Wed, Feb 13, 2019 - Page 10 News List

World Business Quick Take

Agencies

E-COMMERCE

Zilingo raises US$226m

Zilingo Pte, a Singapore-based online fashion marketplace, raised US$226 million to fund an expansion into the Philippines, Indonesia and Australia. Investors in the series D financing included Sequoia Capital, Temasek Holdings Pte, Burda Principal Investments, Sofina and EDB Investments Pte, the company said yesterday without disclosing a valuation. The start-up is valued at US$970 million, according to people familiar with the matter.

CHINA

FX reserves up on yuan rally

The country’s foreign exchange reserves last month rose slightly more than expected as the yuan rallied on hopes for progress in Sino-US trade talks. The reserves rose by US$15.2 billion to US$3.088 trillion, central bank data showed on Monday. That compared with a rise of US$11 billion in December last year. Meanwhile, the value of the country’s gold reserves rose to US$79.319 billion from US$76.331 billion at the end of December last year.

AVIATION

IAG braces for Brexit

IAG SA is freezing the percentage of its shares that can be held by non-EU citizens and funds amid a lack of clarity about potential ownership restrictions following Britain’s exit from the bloc. Non-EU shareholdings are restricted to 47.5 percent, London-based IAG said in a statement on Monday. Under EU rules, the airline could allow the figure to rise to just below 50 percent. Restricting it at the lower level gives IAG added breathing room to comply with the rules in case UK citizens, now part of the EU, are later recategorized.

LUXURY

Chinese boost Gucci sales

Kering SA’s Gucci label continued to outpace competitors in the fourth quarter of last year, rising ahead of expectations, giving another signal that Chinese appetite for luxury goods remains healthy. Fourth-quarter sales at Gucci rose 28 percent on an organic basis to 2.3 billion euros (US$2.6 billion), Paris-based Kering said yesterday. Analysts expected 27 percent growth. Kering’s profitability jumped 5 percentage points to 28.9 percent last year, helped by the spinoff of sportswear brand Puma. Demand from Chinese customers remained “extremely dynamic,” chief financial officer Jean-Marc Duplaix said.

INTERNET

Amazon to buy Eero

Amazon.com Inc has agreed to acquire Eero, a builder of Wi-Fi networking tools, in another deal aimed at bolstering the retail and technology giant’s home devices business. Eero, based in San Francisco, makes gadgets that extend Wi-Fi coverage throughout a home using local networking, known as mesh technology, that removes hiccups in broadcasting Internet signals. The companies did not disclose the purchase price on Monday. Eero has raised US$148 million in equity and debt, according to PitchBook Data Inc.

INDUSTRY

Thyssenkrupp confirms forecast

German industrial conglomerate Thyssenkrupp yesterday confirmed its earnings forecasts for the full year after increasing profits in its first quarter, while announcing a January next year vote on its split into two separate firms. Net profit at the group rose 69 percent between October and December last year, to 136 million euros. Revenues edged 2 percent higher to reach 9.7 billion euros. Adjusted operating profit fell 26 percent, to 333 million euros.

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