Thu, May 03, 2018 - Page 10 News List

World Business Quick Take



IMF warns MENA over debt

The IMF yesterday warned Arab states against complacency over a looming debt crisis, urging continued economic reforms despite a rise in oil prices. Crude prices have rebounded in the region thanks to a deal by producers to trim production, but the IMF said such a change in fortunes should not get in the way of overhauling state spending. Overall growth in the Middle East and North Africa (MENA) region, which includes all Arab countries and Iran, was forecast by the IMF to reach 3.2 percent this year compared with just 2.2 percent last year.


S&P downgrades Turkey

Ratings agency Standard & Poor’s (S&P) on Tuesday said it had cut the rating on Turkey’s foreign debt due to deteriorating finances and rising inflation. The rating on the nation’s foreign currency debt dropped to “B-/B” for long and short-term issues respectively, but with a stable outlook, S&P said in a statement. “Our downgrade reflects our view that there is a risk of a hard landing for Turkey’s overheating, credit-fueled economy,” it said.


Samsung unit breaks rules

A South Korean regulator said that Samsung Biologics Co had breached accounting rules in a preliminary finding that could deal a big blow to the company and other Samsung affiliates if finalized. The Financial Supervisory Service yesterday said it had wrapped up its one-year probe into Samsung Biologics and notified the company of the violation. Samsung Biologics is denying the accounting breaches. Despite its defense, its stock price tanked, finishing 17.2 percent lower.


Weinstein finds buyer

A private equity firm has emerged as the winning bidder for the Weinstein Co, the film and TV studio forced into bankruptcy by the sexual misconduct scandal that brought down Hollywood mogul Harvey Weinstein.Weinstein Co on Tuesday announced that no other bidder offered it more value than Dallas-based Lantern Capital, which offered US$310 million in cash for the firm’s assets and agreed to assume about US$125 million in project-related debt and to cover obligations related to the assumption of certain contracts and leases.


HNA to sell property unit

HNA Group Co (海航集團) plans to sell a real-estate unit for 2.9 billion yuan (US$456 million). HNA Investment Group Co is to sell a subsidiary that has the right to develop a project in Shanghai to a unit of real-estate developer Fusheng Group (復盛), according to a filing with the Shenzhen Stock Exchange yesterday. HNA expects to generate a 400 million yuan gain from the deal, which is subject to shareholders’ approval.


Xerox CEO to resign

The chief executive of Xerox Corp, a major photocopy maker, will resign according to a statement issued following a US judge’s temporarily block of the US company’s planned takeover by Japan’s Fujifilm Holdings Corp. The agreement ends a battle launched by Darwin Deason and Carl Icahn, who together control 15.2 percent of Xerox shares and objected to the proposed deal. According to the Xerox statement, CEO Jeff Jacobson is expected to be replaced by Keith Cozza as board chairman and John Visentin as CEO — candidates supported by the two shareholders.

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