Sun, Jul 10, 2016 - Page 14 News List

World Business Quick Take

Agencies

CHINA

Aid packages eyed for SOEs

The nation is considering providing about 10 of its state-owned enterprises (SOE) with an aid package, people familiar with the matter said. Sinosteel Corp (中國中鋼) is among those that might receive help, one of the people said. The government is considering options such as asset or equity transfers, takeovers and preferential policies, the people said. Should the plan be approved, it would mark the government’s latest effort to provide relief to its state firms, many of which are struggling with overcapacity and slumping demand.

STOCKS

CBS Radio files for IPO

CBS Radio Inc, a division of CBS Corp, on Friday filed for an initial public offering (IPO) as one of the nation’s oldest broadcasters prepares to leave the shrinking AM/FM radio business. The company filed for an initial offering of US$100 million, a placeholder amount that is used to calculate fees and will probably change. CBS Radio plans to take on debt before the stock sale to give to its parent, the filing shows, as well as distribute some of the IPO proceeds to CBS. The rest is to fund general corporate purposes and cash needs.

AUTOMAKERS

Germany targets VW: reports

A German newspaper and two broadcasters are reporting that prosecutors have opened proceedings that could result in Volkswagen AG (VW) being fined in Germany over its diesel emissions scandal. The Munich daily Sueddeutsche Zeitung, which reported together with public broadcasters NDR and WDR, quoted Braunschweig prosecutor Klaus Ziehe as saying on Friday: “We have opened fine proceedings against VW.” He said that could include “recovering the economic advantage” VW might have gained by selling cars with software designed to cheat on emissions tests, according to the report.

LAWSUITS

DuPont to pay damages

A US federal jury said DuPont Co should pay US$500,000 in punitive damages to an Ohio man in a chemical illness lawsuit. Earlier this week, the same jury said DuPont Co acted with malice by dumping chemical-tainted water from its West Virginia plant into the Ohio River. Jurors awarded US$5.1 million in compensatory damages to the Washington County man, who developed cancer. A DuPont spokesman on Friday said the firm plans to appeal the verdict, and jurors were misled about the risk of the chemical exposure. The man, David Freeman, said he got testicular cancer because of C8 used to make Teflon.

PRIVATIZATIONS

Russia sells Alrosa PJSC

Russia raised 52.2 billion rubles (US$817.62 million) from the sale of Alrosa PJSC, the world’s largest diamond miner, according to a person with knowledge of the deal, the country’s biggest privatization in three years marred by economic uncertainty. Shares were priced at 65 rubles each, the person said, a 3.8 percent decline from the stock’s Friday closing price. Formal pricing and allocation announcement are planned for tomorrow morning, two people familiar with the process said. Officials had been looking to sell the Alrosa stake at 71 rubles per share, Kommersant reported on Monday. Alrosa’s shares closed down 0.1 percent at 67.55 rubles in Moscow, valuing the company at 498 billion rubles.

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