Wed, Oct 28, 2015 - Page 15 News List

World Business Quick Take

Agencies

BANKING

JPMorgan eyes India

JPMorgan Chase & Co, the largest US bank, is seeking branch licenses in India to bolster its wholesale banking operations in the nation. The bank is in talks with the Reserve Bank of India over permits for centers to support corporate client services including cash management, foreign-currency payments and trade finance, said Muhammad Aurangzeb, Asia Pacific chief executive officer of JPMorgan’s global corporate bank unit. He is aiming to open the new outlets next year to add to the firm’s sole wholesale branch, which it opened in Mumbai in 1994.

INSURERS

Direct loans favored

Insurers are increasingly looking to make direct loans and finance commercial properties as US Federal Reserve policies limit yields on traditional holdings such as US government debt and investment-grade corporate bonds, according to BlackRock Inc, the world’s largest money manager. About 57 percent of insurers plan to increase risk exposure in their portfolios in the next 12 to 24 months, BlackRock found in a survey of insurers that manage more than US$6 trillion of assets combined. That compares with 33 percent a year earlier, the New York-based company said in a statement on Monday.

TRAVEL

Share rise follows merger

Ctrip.com International Ltd and Qunar Cayman Islands Ltd jumped in US trading after the companies agreed to a merger, creating the dominant online travel service in China in a deal that might ease price competition, which has crimped profits. Ctrip rallied 22 percent to a record close of US$90.78 in New York on Monday. Qunar advanced 7.9 percent to US$42.65, the highest since Aug. 10 on trading volume that was nearly 17 times the three-month average. Goldman Sachs Group Inc upgraded both companies to “buy.” A Bloomberg gauge of US-traded Chinese stocks rallied 2.1 percent.

TELECOMS

Italia snubs deal

Telecom Italia SpA is inclined to pursue a Brazil strategy on its own and has no plans to hold talks with Mikhail Fridman after the Russian billionaire made an offer valued at as much as US$4 billion to prop up a local carrier, according to people familiar with the matter. Italy’s biggest phone company continues to review its options for its Brazil unit, Tim Participacoes SA, including a potential deal with rival Oi SA, said the people, who asked not to be identified because the deliberations are confidential. Oi said on Monday that Fridman’s holding company, LetterOne, had made a proposal to contribute funds that are conditional upon the carrier agreeing to a merger with Tim.

BURUNDI

Power link planned

The nation is to build a power-transmission line to a hydropower dam to be built in the neighboring Democratic Republic of the Congo to help alleviate electricity shortages, Minister of Energy and Mines Come Manirakiza said. The 78km link is to cost 53.6 billion francs (US$35 million), Manirakiza on Monday told reporters in Rubirizi, about 25km north of the capital, Bujumbura. The nation is to receive about 26 billion francs of funding from the African Development Bank and about 27 billion francs from Germany’s KfW Development Bank, he said. The government is to spend 600 million francs compensating land owners for the disruption caused by the construction of the 220-kilovolt line, Vice President Joseph Butore said.

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