Sun, Aug 07, 2016 - Page 14 News List

World Business Quick Take

Agencies

FINANCES

SinoPac income falls 22%

SinoPac Financial Holdings Co (永豐金控) on Friday reported that net income in the first seven months of the year fell 22.26 percent annually to NT$5.79 billion (US$183.4 million). During the period, earnings by Bank SinoPac (永豐銀行), its largest subsidiary, dropped 27.45 percent to NT$4.53 billion. SinoPac Securities Co (永豐金證券) saw net income during the same period surge 32.84 percent to NT$898 million, as the TAIEX began rallying in June to regain a foothold above the 9,000-point benchmark.

ACCOMMODATION

Airbnb seeks funding

Home-sharing company Airbnb Inc is raising US$850 million, according to a disclosure filed with the US state of Delaware. The equity round values the San Francisco-based company at US$30 billion, people told Bloomberg in June. The filing did not disclose who is making the investment. Airbnb has raised about US$3.2 billion in equity since July last year, according to private stock market company Equidate.

BANKING

JPMorgan denies deal report

JPMorgan Chase on Friday denied that it ever intended to buy troubled Italian rival BMPS, as people close to the reported deal had reported. “This is not accurate and was never under consideration,” a JPMorgan spokesperson told reporters. Sources on Wednesday had indicated that Jamie Dimon, chief executive of the largest US bank by assets, and Daniel Pinto, the London-based head of JPMorgan’s investment and finance department, were behind the plan to bail out the Banca Monte Paschi di Siena unveiled last week.

BIOTECHNOLOGY

AbbVie files arthritis suit

Biotechnology drugmaker AbbVie Inc filed a lawsuit seeking to block Amgen Inc from selling a copy of arthritis medicine Humira, its top seller. Amgen’s proposed copy would infringe at least 10 patents, AbbVie said as it reserved the right to assert as many as 51 other patents. It was seeking a court order to prevent Amgen from selling a copy of the biotech drug. AbbVie is trying to protect a rheumatoid arthritis injection whose sales surged 17 percent in the second quarter to US$4.15 billion.

OIL

Firm sues over US taxes

A Norwegian oil company is suing West Virginia’s Marshall County after it says it was denied a refund of almost US$350,000 after overpaying for property taxes. The Intelligencer reported that Statoil filed a lawsuit in circuit court against Marshall County assessor Chris Kessler and West Virginia State tax commissioner Mark Matkovich. The company said the overpayments were the result of a clerical error. Kessler said that although a clerical error might have been initially responsible for the overpayment, the company’s failure to double-check in a timely manner amounts to negligence.

ENERGY

Duke seeks bids for assets

Duke Energy Corp has invited Canada’s Brookfield Asset Management Inc and French utility Engie SA to submit binding bids for its Latin American power assets, people with knowledge of the matter said. State-owned electricity generator China Three Gorges Corp (中國長江三峽集團) was also chosen to proceed to the next round, the people said.

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