Mon, Oct 02, 2017 - Page 14 News List

World Business Quick Take

Agencies

PHILIPPINES

Investment laws targeted

The Philippines plans to amend its Constitution next year to help ease restrictions on foreign investment, Secretary of Finance Carlos Dominguez said. Dominguez informed Japanese investors in a recent forum in Tokyo that the government is also reviewing its so-called Foreign Investment Negative List to increase foreign ownership limits in the areas of construction and other sectors, the Department of Finance said in a statement. The review, which Dominguez described as the first step, started in May. The second step “is through the amendment of the Constitution, and the president has called for a revision of our constitution, which we believe will start probably next year or in about 12 months,” Dominguez said.

SEMICONDUCTORS

Bain to take flash unit public

Bain Capital’s consortium is planning to take Toshiba Corp’s flash-memory unit public within two to three years after closing its ¥2 trillion (US$18 billion) acquisition of the business, people familiar with the matters said. The precise timing of the initial public offering (IPO) will depend on the unit’s finances and market conditions, and could change substantially, said the people, asking not to be identified because the matter is private. The Bain group also plans to institute a stock option program at the memory business so that employees will have an opportunity to profit in any IPO, they said. On Thursday, Toshiba signed a final agreement to sell the business to a group led by Bain, while Toshiba itself will maintain a stake.

TECHNOLOGY

Most of EU supports tax plan

There is a groundswell of support in the EU to make sure that digital US giants pay more taxes on their lucrative business in Europe, French President Emmanuel Macron said on Friday. He said he already counted 19 of 28 nations in support of plans for continent-wide fiscal rules on taxing major Internet companies. Ireland disagreed with the proposal and said many Nordic countries had joined it in opposition. The plan for a tax system that should hit US tech companies harder will be coming up at EU ministerial meetings later this fall.

AEROSPACE

SpiceJet orders more Q400s

Indian low-cost airline SpiceJet has ordered up to 50 Bombardier Q400 turboprop aircraft — the largest single order ever for this plane, the Canadian aerospace company said on Friday. The US$1.7 billion deal for 25 aircraft and options on 25 more would bring the total firm orders for the Q400 to 600, Bombardier said in a statement. SpiceJet is the first carrier to opt for the high-density 90-passenger model of this plane, adding them to its current fleet of 20 78-seat Q400 aircraft.

REAL ESTATE

UrWork to open in Manhattan

Chinese co-working company UrWork (優客工場) plans to open its first location in Manhattan early next year, but its name will likely not be on the door. WeWork Cos, the New York-based start-up, sued UrWork last month, arguing that the Chinese company’s name infringes on its trademarks. As part of the case, a judge on Friday ruled that Serendipity Labs, a co-working company that is partnering with UrWork to open the new location, cannot use UrWork’s name anywhere outside of China on places such as its Web site, office or promotional materials.

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