Fri, Oct 06, 2017 - Page 10 News List

World Business Quick Take

Agencies

PHARMACEUTICALS

BTG to acquire Roxwood

British drugs company BTG PLC yesterday said it would buy US-based cardiovascular catheter maker Roxwood Medical Inc for up to US$80 million. The deal, which is expected to be accretive to adjusted profit from the second full year of ownership, comprises US$65 million paid on closing and up to US$15 million in potential milestones. Roxwood’s portfolio of anchoring catheters and microcatheters for treatment of complex cardiovascular lesions should leverage BTG’s existing successful EKOS (endovascular system) sales and marketing operation, Deutsche Bank AG said.

SERVICES

US growth hits 12-year high

Growth in the US services sector, a key driver of the economy, hit a 12-year high last month in the wake of back-to-back hurricanes, a survey released on Wednesday showed. The monthly gains surpassed analysts’ expectations and marked 93 consecutive months of expansion, the Institute for Supply Management said. The institute’s non-manufacturing index rose a strong 4.5 percentage points from August’s level to reach 59.8 percent.

GERMANY

Firms told to prep for Brexit

German firms with a presence in Britain or Northern Ireland must make provisions for the possibility of a “very hard Brexit,” the BDI industry association said yesterday, adding that it was concerned at progress in Britain’s divorce talks with the EU. “The British government is lacking a clear concept despite talking a lot,” BDI managing director Joachim Lang said. “German companies with a presence in Britain and Northern Ireland must now make provisions for the serious case of a very hard exit. Anything else would be naive,” he said.

SERVICES

KPMG chief vows reform

Weaknesses at KPMG South Africa are not systemic and reforms are under way to address mistakes made in work it carried out for business friends of South African President Jacob Zuma, the firm’s new local chief executive told parliament yesterday. KPMG sacked a number of South African executives last month after it found work undertaken for firms owned by the Gupta family — a trio of Indian-born businessmen with close ties to Zuma — “fell considerably short” of its standards.

SEMICONDUCTORS

Bain aims to settle chip sale

The investment fund heading the consortium buying the memorychip business of Toshiba Corp yesterday said it would try to reach a speedy settlement with Western Digital Corp, the US joint venture partner of Toshiba that is opposing the sale. Bain Capital Japan head Yuji Sugimoto said the ¥2 trillion (US$18 billion) deal would go ahead, despite litigation by Western Digital. He added that Western Digital remains an important partner and a speedy resolution would benefit both sides.

AUTOMAKERS

Driverless cars in accidents

General Motors Co’s (GM) self-driving unit, Cruise Automation, told California regulators its vehicles were involved in six crashes in the state last month, but said none of the automated vehicles were responsible. The accidents did not result in any injuries or serious damage, GM reports said. A US Senate panel on Wednesday approved legislation that would allow automakers to greatly expand testing of self-driving cars. Some safety groups have objected to the proposal, saying it gives too much latitude to automakers.

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