FASHION
Blackstone buys into Versace
The Blackstone Group LP private equity firm has taken a 20 percent stake in Versace with a 210 million euro (US$287 million) capital injection, the fashion house said yesterday in Milan. Versace fashion house CEO Gian Giacomo Ferraris said by telephone that the investment would help Versace prepare for a long-planned public listing in the next three to five years by ensuring “discipline.” The cash will be used to open more stores of the main Versace brand, which accounts for 60 percent of revenues, while expanding the other Versace brands like Versus and accessories, and to increase online commerce.
CONGLOMERATES
Sahara chief surrenders
The head of India’s giant Sahara group surrendered to police in Lucknow, Uttar Pradesh, yesterday, two days after the Supreme Court ordered his arrest over delays in repaying billions in US dollars illegally collected from small investors. On Tuesday, the court ordered Subrata Roy’s arrest over delays in repaying money collected from rural savers through bond sales. The Sahara conglomerate extends from a stake in a Formula 1 racing team to a sprawling Indian luxury township and once included the iconic New York Plaza Hotel.
AUCTIONEERING
Loeb seeks Sotheby’s seats
Activist investor Daniel Loeb on Thursday nominated himself and two allies to the board of Sotheby’s, saying that the auction house’s current board lacks the skills and inclination to undertake needed changes. Loeb, CEO of hedge fund Third Point — Sotheby’s biggest shareholder with a 9.5 percent stake — praised some of Sotheby’s recent shareholder-friendly actions, but said the board must go further in cutting costs and repositioning the auction house. Sotheby’s hit back, saying it was “disappointed” at Loeb’s proxy campaign, which followed a far tougher letter from Loeb criticizing the firm’s leadership in October.
MACROECONOMICS
S Korea output rises
South Korea’s industrial output expanded for the fourth straight month in January, despite reduced working days caused by the Lunar New Year holiday, government data showed yesterday. Total production in the mining, manufacturing, gas and electricity industries in Asia’s fourth-largest economy inched up 0.1 percent from December, Statistics Korea said. However, it was down 3.8 percent from a year ago.
CHEMICALS
Bayer upbeat on outlook
German chemicals and pharmaceuticals giant Bayer yesterday said it was optimistic about business this year after meeting key targets for last year. Last year, Bayer’s net profit rose 32.7 percent to 3.19 billion euros (US$4.4 billion). Earnings before interest, tax, depreciation and amortization rose 1.5 percent to 8.4 billion euros. Revenues increased 1 percent to a record 40.16 billion euros.
CONGLOMERATES
Hutchison profit climbs
Hong Kong billionaire Li Ka-shing’s (李嘉誠) Hutchison Whampoa Ltd (和記黃埔) conglomerate yesterday said that its net profit for last year rose 20 percent from a year ago, despite challenging global markets. The blue-chip group said net profit was HK$31.11 billion (US$4.01 billion) for the year ending Dec. 31, compared with HK$25.89 billion in 2012. Profits were fueled by growth in areas including its port, hotel and property divisions, it said in a statement.
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
MAJOR DROP: CEO Tim Cook, who is visiting Hanoi, pledged the firm was committed to Vietnam after its smartphone shipments declined 9.6% annually in the first quarter Apple Inc yesterday said it would increase spending on suppliers in Vietnam, a key production hub, as CEO Tim Cook arrived in the country for a two-day visit. The iPhone maker announced the news in a statement on its Web site, but gave no details of how much it would spend or where the money would go. Cook is expected to meet programmers, content creators and students during his visit, online newspaper VnExpress reported. The visit comes as US President Joe Biden’s administration seeks to ramp up Vietnam’s role in the global tech supply chain to reduce the US’ dependence on China. Images on
New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last
US CONSCULTANT: The US Department of Commerce’s Ursula Burns is a rarely seen US government consultant to be put forward to sit on the board, nominated as an independent director Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday nominated 10 candidates for its new board of directors, including Ursula Burns from the US Department of Commerce. It is rare that TSMC has nominated a US government consultant to sit on its board. Burns was nominated as one of seven independent directors. She is vice chair of the department’s Advisory Council on Supply Chain Competitiveness. Burns is to stand for election at TSMC’s annual shareholders’ meeting on June 4 along with the rest of the candidates. TSMC chairman Mark Liu (劉德音) was not on the list after in December last