Thu, Jul 25, 2019 - Page 10 News List

World Business Quick Take

Agencies

BANKING

Deutsche loses 3.1bn euros

Deutsche Bank AG said it lost 3.1 billion euros (US$3.45 billion) in the second quarter as it booked heavy charges for its sweeping restructuring that is to drop 18,000 jobs. The bank in a news release yesterday said that without the charges it would have made net profit of 231 million euros and that a “substantial portion” of the deductions to earnings for the restructuring were now behind it. The charges included revaluing deferred tax matters, a lowered outlook for its business plans, and losses on software and service contracts.

INTERNET

Alibaba to allow US firms

China’s e-commerce juggernaut Alibaba Group Holding Ltd (阿里巴巴) is to allow small and medium-sized US businesses to sell on Alibaba.com. US businesses, until Tuesday, were only able to buy merchandise on the platform. Sellers would have to pay an annual registration fee of about US$2,000, but it would not charge commission for each sale, unlike Amazon.com, said John Caplan, president of North America B2B and globalization at Alibaba Group.

RESTAURANTS

Jollibee to buy Coffee Bean

Jollibee Foods Corp is to spend US$350 million to purchase loss-making Coffee Bean & Tea Leaf, the largest acquisition for the Philippines’ biggest restaurant company. Jollibee is to invest US$100 million for an 80 percent stake in a Singapore venture set up with Vietnamese partners to acquire Coffee Bean. The rest of the amount would be in the form of advances. Los Angeles-based Coffee Bean would add 14 percent to Jollibee’s global sales and expand its store network by more than one-quarter, Jollibee chairman Tony Tan Caktiong said.

AUTOMAKERS

Aston Martin shares decline

Aston Martin Lagonda Ltd shares fell the most since listing after reducing its full-year sales forecast because of intensifying weakness in key markets. The luxury sports-car manufacturer now expects wholesale deliveries to decline as much as 14 percent to as low as 6,300, the Gaydon, England-based company said yesterday. That compares with a plan for 7,100 to 7,300 vehicle sales the automaker anticipated in May.

TRADE

Brussels threatens tariffs

The European Union is ready to hit the US with extra tariffs on goods worth 35 billion euros if Washington slaps duties on its vehicles, European Commissioner for Trade Cecilia Malmstrom said on Tuesday. The warning came as Malmstrom said a plan to reach a limited trade deal with the US was at a standstill. Malmstrom’s stark statement to newly elected members of the European Parliament in Brussels was a reminder that transatlantic tensions remained high, despite Washington’s trade spat with China dominating attention.

TECHNOLOGY

Texas Instruments optimistic

Texas Instruments Inc on Tuesday gave stronger-than-predicted sales and profit forecasts for this quarter, indicating that demand for chips might be starting to improve. Third-quarter earnings would be US$1.31 a share to US$1.53 a share on revenue of US$3.65 billion to US$3.95 billion, the Dallas-based company said. A better-than-feared outlook from Texas Instruments signals that a slump in orders for electronic components might end soon and helps counter concern that the China-US trade dispute will hurt the overall economy.

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