Fri, Jul 22, 2016 - Page 10 News List

World Business Quick Take



Komatsu to buy Joy Global

Komatsu Ltd, the world’s second-biggest construction equipment maker, agreed to buy Joy Global Inc for US$2.89 billion, bolstering the Japanese firm’s underground mining business amid a fight for market share with industry leader Caterpillar Inc. Tokyo-based Komatsu will pay US$28.30 per share in cash for the Milwaukee-based company, using funds on hand and loans, the company said yesterday. The deal is expected to close in the middle of next year after approvals by regulators and shareholders, it said.


AB InBev secures approval

Anheuser-Busch InBev NV (AB InBev), the world’s largest beer maker, on Wednesday announced that it had reached an agreement with the US Department of Justice that clears the way for US approval of its acquisition of SABMiller PLC. AB InBev, the maker of Budweiser and Bud Light, is to sell SABMiller’s entire US business to Molson Coors as previously announced as part of the agreement. The merger with the maker of Miller Genuine Draft, valued at about US$107 billion, would have about 31 percent of the global beer market, according to Beer Business Daily.


UK sales fall after Brexit

UK retail sales last month had their biggest drop in six months, adding to signs that the vote to leave the EU is starting to bite. The volume of goods sold in stores and online dropped 0.9 percent, figures from the Office for National Statistics showed yesterday. Sales excluding car fuel also fell a larger-than-expected 0.9 percent. The statistics office carried out its monthly survey between May 29 and July 2, meaning some responses were received in the week following the June 23 Brexit referendum.


Unilever sales up 2 percent

Anglo-Dutch consumer products giant Unilever Co said its net profit in the first half of the year rose 2 percent to 2.7 billion euros (US$3 billion), despite sales declining 2.6 percent to 26.3 billion euros due to exchange rate fluctuations. Unilever yesterday said that its underlying sales growth, which strips out the effect of factors such as currency changes, was a healthy 4.7 percent, despite tough economic conditions around the world.


Lufthansa cuts profit target

Terror attacks in Europe and “political and economic uncertainty” have prompted Deutsche Lufthansa AG to cut its full-year profit target, the company said on Wednesday. In the first half of the year Lufthansa reported earnings of 529 million euros, a jump of 13 percent compared with the previous year. Despite those improved figures, Lufthansa “regards a complete recovery as not likely anymore,” it said. The airline predicted unit revenues would fall by 8 to 9 percent in the second half of the year, from 15 billion euros in the first half.


Swatch profit declines

Swatch Group AG, the maker of Omega and Tissot timepieces, reported its lowest first-half profit in seven years, as demand cratered in Hong Kong, France and Switzerland. First-half operating profit declined 54 percent to 353 million Swiss francs (US$359 million), the Biel, Switzerland-based company said in a statement yesterday. The company last week said that earnings at that level probably fell by 50 to 60 percent, sending its shares plummeting.

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