Tue, Oct 23, 2018 - Page 10 News List

World Business Quick Take

Agencies

TECHNOLOGY

Royal Philips shares fall

Shares in Royal Philips NV tumbled the most in more than seven years after the Dutch health technology company’s third-quarter profit missed estimates and growth in the personal-health division was disappointing. The Dutch healthcare technology company’s third-quarter adjusted earnings before interest, taxes and amortization increased to 568 million euros (US$654.88 million) from 532 million euros a year earlier, it said in a statement yesterday. Analysts expected 584 million euros. Sales advanced to 4.3 billion euros, in line with the company-compiled estimate.

INSURANCE

FWD to buy insurance arm

Billionaire Richard Li’s (李澤楷) FWD Group (富衛) is nearing an agreement to buy control of Commonwealth Bank of Australia’s (CBA) Indonesian life insurance arm, people familiar with the matter said, in a deal that would boost the tycoon’s presence in one of the fastest-growing insurance markets. A deal could be announced as soon as this week, one of the people said. A sale of the bank’s 80 percent stake in the business could fetch about US$400 million, people with knowledge of the matter said in June.

INSURANCE

Firm cuts size of share sale

The People’s Insurance Company (Group) of China Ltd (中國人民保險集團), China’s largest property insurer, cut the size of a planned first-time domestic share sale and indicated it would proceed when the market improves. The firm would offer a maximum of 1.8 billion A-shares, less than the 2.3 billion earlier approved by the Chinese securities regulator, it said in a filing with the Hong Kong Stock Exchange yesterday. People’s Insurance would proceed at the “optimal time in light of market conditions,” the statement said.

BANKING

Marqeta expands to London

Marqeta, a US financial technology start-up that helps young companies including digital-only banks issue payment cards, has expanded into Europe, the company said on Sunday. The company plans to service the region from London, where it has hired at team of five and signed up new clients, it said. Backed by Goldman Sachs Group Inc and Visa Inc, Marqeta has developed a platform that makes payment card issuing and processing simpler and more efficient for businesses, it added.

ENGINEERING

WorleyParsons buys Jacobs

WorleyParsons Ltd agreed to buy Jacobs Engineering Group Inc’s energy, chemicals and resources business for US$3.3 billion in the Australian company’s biggest acquisition. The Sydney-based firm would pay US$2.6 billion in cash and US$700 million in shares for the business, Jacobs Engineering said in a statement yesterday. The deal would allow Jacobs to focus on higher-margin businesses such as aerospace and technology, the Dallas-based company said.

EUROPEAN UNION

Global fiscal regime mulled

German Minister of Finance Olaf Scholz said in an interview on Sunday that he backed a global minimum fiscal regime for multinationals as Europe looks to levy tax notably on US tech giants. “We need a minumum tax rate valid globally, which no state can get out of,” Scholz told the Welt am Sonntag weekly. Digital platforms “aggravate a problem that we know well from globalization and that we are trying to counter — the shifting of profits to fiscally beneficial regions,” Scholz said.

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