Sat, Jun 02, 2018 - Page 10 News List

World Business Quick Take

Agencies

SOUTH KOREA

Exports rise 13.5 percent

The nation’s exports rebounded last month following a surprise contraction in April as shipments of semiconductors hit a record high, a positive sign for global growth. Exports rose 13.5 percent last month from a year earlier, while imports jumped 12.6 percent, leaving a trade surplus of US$6.73 billion. South Korea releases its trade data earlier than most other major economies, making it a bellwether of global demand. The results topped expectations after a stretch of downbeat data had raised concerns about the health of the nation’s economic recovery.

BANKING

Deutsche Bank rating cut

Ratings agency Standard & Poor’s (S&P) yesterday downgraded Deutsche Bank AG’s long-term credit rating, as Germany’s biggest lender presses ahead with a major revamp aimed at returning to profitability after years of losses. S&P downgraded Deutsche Bank’s long-term credit rating from “A-” to “BBB+.” S&P acknowledged in a statement the bank’s efforts to return to profitability, but the agency said the lender would still have to work hard to recover its edge over its competitors. The downgrade comes a day after the US Federal Deposit Insurance Commission classified Deutsche among its “problem banks.” The US Federal Reserve has also branded the bank as being in “troubled condition.”

REAL ESTATE

PropNex planning an IPO

PropNex Realty Pte, Singapore’s biggest property broker, plans to seek about S$40 million (US$30 million) from a proposed Singapore initial public offering (IPO), people with knowledge of the matter said. The company is targeting a market capitalization of as much as S$250 million, the people said. PropNex is considering launching the offering as soon as next week and aims to list as early as the end of the month, one of the people said. PropNex is considering marketing the shares at S$0.62 to S$0.68 apiece, the person said. Details of the offering could still change, the people said.

FINANCIAL SERVICES

Goldman executive arrested

A Goldman Sachs vice president was on Thursday arrested in California on insider-trading charges filed in a New York court. Steve Jung awaited a court appearance in federal court in San Francisco to face six counts of securities fraud and a conspiracy charge. Manhattan US Attorney Geoffrey Berman said Jung “violated his duty to his company and traded on stolen insider information, over and over again.” Jung, who lives in San Francisco, was accused in court papers of trading the securities of a dozen companies based on inside information. Authorities said he made more than US$130,000 illegally from 2015 to last year.

CHIPMAKERS

Toshiba chip sale completed

Embattled conglomerate Toshiba Corp yesterday completed the US$21 billion sale of its prized chip unit to an investment consortium, a move seen as crucial to keeping the Japanese firm afloat. The deal had been delayed while Chinese regulators examined whether it could violate anti-trust laws, but they finally granted approval in the middle of last month. “Toshiba hereby gives notice that the closing of the sale has been completed today as scheduled,” the group said in a statement. It added that the deal was worth about ¥2.3 trillion (US$21 billion).

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