Tue, Apr 09, 2019 - Page 10 News List

World Business Quick Take

Agencies

US-CHINA TRADE

US’ Kudlow says deal ‘closer’

US President Donald Trump’s top economic adviser, Larry Kudlow, said that the US and China are “closer and closer” to a trade deal, and that top-tier officials would be talking again this week via “a lot of teleconferencing.” Kudlow made the remarks on CBS’ Face the Nation on Sunday. “We’ve made great progress on IP theft. We’ve made good progress on the forced transfer of technology,” Kudlow said. The Chinese have acknowledged their problems, which was a big hurdle, and “what wasn’t on the table, is on the table,” he said.

AUTOMAKERS

Hyundai denies Tencent deal

Hyundai Motor Co on Sunday denied a report that it had signed a preliminary deal with Chinese technology firm Tencent Holdings Ltd (騰訊) to develop software for driverless vehicles. Hyundai’s comments come a day after South Korea’s Maeil Business Newspaper cited unnamed industry sources as saying that the two companies planned to conduct joint research and development on safety and security systems for self-driving cars. Hyundai said that its cooperation with the Chinese tech giant was focused on infotainment.

CHINA

Foreign-currency funds rise

Foreign-currency holdings rose for a fifth month as lower government bond yields in developed markets lifted valuations. Reserves increased by US$8.58 billion to US$3.0988 trillion last month, the People’s Bank of China said on Sunday. The reading compares with US$3.09 trillion from the previous month. The stockpile increased on price gains of financial assets last month, the State Administration of Foreign Exchange said in a statement.

EGYPT

Most fuel subsidies to end

Subsidies on most fuels are on track to end by June 15 as part of a reform program led by the IMF, the Washington-based body said on Saturday. Cairo secured a US$12 billion, three-year loan package from the IMF in 2016. Egyptian authorities “remain committed” to ending subsidies granted to limit prices at the pump, the IMF said in a new report. The prices of liquefied petroleum gas, and fuels used in bakeries and for electricity generation would not be affected, it added.

AIRLINES

Etihad eyes loan for planes

Etihad Airways PJSC is seeking a loan of about US$600 million to help make initial payments for airplanes, people familiar with the matter said. Abu Dhabi’s state-owned carrier is arranging the loan on its own and has reached out to banks that might be willing to provide the unsecured facility with maturity of one or two years, said the people, who asked not to be identified because the information is private. A spokesman for Etihad Airways said that the company does not comment on rumors or speculation.

ENERGY

Carlyle to buy Cepsa stake

Carlyle Group LP plans to buy a stake valued at as much as US$4.8 billion in Cepsa from Mubadala Investment Co, about six months after the Abu Dhabi sovereign fund shelved plans to list the Spanish oil refiner. Carlyle would acquire 30 to 40 percent of Cepsa, valuing the company at US$12 billion, a statement said. Mubadala would remain the majority shareholder and the transaction is expected to be completed by the end of this year.

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