Thu, Nov 22, 2018 - Page 10 News List

World Business Quick Take

Agencies

AUTOMAKERS

Nissan head stays in custody

Nissan Motor Co chairman Carlos Ghosn is to be held in custody for another 10 days, Japanese media reported. Ghosn was arrested earlier this week on suspicion of falsifying income reports by millions of US dollars and misusing company assets for personal gain. Kyodo News yesterday reported that another Nissan executive, Greg Kelly, would also be detained for another 10 days.

FINANCE

Sell-off ‘not surprising’

Tighter monetary conditions worldwide and political discord mean Morgan Stanley CEO James Gorman is not surprised there is an ongoing market sell-off. “It’s not surprising the markets have been anxious; it’s not surprising you’re seeing some correction,” Gorman said in an interview on Tuesday. “It’s not 2008, it’s not the dot-com bubble burst of 2000.” There are limitations to what monetary authorities can do given their shrinking balance sheets and there is a lot of political turmoil, he said.

INDUSTRY

Thyssenkrupp profits tumble

German industrial conglomerate Thyssenkrupp AG yesterday reported a sharp fall in annual profits after months of boardroom turmoil and a cartel probe, as it prepares to tackle a massive restructuring. The group reported net profit of 60 million euros (US$68.43 million) for its 2017-2018 financial year to September, down 78 percent after taking into account the sell-off of its Americas steel business. Sales rose 3 percent to 42.7 billion euros.

E-COMMERCE

Shopee drags Sea’s profits

Sea Ltd, operator of Southeast Asia’s biggest gaming platform, reported a wider third-quarter loss on rising investments at e-commerce unit Shopee. Net losses increased to US$218 million in the three months ending on Sept. 30 from US$132.8 million during the period a year earlier, the company said. Total revenue rose to US$204.9 million from US$94.1 million year-on-year. Sea has been struggling to keep its footing since going public in October last year.

E-COMMERCE

Tokopedia raising US$1bn

PT Tokopedia, Indonesia’s largest online marketplace, is raising US$1 billion from existing investors, people familiar with the matter said. The firm is valued at about US$7 billion after the round, the people said. That would make it the most valuable start-up in Indonesia, CB Insights said. While it was not clear if the backing comes from SoftBank Group Corp or its Vision Fund, the Tokyo-based company transferred prior holdings in Tokopedia to the fund earlier this year.

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