Tue, Jul 26, 2016 - Page 10 News List

World Business Quick Take

Agencies, with staff writer


LVMH sells Donna Karan

French luxury goods group LVMH said yesterday it had sold ready-to-wear group Donna Karan International to US clothing manufacturer G-III Apparel in a transaction that valued the company at US$650 million. The move would see ownership of the Donna Karan and DKNY brands return to New York where they were launched by the US designer in the 1980s. G-III also owns the Calvin Klein and Tommy Hilfiger labels. LVMH, the world’s largest luxury goods group, owns fabled brands such as Dior, Givenchy, Louis Vuitton, Moet champagne and Hennessy cognac.


HSBC in Blom Bank talks

HSBC Holdings PLC has been in talks with Lebanon’s Blom Bank SAL over the possible sale of its banking business in the nation as the London-based lender cuts costs. There was no certainty that a binding agreement would be reached and HSBC would make a further announcement if a deal has been agreed, HSBC said in an e-mailed statement yesterday, without giving further details. HSBC Lebanon was established in 1946 and it operates three branches in the nation, employing about 200 people. It offers a full range of banking services to international, retail and corporate clients, the bank said in the statement.


Philips profit beats estimates

Royal Philips NV, the Dutch healthcare equipment maker, reported second-quarter profit that rose more than expected on cost savings and said earnings would improve in the second half of the year. Adjusted earnings before interest, taxes and amortization rose 8.6 percent to 544 million euros (US$596 million), the Amsterdam-based company said in a statement yesterday. That beat the 519 million euros average estimate of analysts surveyed by Bloomberg. The company maintained its full-year outlook. Faced with stiffer competition from Chinese manufacturers, Philips has sought to lower costs, add contracts for services and incorporate more technology into its healthcare products, which include heart monitors and scanners.


Hiscox unveils Brexit plan

Lloyd’s of London underwriter Hiscox Ltd said it would set up a new EU-based insurance company if it is needed to weather the possible impact of Britain’s decision to leave the EU. Insurers are ahead of banks when it comes to making public their Brexit contingency plans, with many keen to reassure clients they have plans in place should they lose their access to the EU. Hiscox chief executive Bronislaw Edmund Masojada said that it was “business as usual” for insurers and that the company did not have to take any decisions until 2018.


Oil prices extend losses

Crude oil prices dipped yesterday, extending last week’s losses on fresh worries about a global supply glut as more US rigs come back online and the US dollar strengthens. “Crude oil markets have been under pressure as oil supplies have started growing with the resumption of output from the capacity lost due to wildfires in the Canadian oil sands,” EY oil and gas head Sanjeev Gupta said in a note, referring to blazes that hit the nation’s key oil fields. Gupta said media reports of increased production from Iraq have also added to market pressure. US benchmark West Texas Intermediate was down US$0.17 at US$44.02 a barrel, a new two-month low, and Brent crude was US$0.20 lower at US$45.49.

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