Thu, Jun 20, 2019 - Page 10 News List

World Business Quick Take

Agencies

INVESTMENT

Start-up raises US$130m

Wolt Enterprises Oy, a food delivery start-up based in Helsinki, has landed US$130 million in new investment to increase its European expansion and fund a hiring spree. The company would use its new funding to accelerate its growth, adding new cities and countries, Miki Kuusi, Wolt’s 29-year-old cofounder and chief executive, said in an interview. The company would also hire an additional 1,000 people in the next 18 months, he added. It currently employs about 450 people.

SOFTWARE

Adobe revenue surprises

Adobe Inc reported quarterly revenue that topped Wall Street estimates, signaling that the Photoshop maker’s expanding product suite is continuing to fuel growth. Sales increased 25 percent to US$2.74 billion in the fiscal second quarter from a year earlier, the San Jose, California-based company said on Tuesday. However, it gave a profit forecast that fell short of analysts’ projections for the second consecutive quarter. Earnings, excluding some expenses, would be about US$1.95 a share in the current period, it said.

AIRLINES

Air NZ CEO to resign

Air New Zealand Ltd CEO Christopher Luxon is resigning after more than six years in the role, as he raised the possibility of a new career in politics. Luxon, 48, is to step down from day-to-day leadership of the airline on Sept. 25, the company said yesterday. An international search for his replacement is under way and a new CEO is expected to be announced in the near future, chairman Tony Carter said in a statement.

TAXATION

Islands to publish data

Guernsey, Jersey and the Isle of Man plan by 2023 to publish secret information on ownership of companies registered in the crown dependencies, they announced yesterday, heeding calls for greater tax transparency. The islands have responded by jointly proposing “a series of steps regarding each jurisdiction’s central register of beneficial ownership information of companies and how they will move toward developing international standards of accessibility and transparency.”

MALAYSIA

Bank sees upside to dispute

The central bank, which has already downgraded its economic growth outlook for this year amid an escalating trade dispute, sees a partial offset as companies shift operations from China to sidestep higher US tariffs. In her first formal interview with international media since she took office almost a year ago, Bank Negara MalaysiaGovernor Nor Shamsiah Mohd Yunus said that the trade diversion could add about 10 basis points to this year’s growth rate. That would be on top of the bank’s current forecast of 4.3 to 4.8 percent for this year.

UNITED KINGDOM

Brexit fears erode prospects

Hotel operator Whitbread PLC and leather-goods maker Mulberry Group PLC yesterday reported lower sales in their home market as the uncertainty around Brexit erodes business prospects. Whitbread said that first-quarter comparable sales dropped 3.7 percent, while Mulberry reported that UK revenue fell 6 percent in the year through March, driving it to a £5 million (US$6.28 million) pretax loss. Whitbread said that the company is opening more rooms in London, but it is cautious about the outlook for travel elsewhere in the country.

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