Sun, Jan 06, 2019 - Page 16 News List

World Business Quick Take



Firm hit by president’s fears

Shares in Brazilian airplane maker Embraer SA plunged nearly 5 percent on Sao Paulo’s stock market after new Brazilian President Jair Bolsonaro voiced wariness about a US$5.2 billion merger that the company is planning with US giant Boeing Co. “This merger would be very good, but we can’t, as is set out in the last proposal, allow everything to be handed over to the other side in five years’ time,” he said on Friday. “That’s the worry: This is our heritage,” he said, adding: “We know of the need for this merger, for its [Embraer’s] competitiveness, so it doesn’t disappear over time.”


Munoz works on Ghosn tasks

Nissan Motor Co chief performance officer Jose Munoz, who oversaw the Japanese automaker’s global strategies, is taking a leave of absence to work on “special tasks arising from recent events,” the company said yesterday, referring to the arrest of former chairman Carlos Ghosn. Nissan spokesman Nicholas Maxfield did not offer details. Munoz is among several executives that the media have speculated could be a possible successor to Ghosn.


Credit Suisse to aid probe

Credit Suisse on Friday said it had been deceived by three former employees, accused by prosecutors in New York of orchestrating US$2 billion in dodgy loans to Mozambique, and pledged to cooperate with a US investigation. The suspects “sought to hide these activities from the bank,” Switzerland’s second-largest bank said, adding that it was not a target of the US Department of Justice indictment.


Emulex suit hits top court

The US Supreme Court on Friday agreed to hear an appeal filed by a subsidiary of Broadcom Inc seeking to put an end to a shareholder lawsuit concerning its 2015 acquisition of Emulex Corp. The legal question, which could affect other cases, is whether, under the Securities and Exchange Act, shareholders need to show intent to defraud when suing a company over statements made during the merger and acquisition process.


Apollo seeks to buy GE unit

Apollo Global Management LLC is talking to bankers about lining up debt to buy all or part of General Electric Co’s jet-leasing business, which could be worth as much as US$40 billion, people familiar with the matter said. The New York-based alternative asset manager has met with lenders to secure about US$30 billion in financing to purchase GE Capital Aviation Services as potential buyers circle one of the ailing manufacturer’s crown jewels, the people said.


Eskom extends staff cuts

Eskom Holdings SOC Ltd plans to extend its strategy of trimming top executive positions to include lower-ranking managers and finally the general workforce as the cash-strapped power utility looks to cut costs, a person familiar with the plans said. The state-owned company last month reduced its highest executive structure from 21 to nine positions by regrading and combining roles. The next phase is to cut a 600-strong layer of managers by at least 70 percent, the person said.

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