Sat, Mar 24, 2018 - Page 10 News List

World Business Quick Take

Agencies

INTERNET

Dropbox ups the ante for IPO

Cloud data service Dropbox Inc set a share price of US$21 for its NASDAQ market debut (IPO), a higher bar than expected, which values the start-up at about US$8 billion. Shares in the San Francisco-based technology firm were to begin trading yesterday, with a goal of raising about US$750 million. The company’s shares use the symbol “DBX.” Dropbox also plans a US$100 million stock sale to the venture capital arm of Salesforce.com Inc, according to an earlier filing.

OIL AND GAS

PetroChina triples profit

China’s biggest oil producer, PetroChina Co (中國石油天然氣), tripled its profit last year, rebounding on firmer crude prices, the company said. Net profit last year rose to 22.8 billion yuan (US$3.61 billion), compared with just 7.86 billion yuan (US$1.1 billion) in 2016, the company said on Thursday. PetroChina also said it is to pay a fresh dividend to shareholders of more than 11 billion yuan. Added to a more than 12 billion yuan dividend for the first half announced in August last year, total dividends for last year were about equal to PetroChina’s full-year annual profit.

TECHNOLOGY

Tencent slumps after sell-off

Tencent Holdings Ltd (騰訊) shares slumped in Hong Kong after Naspers Ltd, its biggest investor, raised HK$76.9 billion (US$9.8 billion) selling stock at a discount. Shares fell as much as 7.8 percent to HK$405 in trading early yesterday. Naspers, a South African media and investment company, sold 190 million shares, it said in a filing with the exchange yesterday. That suggests a price of HK$405 per share, Bloomberg calculations showed. At the end of the session, Tencent shares fell more than 4 percent.

APPAREL

Nike’s quarerly sales jump

Nike Inc shares on Thursday surged in after-hours trading after it reported a jump in quarterly sales and signaled improving market conditions in North America. The US sports apparel and sneaker giant reported a loss of US$921 million in the quarter ending on Feb. 28, due to US$2 billion in one-off expenses connected to US tax reform. Nike reported US$1.4 billion in profits in the same period one year earlier. In contrast, revenues rose seven percent to US$9.0 billion, thanks to big gains in sales in China, Europe, the Middle East and Africa that offset a decline in North America.

FINANCE

CommBank to settle case

Commonwealth Bank of Australia (CommBank) plans to enter mediation with the country’s financial intelligence agency over a major money laundering civil case that could be hugely costly for the lender. The nation’s biggest bank late on Thursday said that at the request of both parties, orders were made in the Federal Court “for the matter to be referred to mediation,” which has to take place before May 25.

JAPAN

Core inflation up to 1%

Japan’s consumer prices edged up 1.0 percent last month, but inflation was still far below a longstanding target, government data showed yesterday. The data showed that the core inflation rate, which excludes volatile fresh food prices, stood at 1.0 percent, up from 0.9 percent over the previous three months. With fresh food and energy stripped out, prices rose by even less — just 0.5 percent last month, the data showed.

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