Forbes sells majority stake
The publisher Forbes Media on Friday agreed to sell a majority stake to a consortium of Asian investors, concluding a protracted sales process in which a number of prospective bidders dropped out. The terms were not disclosed, but the transaction values Forbes Media at US$475 million, said a person close to the deal. Forbes’ new controlling shareholders are set to be Integrated Whale Media Investments (本匯鯨媒體投資公司), a group that includes the Hong Kong investor Tak Cheung Yam (任德章) and Wayne Hsieh (謝維恩), the Singaporean cofounder of AsusTek Computer Inc (華碩). The group hopes to leverage the Forbes brand, which has retained a gloss in Asia that it has lost in the US, to do deals in real estate, business clubs and financial services.
GE reports industrial growth
General Electric Co (GE) reported second-quarter results on Friday that reflected a steady return to its industrial roots, as the giant conglomerate looks to accelerate the shift. GE, the largest industrial company in the US, said revenue from its industrial businesses, with products including jet engines, power generators, oil field machinery and medical imaging equipment, rose 7 percent. Revenue at its sizable finance unit, GE Capital, declined 6 percent. GE also announced on Friday that it intended to spin out its North American consumer-finance business, Synchrony Financial, in an initial public offering late this month. In its filing with the US Securities and Exchange Commission, the company said it would sell 15 percent of the business to the public, 125 million shares, with US$24.50 a share as the midpoint of the expected price range.
Low inflation damaging: IMF
IMF managing director Christine Lagarde warned on Friday that low inflation could damage growth in Europe and urged the European Central Bank to maintain a flexible policy. She also urged caution over asset prices, saying they could be too high in relation to fundamentals. “Obstinately low inflation can seriously undermine growth,” said Lagarde, who recently hinted that the 3.6 percent global growth forecast for this year might have to be trimmed. The “good news,” Lagarde said, was that “European economies are beginning to emerge from the crisis.”
Swiss regain top spot
Switzerland has claimed the top spot on the Global Innovation Index for the fourth consecutive year, while Sub-Saharan Africa “posted significant regional improvement.” The annual rankings, which this year focused on the role people play in the innovation process, found that Switzerland and other top-ranked countries Britain, Sweden and Finland, had strong all-round support systems that led to “high levels of creativity.” Nations of the BRICS group of emerging economies such as China, Brazil and India were catching up with the developed countries, the researchers from Cornell University, INSEAD and the World Intellectual Property Organization said in a statement. “China significantly outperforms the average score of high-income economies across the combined quality indicators,” they added in a report released on the sidelines of a G20 trade ministers’ meeting in Sydney.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion