Thu, Nov 26, 2015 - Page 15 News List

World Business Quick Take

Agencies

HONG KONG

Li Ka-shing loses bid

Shareholders have voted against tycoon Li Ka-shing’s (李嘉誠) US$12.4 billion proposal to combine his infrastructure and utility companies. The vote, which was announced on Tuesday, deals a setback to the billionaire’s plan to reshuffle his business empire in order to accelerate its overseas expansion. Cheung Kong Infrastructure Holdings Ltd (長江基建) said about half of minority shareholders voted for the plan, far less than the 75 percent needed. The company was offering to swap new stock for all of the shares of Power Assets Holdings Ltd (電能實業) it did not yet own.

HOTELS

Shanghai hotel fined

Shanghai Municipal Administration of Industry and Commerce has fined a hotel chain more than US$15,000 for using Disney’s name at five of its properties, Xinhua news agency reported yesterday. There were no Mickey Mouse ears on display in media pictures of the Shenzhen-based Vienna Hotels Group establishments, nor Buzz Lightyear costumes, but an image showed a sign declaring one a “Disney branch.” The chain also used Disney branding on electronic signs and Web sites, the report said.

ARGENTINA

Credit outlook raised

The nation’s credit outlook was raised by Moody’s Investors Service to “positive” amid optimism that president-elect Mauricio Macri is to implement changes to boost the credibility of South America’s second-largest economy. Moody’s raised the country’s outlook from “negative” to “stable” on Nov. 2, a week after a first- round vote.

UNITED STATES

US surpasses expectations

The economy grew more strongly than first thought in the third quarter on higher investments in businesses and housing that offset a bit less momentum in key consumer spending. In the July-to-September quarter, GDP expanded at 2.1 percent year-on-year, the US Department of Commerce said on Tuesday. GDP growth in the quarter was initially estimated at 1.5 percent, and although now seen stronger, it still marked a slowdown from the robust 3.9 percent expansion in the second quarter.

AUTOMAKERS

Toyota recalls more cars

Toyota Motor Corp is recalling 1.6 million vehicles for defective airbags supplied by embattled Japanese manufacturer Takata Corp. The latest recall includes 22 models sold in Japan, including the Corolla and Vitz, manufactured from January 2004 through December 2005, as well as vehicles in Italy, Britain and Spain, although those numbers were still unclear. It does not include any vehicles in the US. Toyota has announced nearly 15 million recalls worldwide in relation to the problematic Takata inflators.

TECHNOLOGY

Hewlett Packard downbeat

Hewlett Packard Enterprise Co, which sells business-computing gear and services, forecast profits that might fall short of analysts’ estimates, a setback in its inaugural quarter after a corporate split that was aimed at fueling growth. Profit before certain costs in the first quarter, which ends in January, would be US$0.37 to US$0.41 per share, Hewlett Packard Enterprise said on Tuesday. The other half of the former Hewlett-Packard Co, HP Inc — which sells printers and PCs -—- predicted adjusted profit of between US$0.33 and US$0.38 per share.

This story has been viewed 1926 times.

Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. Final decision will be at the discretion of the Taipei Times.

TOP top