Thu, Oct 12, 2017 - Page 10 News List

World Business Quick Take

Agencies

BANKING

Qatari bank to expand

Commercial Bank of Qatar QSC is planning a capital increase of as much as US$1 billion in its Turkish unit to expand in the country, according to people with knowledge of the matter. The Doha-based lender is seeking to raise between US$500 million and US$1 billion from existing shareholders of Alternatifbank AS and international financial institutions, the people said, asking not to be identified because the talks are private. CBQ bought a 71 percent stake in Alternatifbank in 2013 and increased it to full ownership last year.

AUTOMAKERS

Porsche tests subscriptions

Porsche is to begin an app-based subscription service next month, joining the ranks of automakers experimenting with more flexible ownership models as ride hailing and smartphones upend traditional auto retailing. The length of the pilot, called Porsche Passport, is open-ended and initially would be limited to just 50 people in Atlanta, said Klaus Zellmer, president of North America for the Volkswagen AG unit. The first subscription tier starts at US$2,000 a month and allows users to summon a 718 Boxster, Cayman S, Macan S or Cayenne on demand. For US$3,000 a month, drivers would gain access to 22 different Porsche models.

ENVIRONMENT

BNP to end oil sands funds

BNP Paribas SA yesterday promised to stop financing shale and oil sands projects as part of its latest efforts to tackle climate change. France’s biggest bank would no longer do business with companies whose main business stems from oil and gas obtained from shale or oil sands, it said in a statement. The policy covers companies involved in activities ranging from exploration to marketing and trading. The bank added that it would not fund oil or gas projects in the Arctic region.

BUSINESS

Toshiba off watchlist

The Tokyo Stock Exchange yesterday said it removed Toshiba Corp from its watchlist for delisting after seeing better internal controls and efforts to improve corporate governance. Toshiba has made progress with its bookkeeping since an accounting scandal in 2015 and the disclosure of multibillion-dollar losses in its nuclear business in December last year, the exchange said. The company still has negative shareholders equity and could be delisted if it is not able to meet listing requirements, the exchange said. Toshiba signed an agreement on Sept. 28 to sell its flash memory chip business to a group led by Bain Capital for about ¥2 trillion (US$18 billion), in an effort to reach positive shareholder equity.

STEEL

Indian demands accelerates

Steel demand in India is gathering speed amid an infrastructure building boom that is set to more than double capacity of the nation’s mills, the government said. “We’re expecting domestic consumption to accelerate in the decade between 2020 and 2030,” Indian Secretary of Steel Aruna Sharma said in New Delhi. Annual capacity stands at 126 million tonnes and is forecast to rise to 150 million tonnes by 2021, before settling at 300 million tonnes, she said. India is in the midst of a wave of urbanization that is set to boost demand for everything from copper to iron ore to steel as the economy expands over the next two decades, an Australian government report said. It has taken seven years for per capita steel consumption to rise to 60kg from 50kg and just 18 months to get to 64kg this year, Sharma said.

This story has been viewed 1602 times.

Comments will be moderated. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned.

TOP top