Fri, Aug 12, 2016 - Page 10 News List

World Business Quick Take

Agencies

AUSTRALIA

Asset sale rejected

The government rejected bids for electricity network Ausgrid from Hong Kong billionaire Li Ka-shing (李嘉誠) and State Grid Corp of China (國家電網), amid growing opposition to selling infrastructure assets to overseas investors. Treasurer Scott Morrison said it would be contrary to national security to allow the offers to proceed in their current form and said the bidders, which he did not name, have been given a week to respond. “Ausgrid’s footprint includes critical power and communication services provided to businesses and government,” Morrison said yesterday in Brisbane. He said he would make a final decision after seeing any revised submissions.

STEELMAKERS

Thyssenkrupp profit falls

Thyssenkrupp AG, Germany’s largest steelmaker, yesterday reported fiscal third-quarter profit fell 18 percent as record steel exports from China continued to put pressure on prices. Adjusted earnings before interest and taxes dropped to 441 million euros (US$493 million) in the three months through June from 539 million a year earlier, the Essen-based company said in a statement. Thyssenkrupp reiterated its fiscal-year profit forecast of at least 1.4 billion euros. “We are now seeing initial improvements in material prices,” chief executive officer Heinrich Hiesinger said. “This will have a favorable impact on our future earnings.”

TELECOMS

China Mobile profit surges

China Mobile Ltd’s (中國移動) first-half profit rose 5.6 percent after the world’s largest phone carrier by users added more 4G subscribers than the populations of the UK and Spain combined. Net income increased to 60.6 billion yuan (US$9.1 billion), compared with 57.3 billion yuan a year earlier, the company said in a statement yesterday. The carrier, which accounts for about 65 percent of the nation’s wireless users, added 116.3 million 4G subscribers in the first six months of the year as more people made the switch from slower services. That market has room to grow as more than half of China’s mobile-phone users use slower 3G or 2G services.

TRAVEL

TUI revenue falls 5.7%

A series of terrorist attacks undermined revenues at German-British travel giant TUI in April and June, the company said in results released yesterday. Revenue in the third quarter of the group’s financial year was down 5.7 percent compared with the same period last year, at 4.6 billion euros. Falling reservations for north Africa and Turkey, the effects of terrorist attacks like the Brussels airport bombings in March and Easter falling outside the second quarter this year were to blame for the slide, the group said in a statement. Although bookings suffered, the group was able to increase operating profits as measured by earnings before interest, taxes, and amortization by 24 percent to 150 million euros.

HOME APPLIANCES

Samsung acquires Dacor

Samsung Electronics Co yesterday said that it had acquired US luxury appliance maker Dacor Inc as part of its push toward a full production line of high-end, Internet-connected homeware. The purchase of the California-based company is the latest in a series of acquisitions by the South Korean electronics giant in recent years — including that of US home automation start-up SmartThings in 2014. A Samsung statement gave no details on the value of the deal to acquire Dacor, whose products include stovetops, ovens, ranges and refrigerators.

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