Sat, Aug 11, 2018 - Page 10 News List

World Business Quick Take



Macau tipped to be No. 1

Qatar is on track to lose its status as the richest place in the world to Macau. The global casino hub’s economy is to reach the equivalent of about US$143,116 per person by 2020, according to projections by the IMF. That would put Macau ahead of the current No. 1, Qatar, which is expected to reach US$139,151 in the same time frame.


HK growth slows

Economic growth in Hong Kong slowed in the second quarter amid a deepening US-China trade conflict and rising interest rates that are weighing on the outlook. GDP grew 3.5 percent in the second quarter from a year earlier, according to the Hong Kong government, and compared with 4.7 percent in the first. Growth fell 0.2 percent quarter-on-quarter. The government maintained its full-year forecast of between 3 and 4 percent.


British activity improves

Britain’s Brexit-facing economy picked up speed in the second quarter of the year, official data showed yesterday, with activity aided by sunny weather and the FIFA World Cup soccer tournament. GDP grew 0.4 percent in the three months to June after a 0.2-percent expansion in the first quarter, the UK Office for National Statistics said in a statement.


WeWork to get more cash

As WeWork Co’s co-working business grows, so have its expenses, which means it continues to need cash. Luckily, the start-up has a willing partner: SoftBank Group Corp. The Japanese conglomerate is to invest another US$1 billion in WeWork in the form of a convertible note, WeWork said on Thursday in a discussion of its first-half performance. The New York-based company had US$1.9 billion in cash on hand as of June 30.


India’s Jet shares fall

Shares in Jet Airways India Ltd yesterday tumbled to a three-year low after the airline failed to release its latest quarterly earnings as scheduled. Local media have raised concerns about India’s second-largest carrier, reporting it might cease flying in two months unless it makes major cost cuts. Jet’s stock has plunged 66 percent this year, according to Bloomberg News.


HNA to sell Radisson

China’s HNA Group Co (海航集團), the conglomerate shedding assets to pay down debt, agreed to sell hotel company Radisson Holdings Inc to Chinese hospitality giant Jin Jiang International Holding Co (錦江國際). For HNA, the transaction represents another step in the unraveling of a global empire built on leverage-fueled dealmaking. The sale would add to the more than US$17 billion in divestments that the company has made this year.


Exxon loses tax dispute

Exxon Mobil Corp lost its fight with the US government over a request for a US$337 million refund for fuel excise taxes. A Dallas federal judge on Wednesday sided with the government in a dispute over how to apply so-called mixture credits against the fuel excise tax. The decision resolves a piece of a lawsuit Exxon filed in 2016 to try to recover US$1.3 billion for “erroneously assessed and collected federal income taxes,” plus interest, for the period from 2006 to 2009.

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