silver Lake was increased to US$13.75 per share, from US$13.65 a share, on condition of a change in the shareholder vote process. The new bid adds about US$150 million to the US$24.4 billion offer, according to shareholder letter.
Unemployment rate drops
The unemployment rate fell for the first time in two years to 26.26 percent in the second quarter, official data showed yesterday, a day after the central bank said the recession-hit country seemed close to a recovery. On the back of demand for workers during the tourist season, the number of jobless people fell by 225,200 over the quarter to reach a total of 5,977,500 unemployed.
N Zealand rate unchanged
The Reserve Bank of New Zealand held its official interest rate at a record low 2.5 percent yesterday amid signs of slowing growth in major trading partners Australia and China. Though removal of monetary stimulus will likely be needed in the future, the official cash rate pegged at 2.5 percent since March 2011 was not expected to change before the end of the year, the bank said.
Imax expanding in China
Imax and Chinese partner Wanda Cinema Line Corp (萬達) plan to open up to 120 giant-screen cinemas in China’s fast-growing film market. The agreement will make Wanda — currently Asia’s biggest cinema operator — the biggest international Imax operator, Imax said.