Sun, Jan 21, 2018 - Page 16 News List

World Business Quick Take

Agencies

FRANCE

Foreign investors gather

Nearly 140 chief executives from companies around the world are to gather at the Versailles Palace outside Paris tomorrow, as the French government steps up efforts to attract more foreign investors. French President Emmanuel Macron orchestrated what is being billed as an “attractiveness summit” as executives converge for the World Economic Forum in Davos, Switzerland, next week. A handful of economic accords are to be announced, including a major investment in “traditional industry” and two in “high-tech and artificial intelligence,” an official in the president’s office said.

SPAIN

Fitch upgrades debt rating

Fitch Ratings on Friday upgraded Spain’s sovereign debt rating, pointing to the country’s growing economy and improving fiscal health. The economic impact of the Catalonia region’s effort to declare independence last month have been “limited” so far, but the political standoff will weigh on growth, the agency said. Fitch raised Spain’s long-term debt rating one notch to “A-” with a stable outlook. Fitch said that Spain was enjoying the fruits of an economic recovery, with the economy likely having expanded by an average of 3.3 percent between 2015 and last year. The central government deficit is likely to hit its 3.1 percent target this year.

FINANCIAL SERVICES

CEO takes home huge bonus

Morgan Stanley boosted chief executive officer James Gorman’s compensation for last year by 20 percent to US$27 million, the most pay he has received since taking the helm eight years ago. Gorman, 59, got a US$12.8 million long-term incentive, US$6 million of deferred cash, US$5.6 million cash bonus, US$1.5 million salary and restricted shares worth almost US$1.2 million, bank spokesman Wesley McDade said. Last year, Morgan Stanley had record revenue from wealth management and stabilized its fixed-income division after restructuring. This week, its market value eclipsed that of rival Goldman Sachs Group Inc for the first time in a decade.

AUTOMAKERS

Start-up hunts funding

Byton (拜騰), a Chinese electric car start-up founded by former BMW AG executives, is seeking about US$400 million in a new round of funding, people with knowledge of the matter said. The Nanjing-based company, which showcased a concept car at the CES in Las Vegas this month, has been reaching out to potential investors to gauge their interest, according to the sources. Byton received US$200 million from a Suning Holdings Group Co (蘇寧集團) fund and some state-owned firms in Jiangsu Province, chief operating officer Daniel Kirchert said in August last year.

INTERNET

Missouri offer revealed

The US state of Missouri offered Amazon.com Inc nearly US$2.5 billion in incentives spread over 10 years in its failed bid to lure the company’s second headquarters to the state, according to figures released on Friday by the state Department of Economic Development. The state proposed building an “innovation corridor” between Kansas City and St Louis to provide employees and sites for Amazon. Amazon has said its second headquarters would bring up to 50,000 jobs and an investment of more than US$5 billion.

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