Fri, Apr 13, 2018 - Page 10 News List

World Business Quick Take

Agencies

AUTOMAKERS

VW set to change CEO

Volkswagen AG (VW) was set to replace its chief executive officer Matthias Mueller yesterday, as it struggles to move on from the “dieselgate” emissions scandal that has mired the company since 2015. The supervisory board of the world’s leading automaker was to meet a day ahead of schedule and would announce its decisions in a statement, a source close to the company said late on Wednesday. German business newspaper Handelsblatt and national news agency DPA reported that Herbert Diess, head of the VW brand, was slated to take Mueller’s place.

RETAILERS

Walmart seeks Flipkart deal

Walmart Inc looks likely to take the next round in the battle for India’s retail market over rival Amazon.com Inc. Flipkart Online Services Pvt, the country’s leading e-commerce company, is leaning toward selling a controlling stake to the Bentonville, Arkansas-based company, rather than Amazon, because of the greater certainty in such a deal, people familiar with the matter said. Both US companies are bidding for a controlling stake in Flipkart at a valuation of about US$20 billion, said the people, who asked not to be identified because the matter is private.

CoWORKING

WeWork expands to China

WeWork Cos is buying Chinese coworking start-up Naked Hub (裸心社) as part of a continued expansion in the world’s most populous country. New York-based WeWork, the largest global coworking company, is to pay about US$400 million for the three-year-old Chinese business, two people familiar with the matter said. The majority would come in the form of equity, one of the people said. WeWork chief executive officer Adam Neumann said that the two companies were drawn to each other because of their similar cultures and wanted to do more than provide office space for money.

RETAILERS

Toys ‘R’ Us Asia unit gets bids

Toys “R” Us Inc has received multiple bids of more than US$1 billion from prospective buyers of its Asian business, a lawyer for the company said in bankruptcy court on Wednesday. The offers are for the 85 percent stake Toys “R” Us owns of its Asian unit, and would include intellectual property, said the lawyer, Joshua Sussberg from Kirkland & Ellis. Toys “R” Us has been working with Lazard Ltd to solicit bids for its stake in the Asian unit from potential buyers including Chinese private equity firms, people with knowledge of the matter have said.

CHINA

FDI rises 2.6% annually

Foreign direct investment (FDI) last month rose 2.6 percent year-on-year to US$13.45 billion, the Chinese Ministry of Commerce said yesterday. In yuan terms, FDI increased 0.4 percent last month and 0.5 percent year-to-date from the same period last year, the commerce ministry said. That compares with a 0.5 percent year-on-year increase in FDI in yuan terms for the combined January and February period.

UNITED STATES

March deficit up US$208bn

The federal government recorded a budget deficit of US$208.7 billion last month, an increase of more than US$32 billion from the previous year as revenues slipped and expenditures climbed. The US Department of the Treasury on Wednesday said that for the first five months of this budget year, the deficit has totaled US$599.7 billion. This is an increase of 13.8 percent from the same period the previous year.

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