Thu, Oct 11, 2018 - Page 10 News List

World Business Quick Take

Agencies

INTERNET

INTERNETAmazon wins cloud deals

Amazon Web Services, the cloud-computing division of Amazon.com Inc, signed new deals with customers SAP SE and Symantec Corp worth a combined US$1 billion, according to an internal memo, underscoring the company’s growing momentum in the market for Internet-based computing power and storage. The contracts are each worth US$500 million over five years, the text of an Amazon e-mail from last month acquired by Bloomberg showed. Both transactions represented expansions of existing partnerships.

LEISURE

Sim Leisure preparing IPO

Sim Leisure is planning a Singapore initial public offering (IPO) of its Malaysian theme park business, which offers water slides, dunk tanks and tree swings in the state of Penang. A sale of new and existing shares could raise about S$10 million to S$12 million (US$7.2 million to US$8.7 million), said Sim Choo Kheng (沈芝慶), the company’s founder and chief executive officer. Proceeds from the deal, which could take place by January, would be used to fund a new park in eastern China’s Shandong Province, he said on Monday. Sim Leisure is betting that traditional childhood activities like tree climbing, which the Malaysian park offers, will prove attractive elsewhere in Asia, he said.

RETAIL

Google echoes phone trends

Google’s new Pixel phones mirror the industry trend moving the devices toward lusher, bigger screens and add new twists on the camera for taking better selfies and other pictures. The third generation of Pixel phones comes in two sizes, and both feature high-definition screens that span from one edge to another. It is the first time Google has embraced the format, which Apple adopted last year with its ballyhooed iPhone X. Google is undercutting Apple on the pricing of its phones. The Pixel 3 will be available on Thursday next week with a starting price of US$799. That is US$200 below the least expensive iPhone XS.

TRANSPORTATION

Uber pitching bond offering

Uber Technologies Inc is sounding out investors on a US$1.5 billion bond sale less than seven months after it tapped the leveraged loan market in a self-led financing. The ride-hailing company might offer US$500 million of five-year notes and US$1 billion of eight-year bonds, said people familiar with the matter, who asked not to be named because the deal is private. The shorter-term notes, which the company cannot buy back for two years, could yield about 7.5 percent, and the longer-dated securities, which cannot be bought back for three years, could yield about 8 percent, the people said.

INTERNET

Tencent loses top-10 spot

Chinese giant Tencent Holdings Ltd (騰訊) has lost its spot as one of the world’s 10 biggest companies. After shedding more than US$200 billion in market value this year, more than any other company worldwide, Tencent has been replaced by Exxon Mobil Corp in the top of the rankings based on market capitalization. When its share price hit a record high in January, the Shenzhen-based company was in the top five along with Apple Inc, Alphabet Inc, Microsoft Corp and Amazon.com Inc. Tencent returned more than 67,000 percent from its IPO through January, but then turned south this year on a run of bad news including a rare drop in profit and a regulatory crackdown on gaming in China. Tencent has tumbled nearly 40 percent in Hong Kong since Jan. 23.

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