Thu, Sep 24, 2015 - Page 15 News List

World Business Quick Take

Agencies

AUSTRALIA

Consumer confidence rises

Consumer confidence has jumped following the ouster of the country’s unpopular prime minister last week by a moderate rival. The optimism of Australians rose by 8.7 percent in the latest ANZ-Roy Morgan consumer confidence survey published on Tuesday. The survey was conducted last weekend after Tony Abbot was replaced as leader of the ruling Liberal Party and prime minister by Malcolm Turnbull in a vote of government lawmakers.

BRITAIN

Budget deficit reaches high

The nation last month had the highest budget deficit in three years as the tax take from individuals and companies dropped. Spending exceeded revenue by £12.1 billion (US$18.5 billion) compared with a deficit of £10.7 billion a year earlier, the Office for National Statistics said in London on Tuesday. The statistics office cautioned against reading too much into the increase in borrowing, saying it reflected a drop in self-assessed income tax payments from the large amount paid in July. Taking the two months together, the £8.5 billion received was the highest on record.

INVESTMENT

PACL fined for fund-raising

India’s markets regulator imposed a penalty of 72.7 billion rupees (US$1.1 billion) on PACL Ltd for raising funds from the public without its approval. The Securities and Exchange Board of India (SEBI) directed the New Delhi-based real-estate developer to pay the fine within 45 days of receiving the order. SEBI, which is cracking down on Ponzi-like collective investment schemes in India, told PACL in August last year to return 491 billion rupees to investors along with “due returns,” citing rule violations. The company subsequently lost an appeal with the Indian Securities Appellate Tribunal, which upheld the SEBI order last month.

AVIATION

BBA Aviation buys Landmark

BBA Aviation PLC agreed to buy Carlyle Group LP’s Landmark Aviation for US$2.07 billion to expand in flight services for business and general aviation. BBA is to sell £748 million of stock to current investors at 133 pence per share to help fund the purchase, the London-based company said in a statement yesterday. That compared with Tuesday’s closing price of 284.7 pence. The deal is to boost earnings per share by 2017, BBA said.

BEVERAGES

Currency hits Diageo profit

Diageo PLC said adverse currency shifts are to reduce full-year operating profit by £150 million, more than it had expected previously. The maker of Johnnie Walker and Guinness said it expects “modest organic” profit margin improvement as volume improves, the company said yesterday. London-based Diageo forecast in July that exchange-rate moves would strip £100 million from operating profit. The world’s biggest distiller reiterated it expects an organic net sales decline of 2 percent in the first half in North America.

BANKING

BOA CEO to keep position

Bank of America Corp (BOA) CEO Brian Moynihan survived a battle to remove him as chairman, fending off critics including the biggest US pension funds. A resolution allowing Moynihan to remain chairman and CEO passed with about 63 percent of the votes, the Charlotte, North Carolina-based company said on Tuesday during a special meeting, citing a preliminary tally. JPMorgan Chase & Co CEO Jamie Dimon faced a similar vote two years ago, and also kept both jobs.

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