Tue, Jun 27, 2017 - Page 10 News List

World Business Quick Take



Deutsche not wary of Brexit

Deutsche Bank AG’s asset management arm purchased two office buildings from M&G Real Estate for £310 million (US$395 million) in a bet that Brexit would not hurt the market in the long run. The properties, built in 2007, have 38,500m2 of office space on nine floors and are located behind the Tate Modern art museum in London’s Southbank district, Deutsche Bank said yesterday in a statement. “Despite Brexit, London is and remains one of the most attractive locations for real-estate investments in Europe,” Ulrich Steinmetz, who runs real-estate funds for Deutsche Bank, said in the statement.


Wage hike after VW strike

Unions at Volkswagen Slovakia (VW) on Sunday said they were ending a six-day strike after agreeing to a 14.1 percent wage hike with management at the eurozone nation’s largest private employer. “We are ending our strike,” union chief Zoroslav Smolinsky told journalists after marathon negotiations with Bratislava plant bosses. VW spokeswoman Lucia Kovarovic Makayova said that the agreed 14.1 percent pay rise would be made in three installments and completed by November next year. Workers are to also get a one-off bonus of 500 euros (US$559) and an extra day off, she added. The average salary in the Bratislava VW plant is 1,800 euros, excluding managers’ pay packets, the company said. Slovakia’s average salary is 980 euros. Workers launched the strike on Tuesday last week after management rejected union demands for a 16 percent wage hike, offering an 8 percent rise instead. Smolinsky said that up to 10,000 of the plant’s 12,300 employees downed tools for the first time since production began at the site in 1992.


Credit Suisse disputes fees

Credit Suisse Group AG, which helped arrange part of the US$2 billion in Mozambique state-backed loans that plunged the nation into crisis, disputed that it received more than US$100 million in fees for arranging the financing. The bank was responding to Kroll LLC’s audit report into the debts that said it and Russia’s VTB Bank PJSC were paid US$200 million in arrangement and contractor fees. The investigation showed that Mozambican state companies failed to account for about a quarter of the proceeds of US$2 billion in loans being investigated, the Kroll report said. “The reporting that Credit Suisse realized US$100 million or more in ‘arranging’ fees is incorrect and misleading,” a spokesman for the lender said on Sunday in an e-mailed statement. “Banking fees for Credit Suisse totaled US$23 million –- roughly 2.3 percent of the total financings — and is in line with comparable emerging-market financing transactions,” the statement said.


Sibanye to restart mine

South African precious metals producer Sibanye Gold aims to resume production at its strike-hit Cooke Mine later this week, but planned to first conduct safety inspections in the shafts yesterday. It also needed to wrap up an appeals process for about 1,500 miners who face possible dismissal for taking part in a violent wildcat strike that started nearly three weeks ago in protest against a company drive to root out illegal miners, a company spokesman said. Illegal gold mining has plagued South Africa for decades, with bullion pilfered from both disused and operating mines, and Sibanye has said it will clear all illegal miners from its shafts by January next year.

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