Mon, Jun 12, 2017 - Page 14 News List

World Business Quick Take



Rusnano official detained

Law enforcement agencies have detained a senior official at state technology corporation Rusnano on suspicion of misusing company funds, an investigative committee said on Saturday. Investment division managing director Andrei Gorkov is suspected of placing the company’s funds in a bank that later lost its license, with the aim of financing the bank’s activities between 2011 and 2013. The bank’s license was revoked in 2014, resulting in Rusnano losing more than 738 million rubles (US$12.94 million at the current exchange rate). Shortly before the license was canceled, the bank transferred 400 million rubles worth of real-estate assets to Gorkov’s brother, investigators said. Rusnano was set up in 2007 to invest in promising high-tech firms and help Russia diversify away from its economic dependence on energy.


Airbus threatens to leave UK

Airbus SE could move production of new aircraft models out of Britain if its “non-negotiable” demands over the free movement of people and trade tariffs are not delivered in upcoming Brexit talks, the Sunday Times reported. A deal must allow its staff from all over the world to enter Britain easily, ensure that parts are exempt from trade tariffs and ensure certain regulatory standards are maintained, Airbus chief operating officer Fabrice Bregier said. Otherwise, Britain would risk losing Airbus production in the future, he added. “For new productions, it’s very easy to have a new plant somewhere in the world. We would have plenty of offers to do that,” Bregier said. Britain is due to begin negotiations with the rest of the EU about the terms of its departure on Monday next week.


Emaar makes hire for Dubai

Emaar Properties PJSC hired Goldman Sachs Group Inc to manage the sale of shares in its United Arab Emirates (UAE) real-estate development business in Dubai, company chairman Mohamed Alabbar said. The developer of the world’s tallest tower expects to complete the initial public offering by November with a size similar to its Emaar Malls PJSC offering, Alabbar said in an interview with Bloomberg Television. The malls unit initial public offering in 2014 raised about US$1.58 billion and is the largest share sale in the UAE in the past nine years, according to data compiled by Bloomberg. Revenue from Emaar’s property development business in the UAE more than tripled to 14.4 billion dirhams (US$3.92 billion) last year from 4.2 billion dirhams in 2012, the company said.


Accord with oil firms signed

One of the African nations hit hardest by the drop in oil prices, Chad, on Saturday announced that it had reached an accord with a group of foreign energy companies to end a tax dispute. The deal, signed on Friday by the government and a consortium led by Esso, a unit of US energy giant Exxon Mobil Corp, extends the group’s operating license in the Doba basin until 2050. It also calls for the development of polymer injection technology to increase oil extraction, Minister of Oil Bechir Madet said. In October last year, a Chadian court had imposed heavy fines on the consortium over unpaid taxes, claiming 67 billion euros (US$75 billion). No financial details of the agreement were disclosed, although Madet said that the consortium would not pay the government US$200 million.

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