Thu, Oct 26, 2017 - Page 10 News List

World Business Quick Take

Agencies

MINING

Glencore sued over police

Peruvian villagers suing miner Glencore PLC are to argue in London’s High Court next week that the company should be held liable over their allegations they were abused by Peruvian police, the law firm representing them said on Tuesday. The allegations, to be presented in a 10-day hearing that starts on Monday next week, illustrates potential legal risks for mining companies that sign pacts with Peruvian police for the provision of security services at their operations. The lawsuit by 22 Peruvians said that Xstrata PLC, acquired by Glencore in 2013, failed to take reasonable steps to prevent abuses by police in deadly protests at the Tintaya copper mine in 2012, London law firm Leigh Day said.

PRIVATE EQUITY

Blackstone aims for US$800bn

Blackstone Group LP could double its assets under management to US$800 billion in five years, chief executive officer Steve Schwarzman said. “We have internal targets, plans, aspirations to basically double where we are which would take us to US$800 billion,” Schwarzman said in Bloomberg TV interview in Riyadh yesterday. When asked whether the New York-based asset manager could be a trillion dollar fund, he said: “That’s possible.” Schwarzman, 70, said last week that he expects Blackstone’s assets to continue rising in the fourth quarter of the year.

Pharmaceuticals

Sanofi to sue over patent

French drugmaker Sanofi SA said it is suing a US pharmaceuticals company for allegedly infringing the patent on its key insulin treatment as sales of its diabetes drugs are falling. Sanofi’s Lantus insulin drug, a major source of revenue for the French group, is no longer being reimbursed by several top US health insurance companies which have switched to a cheaper competitor. That pushed sales of the French group’s diabetes treatments down by 12 percent in the second quarter of the year. Sanofi said in a statement late on Tuesday that it is suing US-based Mylan for alleged infringement of 18 patents.

FOOD AND BEVERAGE

McDonald’s earnings strong

McDonald’s on Tuesday turned in another strong round of earnings following heavy promotions in the US as it ramps up tech-focused home-delivery and mobile-pay initiatives. The fast food giant scored a solid 6 percent jump in global comparable sales, fueled by gains in several key markets, including the US, China, Britain and Canada. “We’re building a better McDonald’s and winning back customers,” said chief executive Steve Easterbrook, who was appointed in 2015 and has been credited with turning around the chain, and dousing worries about rival chains and growing consumer enthusiasm for healthier fare.

RENEWABLE ENERGY

Equis Energy acquired

Investment fund Global Infrastructure Partners agreed to buy Equis Energy, a Singapore-based developer of renewable power projects, for US$5 billion including debt, an industry record. The deal includes US$1.3 billion of liabilities and is expected to close in the first quarter of next year, the companies said in a joint statement yesterday. Equis Energy’s portfolio of assets includes solar, wind and hydroelectric power operations in Australia, Japan, India, Indonesia, the Philippines and Thailand. Renewable power is attracting more investor interest as governments throughout Asia seek alternatives to fossil fuels to meet rising energy demand.

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