Thu, Jul 05, 2018 - Page 10 News List

World Business Quick Take

Agencies

UNITED STATES

Car sales remain high

Neither higher gas prices nor rising interest rates could put a damper on auto sales during the first half of the year. Sales rose 1.8 percent during the first half of the year, while last month’s sales were up about 5 percent compared with a year earlier, according to Edmunds.com. General Motors Co, Fiat Chrysler Automobiles NV, Toyota Motor Corp and Volkswagen AG all reported higher sales through the end of last month, while Ford Motor Co and Honda Motor Co reported a modest decline, even as they described overall market conditions as robust.

UNITED KINGDOM

Service sector surges

The dominant services sector last month grew at the fastest pace in eight months, driving a bounce-back in the nation’s economy and boosting the case for a Bank of England rate increase as soon as next month. IHS Markit’s purchasing managers index for the industry climbed to 55.1 from 54 in May. The report, which follows surveys earlier this week showing faster growth in the manufacturing and construction sectors, suggested that the UK’s growth rate doubled to 0.4 percent in the second quarter, Markit said.

COMMUNICATIONS

China Tower mulling HK IPO

China Tower Corp (中國鐵塔), the state-owned wireless infrastructure operator, has started gauging investor demand for a proposed Hong Kong initial public offering (IPO) that could be the territory’s biggest since 2010, people with knowledge of the matter said. The world’s largest telecom tower service started investor education yesterday, the people said. China Tower’s IPO could raise about US$10 billion, although the size of the potential deal could change, one of the people said.

RIDE-HAILING

Uber, Careem in talks

Uber Technologies Inc and Careem Networks FZ are in preliminary talks to combine their Middle Eastern ride-hailing services, hoping to resolve a costly rivalry as Uber prepares for a public offering next year, three people familiar with the matter said. The companies have discussed a number of potential deal structures, but have not come to an agreement on the contours, said the people, who asked not to be identified because the talks are private.

BANKING

Nomura to cut 50 positions

Nomura Holdings Inc is cutting at least 50 positions in London, including some of its most senior traders, people familiar with the Japanese bank’s plans said. The cuts are to affect markets trading for Europe, Middle East and Africa head Omar Ghalloudi, who joined from Citigroup Inc last year, and Steven Marshall, who is head of credit valuation adjustment trading, said the people, who requested anonymity. Nick Oxlade, Manolo Pedrini and Walid Haram, who help oversee different fixed-income trading businesses in London, might also be leaving, the people said.

BANKING

Danske ‘used to launder’

Danske Bank A/S’ Estonian operations might have been used to launder as much as 53 billion kroner (US$8.27 billion), Berlingske reported. That is considerably more than the 25 billion kroner previously estimated, the newspaper said on Tuesday. The revised figure was based on documents from 20 firms that had accounts at Danske’s Estonian office from 2007 to 2015, Berlingske said. The bank expects to release the findings of an internal investigation of the breaches by September.

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