Sun, Jun 21, 2015 - Page 15 News List

World Business Quick Take

Agencies

CHINA

CSRC fires bureau chief

China’s stock watchdog yesterday said it has dismissed the head of its share issuance bureau because of suspected illegal stock trading by her spouse. The China Securities Regulatory Commission (CSRC) said in a statement that the official, Li Zhiling (李志玲), was suspected of criminal activity and had been handed over to police. The regulator gave no details. A Chinese business magazine, Caixin, said Li assumed her CSRC bureau chief role in 2012.

INTERNET

EBay sells Craigslist stake

US e-commerce giant eBay Inc on Friday said it has sold its stake in Craigslist back to the online classified listings group, ending a legal dispute between them. The California tech giant had taken a 28.4 percent stake in Craigslist in 2004. Craigslist sued eBay after the online auction giant launched its own classified listing in 2007 called Kijiji, alleging that eBay had hidden the rival project at the time of its investment. Craigslist is one of the most visited Web sites in the US and globally.

CYPRUS

IMF approves installment

The IMF, deadlocked with Greece over further financial aid, approved a new loan installment for Cyprus on Friday, now the only other eurozone country receiving its bailout support. The IMF executive board on Friday completed the combined fifth, sixth and seventh reviews of Cyprus’ program and approved the disbursement of 278.4 million euros (US$316.3 million). That would bring the total amount disbursed in the three-year 1 billion euro program begun in 2013 to 742.4 million euros.

CHOCOLATE

Hershey cuts profit forecast

Hershey Co, the maker of Reese’s, Twizzlers and Almond Joy candies, is cutting its profit forecast and eliminating 300 jobs after struggling with slowing growth in China. Earnings per share this year are forecast to be between US$4.10 and US$4.18, excluding some items, down from a previous forecast of between US$4.30 and US$4.38, the company said in a statement on Friday. Hershey’s chocolate sales growth in China trailed its expectations in April and last month, hurt by increased competition in the chocolate category and a cooling economy.

BANKING

HSBC mulling Brazil unit

HSBC Holdings PLC, which plans to sell its entire business in Brazil, might keep one of its licenses to start a new corporate bank in the country, three people with direct knowledge of the matter said. After selling operations that employ about 20,000 people, the London-based bank intends to hire about 200 workers to provide brokerage, trade finance, foreign exchange, investment banking and dollar loans, according to one of the people.

MEDIA

News Corp eyes Asia growth

A new management team at Rupert Murdoch’s News Corp’s Australian operations is to support plans to expand into fast-growing Asia, Lachlan Murdoch said yesterday. News Corp nonexecutive cochairman Lachlan Murdoch said the company planned to make acquisitions and investments in start-ups in Asia, the Weekend Australian said. “It makes absolute sense to geographically diversify,” Lachlan Murdoch told News Corp Australia’s national broadsheet.

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