REAL ESTATE
Sydney prices keep falling
Property values in Sydney last month fell for the seventh straight month as the once-booming housing market continues to cool. Prices in Australia’s biggest city last month declined 0.3 percent and are down 2.1 percent from a year earlier, CoreLogic Inc data released yesterday show. By contrast, prices in Hobart rose 1.7 percent and are up 13 percent on the year. A combination of tighter mortgage-lending standards, regulatory restrictions on investor loans and affordability constraints are weighing on the Sydney market. While the pace of decline has slowed, few predict a quick rebound. “Even if the housing market is close to finding a floor, the prospect for a rebound in capital gains, as seen through late 2016 and early 2017, are far less likely,” CoreLogic head of research Tim Lawless said.
MEDIA
CBS to haggle for Viacom
CBS Corp would offer less than the current market value of Viacom Inc in its opening bid for the owner of MTV and Nickelodeon, according to a person with knowledge of the matter, showing how far apart the companies are as they explore recombining. CBS would propose that its chief executive officer Leslie Moonves run the merged company for at least two years, said the person, who asked not to be identified discussing private negotiations. The initial offer is to arrive in the coming days, Bloomberg reported last week. The two companies, controlled by the family of billionaire Sumner Redstone, split in two more than 12 years ago and are revisiting that decision as other media companies seek to grow through deals.
RETAIL
Wal-Mart eyes start-up
Wal-Mart Stores Inc is in early talks about a deal for closely held PillPack, an online start-up that could help grow the retail giant’s pharmacy offerings, according to people familiar with the situation. PillPack and Wal-Mart declined to comment. CNBC first reported the talks on Monday and said the price being discussed was less than US$1 billion. It is not clear if the talks will lead to a deal. PillPack has raised US$118 million in venture funding, the company said on its Web site. It pre-sorts pills into date and time-stamped packets for patients who take multiple drugs — common for older people dealing with several chronic conditions. It has also developed pharmacy software that helps coordinate refills, makes sure the shipments are on time, and provides an online dashboard for patients. Seniors are a key demographic for Wal-Mart, which runs about 4,700 pharmacies in the US.
BANKING
TPBank hopeful on valuation
Tien Phong Commercial Joint Stock Bank expects its market capitalization to rise to least US$1 billion in the fourth quarter of this year after a scheduled listing this month, chairman Do Minh Phu said. The Hanoi-based lender, known as TPBank, plans to sell about a 15 percent stake to investors via a private placement, and issue 28 percent of dividend and bonus shares during the last three months of this year, Phu said in an interview in his office on Monday. TPBank expects to raise its registered capital to 8.5 trillion dong (US$372 million), up from its current 5.84 trillion dong, this year through the shares issuances, he said. Tien Phong Bank is to list 555 million shares at an initial price of 32,000 dong on April 19 on the Ho Chi Minh City Stock Exchange, which would value the lender at about US$781 million.
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”
Thousands of parents in Singapore are furious after a Cordlife Group Ltd (康盛人生集團), a major operator of cord blood banks in Asia, irreparably damaged their children’s samples through improper handling, with some now pursuing legal action. The ongoing case, one of the worst to hit the largely untested industry, has renewed concerns over companies marketing themselves to anxious parents with mostly unproven assurances. This has implications across the region, given Cordlife’s operations in Hong Kong, Macau, Indonesia, the Philippines and India. The parents paid for years to have their infants’ cord blood stored, with the understanding that the stem cells they contained
Sales in the retail, and food and beverage sectors last month continued to rise, increasing 0.7 percent and 13.6 percent respectively from a year earlier, setting record highs for the month of March, the Ministry of Economic Affairs said yesterday. Sales in the wholesale sector also grew last month by 4.6 annually, mainly due to the business opportunities for emerging applications related to artificial intelligence (AI) and high-performance computing technologies, the ministry said in a report. The ministry forecast that retail, and food and beverage sales this month would retain their growth momentum as the former would benefit from Tomb Sweeping Day