Sat, Dec 30, 2017 - Page 10 News List

World Business Quick Take

Agencies

CHINA

Firm to buy 50 Airbus jets

An aircraft leasing company on Thursday said it plans to buy 50 Airbus A320neo jets for US$5.42 billion as part of a drive to capitalize on ever-growing demand for air travel in China. Hong Kong-listed China Aircraft Leasing Group Holdings Ltd (中國飛機租賃) is to take delivery of the airliners in stages through to 2023, it said in a statement. The company said the announcement takes its total orders with Airbus to 202 aircraft, adding it would “purchase 15 additional Airbus A320neo aircraft next month subject to the fulfillment of certain conditions.”

ENERGY

SandRidge drops Bonanza buy

SandRidge Energy Inc, succumbing to a campaign led by activist investor Carl Icahn, gave up on its proposed purchase of rival oil and natural gas explorer Bonanza Creek Energy Inc. After consultation with its largest shareholders, the company’s board concluded that it would not receive approval for the transaction at its planned special meeting, SandRidge said in a statement on Thursday. SandRidge is to reimburse as much as US$3.7 million to Bonanza Creek for expenses related to transactions. The shares gained as much as 1.9 percent in after-hours trading.

FINANCE

Citigroup pays big for claims

Citigroup Inc is to pay US$11.5 million to resolve Financial Industry Regulatory Authority (FINRA) claims that a brokerage unit harmed retail customers by displaying inaccurate research ratings for hundreds of securities for nearly five years. Citigroup Global Markets Inc showed incorrect ratings — such as “buy” instead of “sell” — to brokers, customers and supervisors on 38 percent of the equities covered by its research department from February 2011 to December 2015, FINRA said in a statement on Thursday.

UNITED STATES

Home values hit record

In a hot housing market, the value of all homes soared to a record this year, as did the monthly payments by renters, online real-estate giant Zillow said on Thursday. With the steady increase in demand for housing driving prices and rents higher, the value of all homes was up nearly US$2 trillion, according to year-end data. The 6.5 percent increase over last year was the biggest gain in four years and drove the total to nearly US$32 trillion. The value is up US$9 trillion from the worst point in the global recession, the report said.

AIRLINES

IAG to take over Niki

British Airways owner IAG has emerged as the preferred bidder to take over bankrupt Austrian airline Niki, German news agency DPA reported on Thursday. Niki insolvency administrator Lucas Floether earlier announced that creditors had agreed to begin final talks with a chosen bidder.

METALS

Copper on 30-year run

Copper is on a run that is set to be the best in almost 30 years. The metal is on course for the longest winning streak since 1989, topping US$7,300 a tonne in London, on optimism about increased demand, supply disruptions in China and a weaker US dollar. Three-month copper rose as much as 1 percent to US$7,312.50 on the London Metal Exchange, the highest since January 2014, and traded at US$7,267 at 12:20pm in London on Thursday. The metal is up for a 10th straight day.

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