Tue, Jul 30, 2019 - Page 10 News List

World Business Quick Take

Agencies

AVIATION

Korean Air halts Japan flights

Korean Air Lines Co is to suspend its flights between Busan and Japan’s Sapporo from Sept. 3 because of falling demand amid a worsening diplomatic and economic row between the two countries. The carrier is also considering cutting the number of flights between the two countries or shifting to smaller aircraft from the middle of next month, a spokesman said. South Koreans were the second-biggest travelers to Japan after China, accounting for 24.2 percent of visits last year, according to the Japan National Tourism Organization.

TRADE

US selling soybeans to China

The US has shipped several million tonnes of soybeans to China since the two country’s leaders met last month, Chinese state media said on Sunday, ahead of fresh trade talks in Shanghai this week. Chinese companies have made inquiries about buying US soybeans, cotton, pork and sorghum, and would continue to purchase US agricultural goods if prices and quality remain reasonable, China Central Television said on Sunday. The US should take specific measures to make good on its promises to improve economic and trade ties, the reports said.

AVIATION

Ryanair runs into headwinds

Ryanair Holdings PLC saw its first-quarter net profit sink by more than one-fifth as it faced headwinds from rising costs, intense competition and Brexit turmoil, the Irish airline said yesterday. Earnings after taxation slumped 21 percent to 243 million euros (US$270 million) in the three months to the end of last month, compared with the same portion of the previous financial year, Ryanair said in a results statement. That was in line with company guidance given in May.

BEVERAGES

PepsiCo eyes Indian snacks

PepsiCo Inc aims to invest about 5.1 billion rupees (US$74 million) for a new snack factory in India. The investment is planned over three years in the state of Uttar Pradesh, PepsiCo’s local unit said in an e-mailed statement on Sunday. The proposal is in line with the company’s goal to double its snacks business in India by 2022 and is expected to help create more than 1,500 direct and indirect jobs, the company said.

EQUITIES

LSE in talks for Refinitiv

London Stock Exchange Group PLC (LSE) is in talks to acquire Refinitiv, the financial data and trading platform provider, in a deal that could be valued at US$27 billion and would add fuel to the bourse’s fastest-growing business. The exchange would issue shares as part of the transaction and Refinitiv holders might receive a stake of approximately 37 percent, LSE said in a statement on Saturday. A formal agreement could be announced on Thursday, when LSE publishes half-year earnings, people said.

SAUDI ARABIA

SAGO begins mills sale

The country’s state grain buyer, SAGO, said that it would start the next phase of the sale of its flour mills tomorrow, which would see pre-qualified bidders perform due diligence and present financial offers. The sale is one of the first privatizations the kingdom is planning as part of a wide-reaching overhaul of its economy. It has attracted interest from some of the world’s largest agribusiness firms, including Archer Daniels Midland Co and Bunge Ltd.

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