Wed, Apr 04, 2018 - Page 10 News List

World Business Quick Take



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.


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.


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.


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.

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