Sun, Sep 02, 2018 - Page 14 News List

World Business Quick Take



Casino revenue up 17%

Gambling revenue in the territory posted a 17 percent gain last month, thanks to active gaming by Chinese betters keen to play in the country’s only legal casino hub. The gains mark 25 straight months of rising gambling revenues in the former Portuguese colony. Figures released yesterday by the Macanese Gaming Inspection and Coordination Bureau showed that revenues rose 17 percent to 26.6 billion patacas (US$3.29 billion), exceeding analysts’ expectations of 15 to 17 percent growth.


Joblessness falls to 8.2%

Unemployment across the 19-country currency area has fallen to its lowest level since the most acute phase of the global financial crisis a decade ago. Eurostat, the EU’s statistics agency, on Friday said that the unemployment rate in July was 8.2 percent. That was unchanged from the previous month’s rate, which Eurostat revised down from 8.3 percent. The rate is the lowest since November 2008. Across the eurozone, there were 13.38 million people unemployed in July.


Fitch revises down outlook

Fitch Ratings on Friday revised its outlook for long-term debt from stable to negative, citing the risks of a “new and untested” coalition government. In a statement, Fitch said that it expects “fiscal loosening” from the new populist government, possibly leaving “Italy’s very high level of public debt more exposed to potential shocks.” The country’s economy was hit hard by the 2008 global financial crisis and the eurozone debt meltdown.


Renesas mulls merger

Renesas Electronics Corp, the second-biggest supplier of semiconductors used in cars, said it is considering an acquisition of Integrated Device Technology Inc to expand beyond the automotive sector. The two companies are to meet next week, and Renesas plans to make a tender offer valued at about US$6 billion, although prospects for an agreement are unclear, Japan’s Nihon Keizai Shimbun reported on Friday. The Japanese chipmaker later said in a statement that a deal with Integrated Device is just one option under consideration.


Delivery giant plans IPO

Chinese food delivery giant Meituan Dianping (美團點評) plans to raise as much as US$4.5 billion in an initial public offering (IPO) in Hong Kong, people with knowledge of the matter said. The company plans to sell shares at between HK$60 and HK$72 apiece, the people said. Meituan is seeking a valuation of as much as US$55 billion, one of the people said. The company aims to start taking investor orders from Tuesday through Sept. 12, and expects to price the offering on Sept. 12 with shares to start trading on Sept. 20, the people said.


Swiss whistle-blower cleared

A Swiss asset manager who in 2013 provided US prosecutors with more than 100 files from clients suspected of dodging taxes has been cleared of spying-related charges in his home country, recently published Swiss court documents showed. Martin Egli, who hired one of the country’s best-known defense attorneys to help clear his name, was awarded 33,300 Swiss francs (US$34,366) in the case, mostly for legal fees.

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