Tue, Sep 12, 2017 - Page 10 News List

World Business Quick Take

Agencies

POULTRY

Deal near for Moy Park

Pilgrim’s Pride Corp, the second-largest US chicken producer, is nearing a deal to acquire UK poultry provider Moy Park, people with knowledge of the matter said. The company could announce an agreement as soon as this week to buy Moy Park from JBS SA, which is also the biggest shareholder of Pilgrim’s Pride, according to the people, who asked not to be identified because the information is private. Brazilian meatpacking giant JBS said last week it was making efforts to sell Moy Park, though no final deal had been reached. It bought the business in 2015 for about US$1.5 billion including debt. Joesley and Wesley Batista, the Brazilian brothers whose family controls JBS, have been shedding assets to help pay for legal settlements after they confessed to graft and other crimes.

RETAIL

Lotte mulls China sale

South Korea’s Lotte Shopping is considering selling its supermarkets in China and other options should political tensions between Seoul and Beijing continue next year, an official at the retailer said yesterday. “It is natural that we should have various alternatives, but no discussions or decisions have been made regarding detailed plans,” the official said on condition of anonymity because of the sensitivity of the issue. He did not elaborate on what other options were under consideration. China has pressured South Korean businesses via boycotts and bans since Seoul decided last year to deploy a US-made Terminal High Altitude Area Defense system as a deterrent to North Korea. Lotte has been among the hardest-hit firms after it provided the land where the system is installed.

CHINA

Wang Jianlin in Hong Kong

Dalian Wanda Group (萬達集團) yesterday said that its chairman Wang Jianlin (王健林) was in Hong Kong on Friday, just weeks after some media outlets said he had been stopped from leaving the mainland. Wanda said on its Web site that Wang met with former Hong Kong chief executive Tung Chee-hwa (董建華). Two photographs published on the Web site showed Wang and Tung standing in front of a Hong Kong Special Administrative Region logo in Tung’s office. A person with knowledge of the matter said the two are longtime friends. Wanda declined to comment on the trip.

ENVIRONMENT

Revision to emissions plan

The EU is preparing to make its emissions-trading system, the world’s largest, immune to a potential supply turmoil in the case the UK pulls out from the region’s carbon market as part of Brexit. The European Parliament is to vote tomorrow on a proposal that would prevent companies and airlines in the EU Emissions Trading System using carbon allowances issued by the UK from next year should the country decide to leave the cap-and-trade program, according to a draft document obtained by reporters. The provision, to be sponsored by four political groups, will be submitted as part of a revision of the bloc’s carbon market law to update rules on aviation.

CHINA

Chengdu back at No. 1

Sichuan Province’s Chengdu has reclaimed the top spot in a Milken Institute ranking of China’s best-performing big cities. Chongqing climbed to second place, while Guiyang, capital of poor-but-fast-growing Guizhou Province, fell from first to third, according to a report released yesterday by the Santa Monica, California-based think tank founded by Michael Milken.

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