Tue, Feb 12, 2019 - Page 10 News List

World Business Quick Take

Agencies

INVESTMENTS

KKR co-invests in waste firm

KKR & Co is bringing its impact fund into a deal for an Indian waste-collection firm, seeking to boost sustainability and profitability via a new co-investing strategy. The US$510 million transaction for a 60 percent stake in Ramky Enviro Engineers Ltd closed yesterday, KKR said in a statement. “In this case, the more waste that Ramky is able to responsibly treat, process and recycle, the more money the company’s going to make,” KKR Global Impact cohead Ken Mehlman said in an interview.

CONGLOMERATES

Toshiba may halve forecast

Toshiba Corp is preparing to cut its full-year profit forecast by at least half, hurt in part by higher expenses in its energy business, Nikkei Asian Review reported, without saying where its information originated. Operating profit in the year that ends next month might range from ¥20 billion to ¥30 billion (US$180 million to US$270 million) when the company posts results tomorrow, far below the ¥60 billion it projected in November, Nikkei reported. Toshiba spokeswoman Midori Hara said a decision has not been made on a profit revision.

OIL

Market balance in Q1: UAE

The oil market should reach a balance between supply and demand this quarter, United Arab Emirates Oil Minister Suhail Al Mazrouei told al-Arabiya television yesterday. He said he was satisfied with the implementation of an agreement to cut supply by OPEC members and allies, including Russia, by 1.2 million barrels per day from Jan. 1. Mazrouei said it was premature to discuss compensating crude output losses in some of the exporting countries.

BANKING

UBS changes bonus system

UBS Group AG scrapped variable bonuses for about 10,000 employees at its corporate center and instead would pay them about 1 percent of their annual salary, spokesman Igor Moser confirmed. The change was first reported by newspaper Sonntagszeitung. Employees who would have seen their total compensation fall as a result would have their fixed salary topped up. The corporate center includes functions such as human resources and information technology. Staff who earn between 50,000 francs and 100,000 francs (US$50,000 and US$100,000) are affected by the change.

INDONESIA

Halal label to be mandatory

Indonesia is set to make halal labeling mandatory for consumer products and services this year with the government assuming greater control of the certifying process from the Islamic cleric council. Issuing halal certificates to consumer goods from shampoos to toothpaste and cosmetics may net the government about 22.5 trillion rupiah (US$1.6 billion) in annual revenue, Product Guarantee Agency head Sukoso said. The draft bill is awaiting Indonesian President Joko Widodo’s approval, he said.

LEISURE

Airbnb contests Paris claim

Airbnb Inc said that rules for short-term tourist rentals in Paris are excessively bureaucratic and might breach EU standards, as city authorities seek a 12.5 million euro (US$14 million) fine against the online home-stay firm for posting 1,000 illegal advertisements. The terms set by city hall “are inefficient, disproportionate and against European regulations,” a spokeswoman for Airbnb said in an e-mail on Sunday. Under French law, Paris homeowners must register the business with their local municipality and ads have to bear the registration number.

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