Sat, Dec 01, 2018 - Page 10 News List

World Business Quick Take



Factory output shoots up

The nation’s factory output expanded at its fastest pace in more than three-and-a-half years in October, but the outlook for the coming months is less certain. Industrial production jumped 2.9 percent from September, after falling in five of the previous six months, economy ministry data showed yesterday. Output increased 4.2 percent from the same period a year earlier. Separate data showed consumer prices excluding fresh food rose 1 percent last month, matching economists’ forecasts, while the jobless rate ticked up to 2.4 percent in October, with the job-applicant ratio edging down to 1.62, compared with an estimate of 1.65.


Hong Kong IPO for Club Med

The owner of French luxury holiday resort group Club Med yesterday launched an initial public offering (IPO) in Hong Kong, hoping to raise more than US$500 million. Fosun Tourism Group (復星旅遊), a unit of the sprawling Fosun Group (復星集團), said in a prospectus that it is offering 214.2 million shares for between HK$15.60 and HK$20.00, and hopes to price the deal by Friday next week with a listing a week later. It said it hopes to raise up to US$548 million. As well as the Club Med brand, which it bought for more than US$1 billion in 2015, Fosun owns the Atlantis Sanya, a high-end hotel complex on Hainan Island, a popular holiday destination in China.


Trump, tech bosses to meet

President Donald Trump is to meet with top executives from Google, Microsoft Corp, Oracle Corp and Qualcomm Inc during a White House roundtable on Thursday next week that could touch upon some of the sticking points in the increasingly prickly relationship between his administration and the technology industry. Google CEO Sundar Pichai, Microsoft CEO Satya Nadella, Oracle co-CEO Safra Catz and Qualcomm CEO Steven Mollenkopf all plan to attend the meeting. The White House had said in late September that Pichai had been invited to a tech roundtable without specifying when it would be held or who else would be asked to come.


Ex-Autonomy CEO charged

Michael Lynch, a British entrepreneur and former CEO of Autonomy Corp, has been charged with fraud by the US. Prosecutors had long identified Lynch as a coconspirator with his chief financial officer at Autonomy, Sushovan Hussain, who was found guilty in April of orchestrating an accounting fraud to arrive at the US$10.3 billion price then-Hewlett-Packard Co paid for the UK-based company in 2011. Autonomy was the UK’s second-largest software business at the time.


Lyft buys bike-sharing firm

Lyft Inc has completed its acquisition of Motivate, the US’ largest bike-sharing company. The deal is part of the San Francisco-based ride-hailing company’s goal of offering an array of transportation options within one app and reducing individual car ownership. Financial details were not disclosed. Motivate operates bike-share systems in New York, Washington, San Francisco and elsewhere. Last year, 80 percent of bike-share rides in the US were on Motivate bikes. Caroline Samponaro, head of bike, scooter and pedestrian policy for Lyft, said the company plans to invest US$100 million in New York to triple its bike fleet there to 40,000 and double the footprint of the system.

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