Sun, Apr 29, 2018 - Page 15 News List

Business Quick Take

Agencies

STOCK MARKETS

Toronto bourse closes early

Technical problems forced Canada’s largest bourse, the Toronto Stock Exchange, to close early on Friday, said its owner, TMX Group Ltd. TMX early on Friday afternoon said on Twitter that users were “unable to connect to our exchanges,” adding about one hour before the normal close of trading that its markets would be shut down. “TMX today experienced an internal technical issue” that affected service on the Toronto and Montreal bourses, it said. “We have identified the issue and are working to rectify.” Trading is expected to resume tomorrow, it said.

GERMANY

Unemployment unchanged

Government figures showed that the unemployment rate remained unchanged this month as the labor market stayed strong. The Federal Employment Agency on Friday said that the unemployment rate remained at 5.3 percent when adjusted for seasonal factors. In real terms, the number of unemployed people dropped 74,358 to 2.38 million jobless this month. That brought the unadjusted unemployment rate down to 5.3 percent, compared with 5.5 percent a month earlier.

DEBT

Agencies ‘negative’ on UK

Worries about a messy Brexit continue to dog Britain’s economy, warranting keeping the “negative” outlook on its sovereign debt, ratings agencies Standard & Poor’s Financial Services LLC and Fitch Ratings Inc said on Friday. The agencies affirmed their “AA” high-grade rating on the government’s long-term sovereign debt, but pointed to lingering uncertainty about the split from the EU.

REAL ESTATE

HNA eyes sale of NYC tower

Less than one year after HNA Group Co (海航集團) paid US$2.21 billion for 245 Park Ave in New York City — a purchase that raised eyebrows for its near-record price — the troubled Chinese conglomerate is in talks to sell the Manhattan office tower. SL Green Realty Corp, a lender to 245 Park Ave, is in discussions with HNA to purchase the building, according to people with knowledge of the matter. In addition to a sale, another option being discussed is a debt recapitalization of the property, the people said.

AEROSPACE

Boeing in talks to buy KLX

Boeing Co is in talks to acquire KLX Inc, the Wall Street Journal reported, as the world’s largest planemaker seeks to ramp up a new division providing maintenance, spare parts and other services to airlines. An agreement might come as soon as tomorrow, although a deal could still be derailed, the newspaper said, citing people familiar with the matter. KLX is a distributor of aircraft spare parts and oil and gas equipment, and had a market value of US$3.7 billion as of Thursday’s close.

AUTOMAKERS

Daimler Q1 profit falls 11%

Daimler AG, maker of Mercedes-Benz luxury cars, saw its first-quarter net profit fall 11 percent from a year earlier, when the company had one-time gains from financial factors and the sale of real estate. The Stuttgart, Germany-based automaker on Friday said that profits also slipped at its van and bus businesses. For the group as a whole, net profit totaled 2.35 billion euros (US$2.85 billion), down from 2.65 billion euros in the same period last year.

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