Fri, Oct 12, 2018 - Page 10 News List

World Business Quick Take



Musk rejects Murdoch report

Tesla Inc chief executive officer Elon Musk has denied a report in the Financial Times that James Murdoch is poised to replace him as chairman, prolonging the uncertainty over leadership at the electric-car maker after a deal with the US Securities and Exchange Commission. Murdoch, chief executive of 21 Century Fox Inc and a Tesla board member, is the lead candidate for the job, the Financial Times said. The newspaper is wrong, Musk tweeted in response, without elaborating.


Fast Retailing sales surge

Uniqlo’s parent company yesterday said that it had logged a record annual net profit on a sharp rise in sales abroad that outstripped those in its home market of Japan. Fast Retailing Co announced a net profit of ¥154.8 billion (US$1.4 billion), a 30 percent gain on last year. Turnover at Asia’s biggest retailer, a fierce rival of Zara, Gap and H&M, soared by 14 percent to 2.1 trillion compared with last year’s figures. The firm said it expects growth to continue at the brand, which sponsors tennis stars Roger Federer and Kei Nishikori.


Economy to maintain growth

Secretary of Finance Carlos Dominguez said the economy would sustain growth exceeding 6 percent this year, as investment and infrastructure spending help counter the effect of higher interest rates. “We’re confident that we can weather the storms, but we’re not complacent,” Dominguez said yesterday in an interview with Bloomberg Television in Nusa Dua, Indonesia, when asked about inflation. “Definitely, rising interest rates will have a detrimental effect on our growth prospects, but we’re still expecting around 6.5 percent growth for the whole year.”


GDP records zero growth

The nation’s Brexit-facing economy ground to a shuddering halt in August, hit by weaker hotel and restaurant activity, official data showed on Wednesday. Six months before the country is due to leave the EU, GDP registered zero growth, the Office for National Statistics said in a statement. That followed an upwardly revised 0.4 percent expansion in July, which was boosted by sunny weather and the soccer World Cup.


Bayer considering sale

Bayer AG is considering a sale of its animal health business as it scrutinizes its portfolio in the aftermath of the US$63 billion Monsanto Co acquisition, people familiar with the company’s plans said. Bayer is evaluating animal health as part of a broader review, although a sale is not imminent, the people said, adding that no final decisions have been made. Bayer could gain 6 billion euros to 7 billion euros (US$6.9 billion to US$8.1 billion) if it sells animal health, enough to make the pharmaceutical division “nimble again,” Sanford C. Bernstein analysts said in a note this month.


Jiangxi Ganfeng stock falls

Major global battery raw material supplier Jiangxi Ganfeng Lithium Co (江西贛鋒鋰業) sank on its trading debut in Hong Kong yesterday as weaker industry sentiment was compounded by renewed turmoil in global markets. The stock sank as much as 28 percent after opening at HK$16.50, the lowest end of its offer range. The firm’s Shenzhen-listed shares tumbled to their daily limit for a second day, as Chinese commodities and battery stocks joined a fresh retreat for equities worldwide.

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