Wed, Nov 22, 2017 - Page 10 News List

World Business Quick Take

Agencies

TECHNOLOGY

Tencent overtakes Facebook

China’s social media and video game giant Tencent Holdings Ltd (騰訊) yesterday overtook Facebook Inc in market value as investors sent the company soaring to the top five list of the world’s biggest firms. Tencent’s shares, traded in Hong Kong, have doubled in value this year as the tech company’s earnings have repeatedly outmatched analysts’ expectations. A second stock connection with China, which opened late last year, has allowed even more money to flow onto the territory’s exchange. By yesterday afternoon, Tencent’s market capitalization had reached HK$4.15 trillion (US$531.3 billion), surpassing Facebook’s US$519 billion.

POWER

Luminant to cut 600 jobs

Electricity generator Luminant is cutting about 600 jobs as it closes three coal-fired power plants and a mine in Texas. The Texas Workforce Commission on Monday said that Luminant plans to make the layoffs in January next year. Luminant previously announced that it would shutter the Monticello, Big Brown and Sandow power plants. The filing with regulators puts a number on the affected jobs, nearly half of which are at the Three Oaks mine near Elgin. The company is closing the plants because of competition from cheap natural gas, low wholesale power prices and an increase in renewable generation.

AUTOMAKERS

Groups urge Chrysler recall

The Center for Auto Safety is asking the government for a recall of Chrysler Pacifica minivans over complaints that the engines can stall without warning. The group on Monday petitioned the US National Highway Traffic Safety Administration, asking for an investigation and a recall of 150,000 minivans from this model year. The group says more than 50 people have complained to the government about stalling and Fiat Chrysler Automobiles has not been able to fix the problem. Fiat Chrysler said it takes customer concerns seriously and does not know of any crashes or injuries due to the issue. The company says it is monitoring data and would respond if it shows a safety defect.

SOUTH AFRICA

Bidvest to buy FinGlobal

Bidvest Group Ltd’s banking unit agreed to buy FinGlobal, a provider of financial services to South Africans living outside the country, as part of an acquisition drive to expand and diversify its business. Bidvest Bank is to fund the purchase out of its 2 billion rand (US$141.8 million) in cash reserves, managing director Japie van Niekerk said yesterday by telephone. The acquisition gives the lender access to FinGlobal’s more than 15,000 customers in 80 nations, offering tax refunds, foreign-exchange services and retirement annuities.

INDONESIA

Goldman must return shares

A court ruled against Goldman Sachs Group Inc and ordered it to return shares of PT Hanson International to its founder Benny Tjokrosaputro. Goldman must pay 320.8 billion rupiah (US$23.7 million) in material damages to Tjokrosaputro for an “illegal transaction” of Hanson shares, Judge Achmad Guntur said yesterday in the South Jakarta District Court. The judge also rejected a US$1 billion counterclaim the US bank filed last year against a lawsuit by Tjokrosaputro, in which he alleged that the firm’s stake in Hanson was improperly obtained. “We are surprised and disappointed at today’s ruling by the South Jakarta Court and will be appealing it at the earliest opportunity,” Goldman Sachs spokesman Edward Naylor said.

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