Thu, Jun 15, 2017 - Page 11 News List

World Business Quick Take

Agencies

REAL ESTATE

Parking space sets record

Hong Kong just set another property-price record. This time, it was for a parking space. A 17.5m2 space on Hong Kong island sold for HK$5.18 million (US$664,300) last month, Ming Pao reported yesterday, citing land registration records. The parking space cost more than some homes: Centaline Property Agency Ltd (中原地產) data showed a HK$4.2 million sale of a 26.5m2, two-bedroom home in Sha Tin, in the New Territories, in April. The parking space is at the residential building Upton, which was also the site of the previous record parking-space transaction, the newspaper said.

CHINA

Economy losing momentum

Factory output and retail sales grew at a steady pace last month, but investment slowed, reinforcing views that the world’s second-largest economy would soon start to lose some momentum as lending costs rise and the property market cools. Factory output rose 6.5 percent last month from a year earlier, National Bureau of Statistics data showed yesterday. Retail sales were more upbeat, rising 10.7 percent last month from a year earlier, but fixed-asset investment growth slowed to 8.6 percent in the first five months of the year, data showed. Growth of private investment slowed slightly to 6.8 percent in the first five months from 6.9 percent in the first four months, the bureau said.

MEDIA

Time Inc cutting 300 jobs

Magazine publisher Time Inc said it is cutting 300 jobs as it struggles to adjust to readers’ shift online. The New York company behind its namesake publication, People, Sports Illustrated and Fortune said about half the jobs eliminated are in the US. About 60 percent are layoffs, the rest are staff buyouts. The cuts amount to about 4 percent of the company’s staff as of the end of December last year. Time Inc chief executive Rich Battista on Tuesday said in a note to employees that the company’s key growth areas include video and “native” advertising that looks like editorial content. He says there are “positive signs of stabilizing” in the print business.

MINING

Fosun in Gemfields bid

Fosun International Ltd (復星國際) joined the race for Faberge owner, Gemfields PLC , after it made an initial proposal regarding a possible cash offer for the British precious stones miner. Fosun Gold, part of Fosun International, said it has proposed to buy Gemfields at a price of £0.4085 per share, a premium of 15.1 percent to Gemfield’s closing price of £0.355 on Tuesday. The proposal values Gemfields — which mines for emeralds and amethysts in Zambia, and for ruby and corundum in Mozambique — at £224.6 million (US$287.13 million).

MEDIA

Ten appoints administrators

A major Australian television network, Ten Network Holdings Ltd, has appointed voluntary administrators as it struggles with debt and shrinking advertising revenue. Ten’s board decided to appoint the three administrators yesterday after two of the network’s billionaire backers, Lachlan Murdoch and Bruce Gordon, advised last weekend that they were not prepared to guarantee a new A$250 million (US$189 million) bank loan when a A$200 million loan is due to expire in December. The administrators are to decide whether Australia’s third-most popular commercial television network can continue trading or should be shut down.

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