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.
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.
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.
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.
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.
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.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion