Tue, Mar 27, 2018 - Page 10 News List

World Business Quick Take

Agencies

WEAPONS

Remington files bankruptcy

US gunmaker Remington on Sunday filed for bankruptcy, as the Wmore than 200-year-old firearms manufacturer vies to restructure its massive debts. Remington had announced it would file for bankruptcy last month, just two days before a shooting at a Parkland, Florida high school that killed 17 people and reignited a national debate on gun control. The restructuring agreement would allow Remington to reduce about US$700 million of its consolidated debt, as well as inject a contribution of US$145 million of new capital into its operating subsidiaries, the company said.

FASHION

JD buys Finish Line

JD Sports Fashion PLC has agreed to buy US sportswear retailer Finish Line Inc, expanding into the North American market and snatching away a company in which Mike Ashley’s Sports Direct International PLC had built a stake. The takeover agreement is valued at US$13.50 per Finish Line share in cash, or a total of US$558 million. Due to the distinct geographies in which the two companies operate, JD Sports does not see any significant adjustments in headcount, the company said. The deal represents a 28 percent premium to Finish Line’s closing price on Friday.

SEMICONDUCTORS

Toshiba awaits approval

Embattled Japanese conglomerate Toshiba yesterday said it was still waiting for regulators to approve the key sale of its chip unit, a delay that could stymie plans to complete the deal this month. The firm agreed in September last year to sell its memorychip business to a consortium led by US investor Bain Capital, which was seen as crucial to keeping it afloat after multibillion-dollar losses. Under the deal, Toshiba had expected to meet all the sale conditions by Friday last week and complete them this Friday.

AUTOMAKERS

Great Wall goes global

Great Wall Motor Co (長城汽車), the king of sport utility vehicles in China, is feeling the rising heat from competition. After reporting earnings that more than halved last year, it is turning to potential customers abroad for its next phase of growth. The automaker plans to initially focus on countries such as Russia and those in the Middle East that have similar regulations as China, founder and chairman Wei Jianjun (魏建軍) told reporters in Hong Kong yesterday. The company will build its vehicles in Russia, with a factory capable of rolling out 80,000 vehicles annually set to start operations next year, he said. Plans to sell cars in the US starting 2021 are also on the cards, he said. Great Wall on Friday reported that its profit fell 52 percent last year to 5.03 billion yuan (US$796 million) as it spent more on incentives and discounts to help secure market share.

TECHNOLOGY

Google eyes China for AI

Google CEO Sundar Pichai expects China to play a crucial role in artificial intelligence (AI) as he keeps expanding the search giant’s workforce in the country, even as many of its services are blocked. Google has invested in Chinese start-ups, forged a patent alliance with Tencent Holdings Ltd (騰訊) and is pushing its TensorFlow AI tools in the country, despite key services, such as search and e-mail, remaining blocked. The company recently opened a research lab in Beijing focused on AI, a blossoming field but one at the center of tensions between China and the US. Google’s lab falls under its cloud unit, and the company has suggested it is open to entering China with that business if it is allowed to.

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