Mon, Dec 23, 2013 - Page 15 News List

World Business Quick Take

Agencies

SHIPPING

Hyundai to sell assets

Hyundai Group, owner of South Korea’s second-biggest shipping company, plans to raise at least 3.3 trillion won (US$3.1 billion) by selling assets to boost cash. Hyundai Group will sell Hyundai Securities Co and two other financial units to raise as much as 1 trillion won, it said in an e-mailed statement yesterday. Hyundai Merchant Marine Co, the biggest shareholder of Hyundai Securities, plans to sell stakes in its terminal business and restructure bulk-carrier operations for about 1.5 trillion won. The group also expects to reap 340 billion won by selling the Banyan Tree Hotel in Seoul, it said in the statement.

INVESTMENT

Cuba to approve new law

Cuba will approve a new foreign investment law in March, Cuban President Raul Castro said on Saturday, without elaborating on specific changes. Cuba’s National Assembly will be convened “in March for a special session to handle this issue and others,” the president, 82, said at the closing session of the legislature. Foreign direct investment “is of unparalleled importance to energize the country’s social and economic development,” Castro said.

RETAIL

Fraud incidents few: Target

US retailer Target, which revealed this week that 40 million customers’ credit and debit cards may have been compromised, said on Saturday that few incidents of fraud had occurred. The popular chain store announced on Thursday that hackers broke into its payment system between Nov. 27 and Dec. 15, stealing debit and credit card data during the height of Christmas shopping. Among the information potentially pilfered was the name, card number, expiration date and three-digit security code on the back of the cards.

OUTSOURCING

Eighth Infosys exec quits

A top executive of Infosys, tipped as a future chief executive of the outsourcing giant, has resigned, the latest in a string of departures since co-founder Narayana Murthy returned to lead the company. Infosys said in a statement posted on its Web site on Saturday that V. Balakrishnan, who headed the business process outsourcing division, had quit and would leave the firm at the end of the year. It marked the eighth high-profile exit the company has seen in the past six months as Infosys undergoes an organizational restructuring, the reports said.

NUCLEAR

Urenco sale stalled

Efforts to sell Urenco Ltd have stalled as Dutch politicians argue over the future of the multinational nuclear-fuel processor, according to three people familiar with the situation. A sale of Urenco, which is owned by the governments of the UK, the Netherlands, and German utilities EON SE and RWE AG, will probably not occur until at least the second half of next year and may be delayed to 2015, the people said, asking not to be identified discussing private deliberations.

SERVERS

Sales grew 1.9 percent

Worldwide server shipments grew 1.9 percent year-on-year in the third quarter of the year, but revenues declined 2.1 percent from the same quarter last year, according to Gartner Inc. “The worldwide server market remains in a relatively weak performance mode as we move through the second half of the year,” Gartner research vice president Jeffrey Hewitt said. Only Canada, the Middle East and Africa, and the US exhibited positive vendor revenue growth, Hewitt said.

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