Wed, Feb 14, 2018 - Page 10 News List

World Business Quick Take



Harmony Gold’s profits rise

South African miner Harmony Gold’s half-year profit rose 49 percent, boosted by improved performance at its South African operations, the firm said yesterday. Headline earnings per share, the main profit measure in South Africa that strips out certain one-off items, rose to 2.24 rand per share for the six months ended Dec. 31 last year from 1.50 rand per share in the previous period. The figure was in line with what the firm previously flagged to the market. The group, which has operations in South Africa and Papua New Guinea, saw gold production for the half-year period rise to 560,003 ounces, compared with 553,862 ounces in the previous period.


Regal RA receives license

Dubai gold trader Regal RA DMCC is the first company in the Middle East to get a license to trade cryptocurrencies, the Dubai Multi Commodities Centre (DMCC) said. The company will offer storage of Bitcoin, Ethereum and other cryptocurrencies in a vault located in center’s headquarters in Almas Tower in Dubai, the center said in a statement. Regal RA started trading gold in Dubai in 2016. “At the heart of DMCC’s long term strategic growth plan is the use of technology and innovation to disrupt and connect new markets, industries and customers,” center executive chairman Ahmed Bin Sulayem said. “The announcement today embodies this approach.”


Mercedes-Benz drops show

The Detroit auto show will be missing a famous star next year, with Mercedes-Benz choosing to sit out the iconic event. The top-selling luxury carmaker continuously reviews the platforms it chooses to reach customers and has decided not to participate in the North American International Auto Show in Detroit in 2019, according to an e-mailed statement. Bloomberg News reported last week that the Daimler AG-owned brand had been mulling the decision as auto manufacturers increasingly participate in tech conferences and do major reveals at their own showcases.


Amazon to cut Seattle jobs Inc is to cut a “small” number of positions at its Seattle headquarters, after ramping up hiring last year. The company did not give an exact number, but the Seattle Times, citing a person familiar with the cuts, says they affect a few hundred people. That would be a small percentage of the 40,000 people Amazon employs at its headquarters, and an even smaller proportion of its 566,000 employees worldwide. Amazon says it is still hiring aggressively in some areas and would consider those affected for other roles. Amazon said it hired 130,000 people last year, a 66 percent increase over 2016.


New offer for TDC Group

Danish company TDC Group on Monday said it received a sweetened bid from an Australian-Danish consortium for all of its shares. That led it to call off its own US$2.5 billion takeover plan of Sweden’s Modern Times Group’s broadcasting and entertainment operations. The Copenhagen-based company said it urged investors to back the cash offer of about 40 billion Danish kroner (US$6.7 billion) from Australia’s Macquarie and three Danish pension funds. TDC, formerly known as Tele Danmark Communications, had last week rejected a US$6 billion takeover from the same consortium, which is pledging to make substantial investments into the company’s network infrastructure.

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