Thu, Nov 30, 2017 - Page 10 News List

World Business Quick Take

Agencies

TOBACCO

P&H enters administration

Britain’s biggest cigarette wholesaler, Palmer & Harvey (P&H), on Tuesday collapsed into administration, with about 2,500 staff facing redundancy, its administrator PwC announced. The 90-year-old company, which also provides alcohol, groceries and frozen food to 90,000 retail accounts failed in attempts to secure a buyer. The firm, which employs about 3,400 people, last month held exclusive takeover talks with Carlyle Group, but the US private equity fund’s offer of a significant capital investment in exchange for a controlling stake did not progress. PwC confirmed P&H would immediately shed 2,500 jobs at the firm’s head office in Hove, England, and branch network, with the 900 remaining staff still at risk.

MEXICO

Bank deputy gets top job

President Enrique Pena Nieto on Tuesday named Bank of Mexico Deputy Governor Alejandro Diaz de Leon to head the bank. Analysts said the US-trained policymaker would likely continue the hawkish policies of Agustin Carstens, who is leaving tomorrow to head the Bank for International Settlements in Switzerland. Diaz de Leon, 47, has a master’s degree in public policy from Yale University and joined the central bank in 1991. He has also worked at the Secretariat of Finance and Public Credit and the nation’s Development Bank for International Trade, the presidential office said in a statement.

AUTOMAKERS

Hyundai production resumes

Hyundai Motor’s workers at a plant in Ulsan, South Korea, have resumed production after a walkout on two assembly lines, the company and the union said yesterday. Workers late on Tuesday returned to the plant after nearly 2,000 workers, or 4 percent of the company’s 51,000 union members, stopped work on Monday after talks collapsed over the terms for producing the Kona compact sports utility vehicle. The talks have resumed, Hyundai said. The walkout delayed production of about 1,200 vehicles, it added. The Kona is due to launch in the US early next year. The union is concerned that workers might lose jobs because the assembly process for the Kona is more automated than for the Accent, a sedan also manufactured at the Ulsan plant.

CHIPMAKERS

Marvell posts strong results

Chipmaker Marvell Technology Group Ltd forecast strong results for the current quarter while delivering higher-than-expected earnings and revenue for the third quarter, boosted by robust demand for its networking and connectivity chips. Shares of Bermuda-domiciled Marvell rose 2 percent in after-market trading to US$23.75. The results come days after Marvell said it would buy Cavium Inc for about US$6 billion, seeking to expand its wireless connectivity chip business. Marvell expects adjusted earnings of US$0.29 to US$0.33 per share and revenue of US$595 million to US$625 million in the quarter ending in January.

TECHNOLOGY

Microsoft to revamp HQ

Microsoft Corp is planning a multibillion-US dollar overhaul of its main campus in Redmond, Washington, adding space for 8,000 workers and creating areas for collaboration and recreation as it tries to keep up with growth in hiring and trends toward more open office spaces. The five to seven-year plan is to knock down 12 low-rise buildings and replace them with 18 new buildings, many of them double the height, president Brad Smith said.

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