Sun, Mar 04, 2018 - Page 16 News List

World Business Quick Take

Agencies

RETAIL

J.C. Penney lays off 360

Department store chain J.C. Penney Co Inc on Friday said it has cut more than 300 jobs and reported disappointing sales at established stores for the quarter that includes the year-end holiday season. It also delivered a muted outlook, with its shares falling 6 percent. The news overshadowed strong profits as investors worried about the firm’s ability to remake itself in a changing retail market. J.C. Penney eliminated 130 positions at its headquarters in Plano, Texas, and said restructuring regional, district and store support teams to eliminate bureaucracy led to 230 job cuts. It estimated the cuts will save US$20 million to US$25 million per year.

RETAIL

Agency files for Tesco retrial

Three former senior Tesco PLC executives look set to face a London jury for a second time over a £250 million (US$345.2 million) accounting scandal after their first trial was called off shortly before the jury was due to consider its verdict. The British Serious Fraud Office, which is prosecuting the case, on Friday said it had written to the court to seek a retrial of Tesco’s former finance director Carl Rogberg, former UK managing director Christopher Bush and former UK food commercial director John Scouler. The prosecution of the three men was launched after Tesco said in September 2014 that its profit forecast had been overstated by £250 million.

AUTOMOTIVE

Infineon teams up with SAIC

German computer chipmaker Infineon Technologies AG on Friday said it is teaming up with China’s biggest automaker, SAIC Motor Corp (上海汽車), to produce power modules for the Chinese electric car market. Infineon said in a statement that it would hold a 49 percent stake in the new Shanghai-based company, SAIC Infineon Automotive Power Modules (SIAPM, 上汽英飛凌汽車功率半導體), which is to make inverters — vital parts that convert power from a battery to a form that can be used by a car’s engine. SAIC Motor is to hold the remaining 51 percent.

ALCOHOL

AB InBev boosts spending

Anheuser-Busch InBev NV (AB InBev) is ramping up investment in Africa after seeing a boom in demand for its beer on the continent, building on the Budweiser brand owner’s US$106 billion takeover of SABMiller PLC in 2016. Shipments in the region excluding South Africa last year increased by as much as 20 percent, and premium brands such as Stella Artois and Corona are growing in popularity in South Africa, regional CEO Ricardo Tadeu said. “We have invested hundreds of millions of dollars on the continent this past year, most notably US$200 million in South Africa,” he said in an interview on Thursday.

GREECE

EU experts approve tranche

The government on Friday said that EU experts have approved a fresh cash injection under its bailout loan program, which is due to wrap up later this year. The Ministry of Finance said in a statement that the 5.7 billion euros (US$7 billion) should be disbursed in the middle of this month following approval by lawmakers in several eurozone countries. The approval by experts working for the group of eurozone finance ministers marks the formal closure of the third review by Greece’s creditors under the current bailout program.

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