Fri, Oct 13, 2017 - Page 10 News List

World Business Quick Take

Agencies

ECONOMY

Federal Reserve favors hike

US central bankers are sharply divided over whether to increase interest rates again this year amid persistently weak inflation, but many still favor a hike, meeting minutes released on Wednesday showed. The continuing disagreements among members of the US Federal Reserve could leave investors and market watchers guessing about the path of US monetary policy in the waning months of the year. Policymakers also said the economic effects of hurricanes Harvey, Irma and Maria, which tore a path of destruction across US territories between August and last month, were likely to be only temporary, the meeting minutes said.

SUPERMARKETS

Tesco to takeover Booker

British wholesaler Booker Group PLC yesterday said it expected its £3.7 billion (US$4.9 billion) takeover by Tesco PLC to be completed early next year, as it reported a 9 percent rise in first-half profit. The agreed deal is currently being investigated by regulator the Competition and Markets Authority and provisional findings are expected by the end of the month, ahead of a final report by the end of the year. Booker made a pretax profit of £88 million in the 24 weeks to Sept. 8, up from £81 million in the same period last year. Total sales rose 2.5 percent to £2.6 billion.

AUTOMAKERS

BMW to outsource the Mini

BMW AG is working on a deal to outsource the manufacturing of Mini cars in China to Great Wall Motor Co Ltd (長城汽車), the country’s biggest SUV maker, according to people with knowledge of the plan. The two companies are discussing possible export of Mini brand cars from China to other markets, the officials said, asking not to be identified as the deliberations are private. Earlier yesterday, Great Wall suspended the trading of its shares in Hong Kong after the stock jumped 14 percent on Wednesday amid speculation in local media that the two companies would form a joint venture.

BEVERAGES

UK duty deflates sales

Sales of Scotch whisky in the UK have declined after British Chancellor of the Exchequer Philip Hammond hiked taxes on spirits, according to official figures that provoked calls to reverse the measure in next month’s budget. Government figures show the industry released 36.7 million bottles of Scotch for sale in the first six months of this year, down from 37.7 million in the same period last year. The Scotch Whisky Association industry body wants Hammond to scrap his March announcement of a 3.9 percent increase in spirits duty.

MANUFACTURING

Hon Hai eyes healthcare

Hon Hai Precision Industry Co (鴻海) is not expected to decide on a second location in investing in Wisconsin until next year, according to the Wisconsin State Journal newspaper. Hon Hai is considering investing in a medical facility in Wisconsin, in addition to a US$10 billion plan to build a flat panel factory, Charlie Alvarez, senior adviser to the president of Foxconn Medical Group (鴻海醫療集團), said on Tuesday in an interview with the newspaper that was published on Wednesday. “Right now, we’re waiting on the other facility to get up and going, and then we’ll get directives on the healthcare group,” Alvarez said. However, a medical-related unit in the state is not definite, he said.

This story has been viewed 1263 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