Thu, Oct 04, 2018 - Page 10 News List

World Business Quick Take

Agencies

CHIPMAKERS

Intel makes 10nm progress

Intel Corp shares on Tuesday jumped the most since March after a research report stoked optimism about its delayed next-generation manufacturing technology and sent rival Advanced Micro Devices Inc tumbling. A ramp up of Intel’s 10-nanometer (nm) production could begin as soon as April next year, four to six weeks earlier than current projections, BlueFin Research Partners, a boutique research firm based in Boston, Massachusetts, said in a research note. Intel gained as much as 5.2 percent while rival AMD fell 8.6 percent. Intel is making “significant strides” toward its 10nm yield target prompting informal discussions with several suppliers about the possibility that the ramp could begin before June, BlueFin said. Intel’s 10nm production has been hampered by delays as the Santa Clara, California-based company struggles to shift to the more advanced manufacturing technique. That has fueled optimism that AMD could take share in the market for central processing units used in personal computers and servers that has been dominated by Intel.

RETAIL

Walmart buying Eloquii

Walmart on Tuesday said it is acquiring an online plus-size fashion brand called Eloquii Design Inc, extending its buying spree of niche brands as it tries to compete better with online leader Amazon.com. Walmart declined to disclose the purchase price, but says the move will help it get a foothold into the US$21 billion plus-size women’s clothing arena. Eloquii also operates five retail stores. It says its executive team, including CEO Mariah Chase, and its 100 employees would continue to be based in Long Island City, New York, and Columbus, Ohio.

UNITED KINGDOM

Economic growth on track

Growth in the nation’s dominant service sector was strong enough to keep the economy on track for a “robust” expansion in the third quarter. IHS Markit said its Purchasing Managers’ Index for the industry slipped to 53.9 last month, down from 54.3 in August and just below economists’ forecasts for a reading of 54. Job creation climbed to a seven-month high, though optimism remained subdued in the face of political uncertainty. Taken with previous surveys for the manufacturing and construction sectors, the performance was enough to leave the nation on course for growth of just under 0.4 percent in the third quarter, Markit said. That is the same pace as the three months through June and about the level that Bank of England policymakers estimate is the economy’s potential. The report also showed a sharp rise in input costs, which may help back up the arguments of central bank officials who have said that limited and gradual interest rate increases are needed to control inflation.

HOSPITALITY

Belmond attracts interest

Belmond Ltd, which owns luxury hotels around the world and New York City’s iconic 21 Club, has attracted interest from potential buyers, according to people familiar with the matter. KSL Capital Partners LLC, Blackstone Group LP, KKR & Co, Ashkenazy Acquisition Corp, Hyatt Hotels Corp and Hilton Worldwide Holdings Inc are among parties weighing an offer for all or part of the company, some of the people said. Belmond, with a market value of US$1.8 billion, in August said that it was working with Goldman Sachs Group Inc and JPMorgan Chase & Co to evaluate a sale. Belmond also owns train lines, river cruises and safaris.

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