Tue, May 14, 2019 - Page 10 News List

World Business Quick Take

Agencies

CHIPMAKERS

Toshiba profit improves

Struggling Japanese engineering firm Toshiba Corp yesterday reported improved full-year net profit thanks to the sale of its chip business, but said that operating profit was sharply down. In the year that ended in March, net profit jumped 26 percent to ¥1.01 trillion (US$9 billion), chiefly because of “profit from completion of the sale of the Memory business,” Toshiba said in a statement. Operating profit dropped 58.9 percent to ¥35.4 billion, partly due to restructuring costs, on sales of ¥3.69 trillion, down 6.4 percent.

NORWAY

Economic growth slows

Economic growth in western Europe’s largest exporter of oil and gas slowed more than forecast in the first quarter, sending a warning to policymakers preparing for a third interest rate increase next month. GDP, which excludes oil and shipping, expanded 0.3 percent in the quarter, Statistics Norway said yesterday. That was down from a revised 1.1 percent in the previous quarter. Overall GDP growth, which includes oil and gas production and shipping, shrank 0.1 percent in the quarter.

NORWAY

Exchange sale approved

The government yesterday cleared the way for European operator Euronext to take over the Oslo Stock Exchange by giving the green light to both it and its US rival NASDAQ. Euronext, which has been in a protracted battle with NASDAQ for the stock exchange since the start of the year, quickly welcomed the move, announcing that it would acquire 100 percent of the bourse by the end of next month. The European operator has already secured the support of 53.4 percent of the Oslo exchange’s shareholders.

PAKISTAN

IMF deal advances

The IMF on Sunday said that it has reached a preliminary agreement with the nation for a US$6 billion bailout over the next three years to finance sweeping economic reforms. IMF envoy Ernesto Ramirez Rigo said that the two sides have reached a “staff-level agreement” subject to approval by the IMF management and the executive board. Islamabad had initially sought an US$8 billion bailout to address a long-running fiscal crisis and has held months of talks with the international lender.

SKINCARE

Drunk Elephant deal mulled

Consumer goods giant Unilever PLC is considering a US$1 billion offer for US skincare brand Drunk Elephant, the Sunday Telegraph reported. Drunk Elephant, founded in 2012 by Texan mother-of-four Tiffany Masterson and which makes skincare products with natural, nontoxic ingredients, in January hired investment banks to explore a sale, the Wall Street Journal reported. Unilever declined to comment to the Sunday Telegraph on the potential offer.

GERMANY

Thyssenkrupp deal reached

Management and labor leaders at Thyssenkrupp AG have agreed on a way forward after the industrial conglomerate announced a fresh restructuring drive that could lead to the loss of 6,000 jobs. Agreement was reached in talks between management and workers yesterday on recognizing the need for radical action, while ensuring fair treatment of employees at the Essen-based group, both sides said. Thyssenkrupp chief executive officer Guido Kerkhoff announced the overhaul on Friday last week.

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