Thu, Jun 13, 2019 - Page 10 News List

World Business Quick Take

Agencies

CHINA

Inflation surged to 2.7%

Inflation rose to its highest level in more than a year last month, driven by surges in pork and fruit prices caused by the African swine fever epidemic and bad weather, National Bureau of Statistics data showed yesterday. The consumer price index hit 2.7 percent from a year earlier, compared with 2.5 percent in April and the highest since February last year. The price of pork soared 18.2 percent last month, while the price of fresh fruit surged 26.7 percent as bad weather hammered supplies. The producer price index, an important indicator of domestic demand, hit 0.6 percent last month, from 0.9 percent the previous month, data showed.

AUSTRALIA

Confidence low despite cut

Debt-laden households responded more with concern than enthusiasm to the Reserve Bank of Australia’s interest rate cut, according to surveys conducted since last week’s move. Westpac Banking Corp’s consumer sentiment index fell 0.6 percent this month, while Australia & New Zealand Banking Group’s weekly report showed a 2 percent drop, the lenders said yesterday. Westpac said that confidence was showing signs of strength in the lead-up to the policy easing, but that fell away in the following days.

BONDS

Italy announces bond sale

Long-dated Italian government bond yields yesterday rose 7 to 9 basis points after the nation’s debt office announced a surprise 20-year bond sale, looking to take advantage of hefty demand for eurozone debt. The deal, announced late on Tuesday, would be a test of market appetite for Italian bonds at a time when the EU is expected to take disciplinary action against Rome over the nation’s growing debt.

AUTOMAKERS

VW changes partners: report

Volkswagen AG (VW) on Tuesday said it has dropped a partnership with a US start-up developing self-driving cars, Aurora, as it explores a broader alliance with Ford Motor Co. VW is looking to work with Ford’s self-driving unit Argo AI to forge ahead into the nascent, but revolutionary sector, a Financial Times report said. An agreement could be announced in the next few weeks, it said.

TECHNOLOGY

Dassault buys US software

French technology company Dassault Systemes SE is to buy Medidata Solutions Inc, a software firm that analyzes clinical trials, in a deal that gives the US company an enterprise value of US$5.8 billion. The all-cash deal, which would bolster Dassault’s life-science unit, values Medidata at US$92.25 a share. The deal is expected to close in the final quarter of this year, the companies said. Dassault chief financial officer Pascal Daloz said the deal is to be financed by a 3 billion euro (US$3.4 billion) bond, the first time the company has resorted to external funding.

SECURITIES

Huatai to list in London

Huatai Securities Co (華泰證券), one of China’s biggest brokerages by market value, plans to raise as much as US$2.02 billion through a listing on the London Stock Exchange. It plans to sell about 82 million global depositary receipts, Huatai told the stock exchange on Tuesday. The offer closes tomorrow, with trading starting on Thursday next week. If successfully listed, Huatai would become the first China-listed company to list on the London Stock Exchange according to Shanghai-London Connect rules.

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