Tue, Oct 09, 2018 - Page 10 News List

World Business Quick Take

Agencies

SOFTWARE

KKR courts MYOB Group

KKR & Co offered to buy MYOB Group Ltd in a deal valuing the Australian business management software company at A$2.2 billion (US$1.6 billion). The US buyout firm offered A$3.70 a share in cash for the rest of MYOB, 24 percent more than Friday’s closing price, the Australian company, which simplifies accounting, payroll and inventory, said in a statement yesterday. MYOB’s board is assessing KKR’s offer and shareholders do not need to take any action, the company said.

BANKING

Schroders, Lloyds in talks

Schroders PLC and Lloyds Banking Group PLC said they are in talks to work closely on the wealth management business as the fund manager vies to win a separate, coveted £109 billion (US$143 billion) mandate from the British lender. “Discussions are ongoing and there can be no certainty that these discussions will lead to any formal arrangement,” Schroders said referring to the wealth talks. Lloyds also confirmed the negotiations in a separate statement.

CHINA

FX reserves down on tensions

Foreign-currency holdings fell last month, as heightened trade tensions with the US fueled concerns of capital outflow and further yuan depreciation. Reserves declined by US$22.69 billion to US$3.087 trillion, the People’s Bank of China said on Sunday. That compares with US$3.110 trillion the previous month and the median estimate of US$3.105 trillion in a Bloomberg survey of economists. The small drop in reserves was due to changes in the value of foreign currencies and asset prices, the State Administration of Foreign Exchange said in a statement.

GERMANY

Industrial production slips

Industrial production slipped again in August, official data showed yesterday, amid fears that a global trade war could erupt. Production for August declined 0.3 percent from July, well under the expectation of a rebound of 0.15 percent forecasted by analysts surveyed by Factset financial services. However, the fall was less severe than in July, when industrial production dropped 1.3 percent.

AVIATION

Government to shield ADP

France would block any moves by a foreign power to gain control of ADP, the airports company, whose possible privatization has been approved by the government, Minister of Finance Bruno Le Maire said on Sunday. Earlier this month, the lower house of parliament approved plans for the possible privatization of ADP, lottery operator Francaise des Jeux and for a reduction of France’s stake in utility Engie SA. The privatization proposals form part of a broader strategy to raise cash to boost the economy and finance technological innovations in the country.

SUDAN

Local currency devalued

The country on Sunday slashed the official value of its currency against the US dollar by more than half, the third devaluation this year in the face of a mounting economic crisis. The move came just weeks after President Omar al-Bashir replaced the government over its failure to curb economic woes including soaring food prices. The central bank pegged the Sudanese pound at 47.5 against the US dollar. Previously, the official rate was 28 to the US dollar, while the currency had fallen to 45.50 on the black market last week.

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