Fri, May 04, 2018 - Page 10 News List

World Business Quick Take

Agencies

BANKING

NAB to sell wealth unit

National Australia Bank (NAB) yesterday announced plans to sell its wealth management arm as it continues to offload assets to simplify its business. The lender made the move as it posted a 16 percent slump in cash profit — the financial industry’s preferred measure — to A$2.76 billion (US$2.07 billion) in the six months to March 31. Without the one-off costs, profit was flat at A$3.3 billion. Interim net profit inched marginally higher to A$2.58 billion, with the dividend steady at A$0.99.

SPORTING GOODS

Adidas Q1 profit on track

German sporting goods firm Adidas AG yesterday said that efficiency savings had powered a leap in profits in the first quarter, staying confident of hitting its full-year targets as the World Cup looms. Net profit attributable to shareholders surged 18.7 percent year-on-year to 540 million euros (US$647 million) in the first three months of the year. Operating or underlying profit increased 17.1 percent to 746 million euros, far outpacing revenue growth of just 1.9 percent to 5.5 billion euros.

VENEZUELA

IMF warns of censure

The IMF on Wednesday said it ordered Venezuela to swiftly provide key economic data, threatening to exclude the South American country under a process known as “censure.” The IMF board concluded that Venezuela has failed to implement measures ordered by the global body, or to provide key information. “The Fund has issued a declaration of censure against Venezuela,” it said in a statement. The IMF has not has not been able to conduct the annual review of the Venezuelan economy since 2004.

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