Sun, May 14, 2017 - Page 14 News List

World Business Quick Take

Agencies

FINANCE

G7 to target tax evasion

Finance ministers from seven rich countries yesterday were wrapping up work on efforts to make growth more inclusive and to fight tax evasion, terror financing and cybercrime. G7 officials are also taking the opportunity to hear more about the US President Donald Trump administration’s economic proposals from US Secretary of the Treasury Steven Mnuchin. Italy, the host nation for the informal forum this year, wants the meeting to produce separate statements about fairer growth and fighting tax evasion. The gathering in a 13th-century seaside fortress in the southern Italian town of Bari is paving the way for a meeting of national leaders in Taormina, Sicily, on May 26 and 27.

MEDIA

Pandora CTO resigns

Pandora Media Inc said its chief technology officer (CTO) Chris Martin is stepping down, just weeks after the online radio company introduced a new service to lure new users and fend off growing rivals, such as Spotify Ltd. Martin “has decided to move on,” the company said on Friday in an e-mailed statement. He had been with Pandora since 2004. Pandora, based in Oakland, California, is counting on its new on-demand music-streaming service, Pandora Premium, to help it reverse a streak of financial losses and a tumbling stock price. The company said this week it is shaking up its board and stepping up efforts to find a possible buyer.

BANKING

CIBC takeover bid approved

PrivateBancorp Inc shareholders approved a US$4.9-billion takeover by Canadian Imperial Bank of Commerce (CIBC) after the Toronto-based lender sweetened its deal twice to win over investors. The majority of PrivateBancorp shareholders endorsed CIBC’s bid, the Chicago-based lender said on Friday in a statement. CIBC first proposed the acquisition on June 29 last year, and in its latest offer agreed to pay US$27.2 in cash and 0.4176 of a CIBC common share for each PrivateBancorp share.

EDUCATION

Aldo to open retail school

The founder of the Aldo shoe empire is donating C$25 million (US$18 million) to McGill University to help create a school of retail management at his alma mater. Aldo Bensadoun said in a statement on Friday the school is to provide a new generation of retailers with solutions for the industry’s transformation. He said success in retail depends on the integration of big data, artificial intelligence and neuroscience. The new Bensadoun School of Retail Management is to educate undergraduates to doctorate students. Aldo has more than 2,000 stores worldwide.

TECHNOLOGY

Globalstar in sales talks

Globalstar Inc, which won US approval to use its satellite airwaves for a mobile broadband service, is working with financial advisers on a potential sale, people familiar with the matter said. Shares climbed 15.2 percent to US$2.20 in New York at 1:35pm, giving the company a market value of about US$2.5 billion. Globalstar could attract interest from major wireless and cable companies, one of the people said, asking not to be identified as the details are not public. Deliberations are at an early stage and there is no certainty a deal can be reached, the people said.

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