Tue, Jul 16, 2019 - Page 10 News List

World Business Quick Take

Agencies

FOOD AND BEVERAGE

AB InBev ditches HK listing

The company that makes Stella Artois and Budweiser has scrapped its planned listing in Hong Kong, canceling what would have been the world’s largest initial public offering this year. Anheuser-Busch InBev NV (AB InBev), the world’s biggest brewer, had hoped to raise almost US$10 billion from listing its Asia-Pacific subsidiary Budweiser Brewing Company APAC Ltd. “The company is not proceeding with this transaction due to several factors, including the prevailing market conditions,” Belgium-based AB InBev said in a statement on Friday. The company’s shares fell as much as 2.8 percent early yesterday in Brussels.

INDIA

Ministry may split gas utility

Prime Minister Narendra Modi’s administration is considering a plan to spin off the gas transmission business of GAIL India Ltd, the nation’s largest gas utility, into a separate unit, people with knowledge of the matter said. The Ministry of Petroleum and Natural Gas is seeking approval from the cabinet for splitting the transmission business from the gas marketing operations, the people said. GAIL has appointed an international consultant to determine tax implications after the restructuring, they said. A ministry spokesman declined to comment.

GERMANY

Economic weakness forecast

Industrial activity is sluggish and recent data point to slower growth in the service sector, the Federal Ministry for Economic Affairs and Energy said, adding that this suggested Europe’s largest economy would experience a weak general economic trend in the second quarter. “After what is shaping up to be a subdued development in the second quarter, the forces of economic upswing could become more prominent again if the external environment settles,” the ministry said in its monthly report published yesterday. However, it added that there were significant downside risks such as trade conflicts, Britain’s expected departure from the EU and geopolitical tensions.

RETAIL

Barneys mulls bankruptcy

Luxury department store Barneys New York is considering filing for bankruptcy, Reuters reported, citing unidentified people familiar with the matter. The retailer is working with Kirkland & Ellis LLP to prepare for a potential bankruptcy that could come in the coming weeks, Reuters cited one of the people as saying. Barneys has not yet made a final decision and is weighing other solutions. “Our board and management are actively evaluating opportunities to strengthen our balance sheet and ensure the sustainable, long-term growth and success of our business,” a company spokesman said in an e-mailed statement.

INSURANCE

AMP deal falls apart

Australian wealth manager AMP Ltd’s planned overhaul of its scandal-hit business is in tatters after the A$3.3 billion (US$2.3 billion) sale of its life unit collapsed. The 170-year-old firm yesterday said that the deal with UK-based Resolution Life is “highly unlikely to proceed,” because of challenges in meeting conditions imposed by New Zealand’s central bank. AMP shares slumped as much as 18 percent in Sydney trading, hitting a record low of A$1.77. The stock has slumped 50 percent in the past year, slicing the company’s market value to A$5.3 billion. The Reserve Bank of New Zealand will not approve the deal unless Resolution Life agrees to have separate, ring-fenced assets held in New Zealand for the benefit of policyholders there.

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