Thu, Jul 12, 2018 - Page 10 News List

World Business Quick Take

Agencies

MEDIA

Fox raises offer for Sky

Rupert Murdoch’s 21st Century Fox Inc has raised its offer for Britain’s Sky PLC in an agreed deal valuing the pay-TV group at US$32.5 billion, seeing off rival bidder Comcast Corp for now. Fox, which has been trying to buy the pan-European group since December 2016, has offered to pay £14 per share, a 12 percent premium to Comcast’s offer, but below the £14.80 Sky shares were trading yesterday. Analysts said the bid threw down the gauntlet for Comcast to return with a higher offer.

MEDIA

Univision mulls Onion sale

Univision Holdings Inc is considering selling Gizmodo Media Group and the Onion, a retreat from English-language Web sites in favor of media aimed at Hispanic Americans. The company has begun a formal process to explore a sale of the properties, such as Gizmodo, Jezebel, Deadspin and Lifehacker, it said in a statement on Tuesday. Univision’s satirical Onion portfolio includes its namesake site, along with Clickhole, the A.V. Club and other brands.

ENERGY

Chevron ruling upheld

Ecuador’s highest court upheld in a ruling released on Tuesday a US$9.5 billion damages award against oil giant Chevron Corp over decades of pollution that harmed indigenous people. Chevron was sentenced in Ecuador over environmental damage blamed on Texaco, which Chevron acquired in 2001, in Ecuador’s rainforest from 1964 to 1990. Chevron did not deny that pollution had occurred, but blamed it on state-run Petroecuador and has refused to pay the settlement on the grounds that it was the result of fraud and bribes.

ENERGY

Romania raises gas tax

Romania has passed a law to impose additional taxes on gas companies operating in the Black Sea, prompting an outcry on Tuesday from energy companies active in the nation. Parliament adopted the legislation late on Monday, with the left-wing government saying it will bring in substantial new revenues and help increase its energy independence from Russia. The new law introduces tariffs on the revenues of offshore operators and also obliges them to sell at least 50 percent of their output on the local market.

MACROECONOMICS

UK economy grew 0.3%

The British economy expanded 0.3 percent in May from the previous month, a strong performance that is likely to further bolster expectations that the Bank of England would raise interest rates next month. The Office for National Statistics on Tuesday said that much of the growth was due to a 2.9 percent growth in construction. It was the first time the agency published monthly figures for growth, which has traditionally been reported quarterly.

COMMODITIES

Glencore gears up for probe

Glencore PLC has set up a board committee to respond to a US probe into possible corruption at the world’s biggest commodity trader. The committee is composed of chairman and former BP PLC chief executive officer Tony Hayward, as well as non-executive directors Patrice Merrin and Leonhard Fischer, Glencore said yesterday. Glencore last week said the US Department of Justice demanded documents relating to possible corruption and money laundering regarding its business in Nigeria, Congo and Venezuela over the past decade.

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