Sat, Aug 04, 2018 - Page 10 News List

World Business Quick Take

Agencies

ENERGY

China to maintain Iran trade

The US has been unable to persuade China to cut Iranian oil imports, two officials familiar with the negotiations said, dealing a blow to US President Donald Trump’s efforts to isolate the Islamic republic after his withdrawal from the 2015 nuclear accord. However, Beijing has agreed not to ramp up purchases of Iranian crude, the officials said. That would ease concerns that China would work to undermine US efforts to isolate Tehran by purchasing excess oil.

WATER

Hyflux looks to sell asset

Sembcorp Industries Ltd and Keppel Corp are among parties planning to study bids for Hyflux Ltd’s biggest asset, people with knowledge of the matter said, in a sale that is key to helping the cash-strapped company get back on its feet. Hyflux’s Tuaspring project, which includes Southeast Asia’s biggest desalination plant, has also drawn interest from Malaysian generator YTL Power International Bhd, the people said. The asset had a book value of S$1.47 billion (US$1.1 billion) at the end of March, Hyflux exchange filings showed.

AUTOMAKERS

Auto show to shift to June

The North American International Auto Show in Detroit, Michigan, considered for decades a key date on the global auto industry’s calendar, will soon be held every summer instead of in the winter. Beginning in 2020, the exhibition of car companies’ offerings would take place in June instead of January, the middle of the harsh Detroit winter, organizers said on Thursday. In recent years, major manufacturers have begun abandoning Detroit in favor of the Consumer Electronics Show in Las Vegas, which is also held in January.

REAL ESTATE

Vancouver sales take a dive

Vancouver realtors have not had this lousy a July in almost two decades. Sales were down 30 percent from a year ago to 2,070 units, the fewest transactions in the month since 2000, Real Estate Board of Greater Vancouver data released on Thursday showed. Sales of detached properties declined 33 percent from a year earlier, and apartments were down 27 percent. Detached homes sold for an average of C$1.61 million (US$1.24 million) and apartments averaged C$712,092.

INDIA

Rains should boost farming

The lifeblood of the country’s economy, the monsoon rains, should recover this month and next from below-average levels at the start of the season, the weather office said yesterday, supporting farm income and broader economic growth. The farming sector accounts for about 14 percent of the nation’s US$2 trillion economy and employs more than half of its 1.3 billion people.

AUTOMAKERS

Toyota hits record profit

Toyota Motor Corp yesterday reported that its quarterly profit climbed 7.2 percent in April to June to a record ¥657.3 billion (US$5.9 billion), exceeding analysts’ forecasts, thanks to strong sales in the US and other overseas markets. The company said that sales rose 4.5 percent to ¥7.4 trillion, also a record. With uncertainties prevailing over possible US tariff increases, the company kept its profit forecast for the full year unchanged at ¥2.12 trillion and trimmed its sales forecast to 8.9 million vehicles from the earlier estimated 8.95 million units.

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