Wed, Jun 07, 2017 - Page 10 News List

World Business Quick Take

Agencies

INTERNET

Snap confirms Placed deal

Snap Inc on Monday confirmed that it has acquired Placed, a start-up that measures the offline success of digital advertising campaigns, for about US$125 million. The acquisition is to help Snap expand its efforts to show that ads on its picture and video-sharing app Snapchat are driving users to stores. Seattle-based Placed is to continue to operate independently, with David Shim, the start-up’s CEO, reporting to Snap chief strategy officer Imran Khan. Placed is Snap’s most significant purchase since its March initial public offering, in which it raised US$3.4 billion. The company has been on the lookout for deals and strategies that will help it make the case that its ads offer a return on investment, as it looks to boost sales. The company reported US$149.7 million in revenue in the first quarter of this year and is expected to post almost US$1 billion in revenue for the year, analyst estimates compiled by Bloomberg showed.

PHARMACEUTICALS

Wuxi Biologics lists in HK

Wuxi Biologics (Cayman) Inc (藥明生物技術), a Chinese contract drug manufacturer, and its existing investors are poised to raise HK$3.98 billion (US$510.6 million) after pricing 193 million shares in a Hong Kong initial public offering at the top end of a marketed range of between HK$18.6 and HK$20.6 per share, people with knowledge of the matter said. Wuxi Biologics is raising capital for expansion amid rapidly rising demand for biologic drugs, which are made from live substances and used to treat conditions such as cancer or rheumatoid arthritis.

MINING

Adani to begin development

India’s Adani Group is to proceed with its US$16.5 billion Carmichael coal project in Australia’s Queensland state after its board approved a final investment decision on the development. After delaying a decision due to uncertainty over royalty payments, Adani yesterday said it would start pre-construction work in the July-to-September quarter on the project, which would eventually create more than 10,000 direct and indirect jobs. The project has faced opposition over concern that Australia’s largest coal project will increase carbon pollution and risk damage to the Great Barrier Reef marine park in northern Queensland.

APPAREL

J. Crew CEO to step down

J. Crew Group Inc CEO Mickey Drexler is to step down from the job, entrusting the company’s turnaround to a veteran of Williams-Sonoma Inc subsidiary West Elm Inc. James Brett, who served as West Elm’s president, is to take the CEO role at J. Crew next month, the company said in a statement on Monday. Drexler, who ran the apparel chain for more than 14 years, is to remain as chairman. Earlier this year, Drexler announced plans to shake up management and cut 250 jobs.

REAL ESTATE

London rent falls amid glut

The cost of renting a home in the British capital last month fell the most in eight years as a glut of rental properties came onto the market and affordability issues led Londoners to seek cheaper accommodation. The average monthly rent paid last month for new lettings in Greater London was £1,502 (US$1,939), a 3 percent decline from a year earlier, HomeLet, Britain’s largest reference-checking and rental insurance company, said in a statement yesterday. Rent across the UK fell 0.3 percent from a year earlier, the first annual decline since December 2009, the data showed.

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