Sun, May 13, 2018 - Page 16 News List

Business Quick Take

Agencies

MANUFACTURING

Foxconn to break ground

Foxconn Technology Group (富士康科技集團) plans to officially break ground for its southeastern Wisconsin manufacturing complex on June 28, the Milwaukee Journal Sentinel reported on Friday. The Taiwanese electronics giant plans to build a US$10 billion flat-screen manufacturing campus in Mount Pleasant, Wisconsin. The state Department of Natural Resources last month approved air permits and gave permission for the facility to pull millions of liters of water daily from Lake Michigan.

AUTOMAKERS

Opel halts redundancies

German carmaker Opel has suspended voluntary redundancies after staff representatives warned that a wave of departures following PSA Group’s takeover could leave it short of skilled workers. Staff buyouts were halted earlier this week until talks can be held between Opel’s management and the company’s works council at the end of May, Opel said on Friday. PSA is looking to cut 3,700 Opel staff in Germany by 2020 as part of a turnaround plan, including buyouts and early retirements.

COSMETICS

Marc Anthony plans IPO

Marc Anthony Cosmetics, which was founded by its namesake celebrity hairstylist, has hired advisers to run an initial public offering (IPO) aimed at raising as much as C$250 million (US$195 million), people familiar with the matter said. The firm plans to file for its IPO as soon as next week, one of the people said. US private equity firm TA Associates Management acquired Marc Anthony in 2016 for about C$230 million. The firm expanded its beauty business this year by acquiring Canadian hair and skin care company Cake Beauty.

UNITED STATES

Wind farm boom expected

Wind farm developers could add as much as 25 gigawatts of capacity next year and in 2020 as the scheduled reduction of a tax credit spurs an unprecedented building boom, Macquarie Group analysts said in a research note on Friday. The flurry of construction would come as builders push to complete projects to take advantage of the production tax credit before it declines by 20 percent, Macquarie said.

? EGYPT

S&P upgrades credit rating

Ratings agency S&P upgraded the nation’s debt grade by one notch on Friday, citing stronger economic growth and moderating inflation. S&P raised the sovereign credit rating to “B” from “B-,” which is still below investment grade but further up the scale. The ratings agency cited the improving economy, which is expected to average growth of 5.4 percent over the next four years, reflecting “a more broad-based recovery and a slight move away from consumption” toward greater investment and net exports.

AUTOMAKERS

VW to recall 220,000 cars

German carmaker Volkswagen AG (VW) is to recall about 220,000 of its new Polo vehicles in the next few weeks due to a problem with the rear seat belt lock, it said on Friday, adding that 191,000 cars of its Spanish unit Seat were also affected. The company said the global recall is limited to markets where Polo cars are sold and the Seat brand does business. At Seat, last year’s and this year’s Ibiza models, as well as this year’s Arona model are affected, it said.

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