Wed, Aug 12, 2015 - Page 15 News List

World Business Quick Take



China bank lending rises

China’s bank lending rose last month, the central bank said yesterday, as money poured into a massive rescue for the country’s stock market. Domestic banks extended new loans of 1.48 trillion yuan (US$233.9 billion), up from 1.27 trillion yuan in June — almost twice the estimate of economists surveyed by Bloomberg News — the People’s Bank of China said. For the first seven months of this year, Chinese banks extended a total of 8.04 trillion yuan in new loans, up by 2.15 trillion yuan from the same period last year, the central bank said.


China car sales drop 6.6%

Chinese consumers bought the fewest passenger vehicles in 17 months last month, extending a slump in the world’s largest car market, as deeper discounts failed to revive demand. Retail deliveries fell 2.5 percent to 1.3 million units, the lowest level since February last year, according to the China Passenger Car Association. A separate set of figures from the China Association of Automobile Manufacturers showed passenger vehicle sales declined by 6.6 percent, also to a 17-month low.


Gap issues earnings forecast

Gap Inc is issuing a second-quarter earnings forecast that is below Wall Street analysts’ estimates. The company on Monday blamed US west coast port delays, foreign currency fluctuations and strategic maneuvers the San Francisco-based company is taking to turn around its namesake brand. The earnings outlook comes as the retailer, which also operates Old Navy and Banana Republic, posted a 3 percent drop for a key revenue measure last month. Analysts expected a 2.3 percent drop.


Symantec to sell Veritas unit

Symantec Corp plans to sell its Veritas data-storage business to Carlyle Group LP in a deal that was set to be announced yesterday, people with knowledge of the matter said. Carlyle would pay on the high side of a range between US$7 billion and US$8 billion, one of the people said. While no deal has been signed, talks were set to wrap up in time for an agreement to be announced yesterday, the day Symantec reports quarterly earnings, the people said. Carlyle spokesman Randy Whitestone declined to comment.


PAL profit soars in first half

Philippine Airlines Inc’s parent company saw its first-half profit soar nearly tenfold, boosted by strong demand during the peak summer months, the company said yesterday. Interim net income for January to June rose to 5.8 billion pesos (US$126.1 million) from 560 million pesos during the same period last year, PAL Holdings Inc said. Revenue increased to 55.9 billion pesos from 48.9 billion pesos, with passenger revenue up by 15 percent to 47.1 billion pesos, it added.


Banks shun Carmichael

Standard Chartered PLC on Monday said it would not advise or help finance the multibillion-dollar Carmichael coal mine in Australia, marking the second big bank to walk away from the project in a week. Environmental groups have been campaigning against the mine, being developed in Queensland by Indian conglomerate Adani Mining. Commonwealth Bank of Australia last week said it had ended its role as financial adviser on the project.

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