Wed, Sep 18, 2019 - Page 10 News List

World Business Quick Take

Agencies

QATAR

Investors to get residency

The government on Monday announced that it would grant residency to foreign investors for the first time, state media reported, the latest in a series of measures designed to diversify the economy. Foreigners investing an unspecified level of “non-Qatari capital” in the economy would be eligible for renewable five-year residency permits, Qatar News Agency reported. Real-estate developers active in the nation’s property market would also be eligible for the scheme.

CHINA

Tech plans rollback urged

The World Bank and a government agency have urged Beijing to roll back plans for government-led technology development that are fueling a tariff dispute with Washington. The appeal yesterday came in a report on technology industries as “new drivers” for the economy that was commissioned three years ago, before the trade dispute erupted. It urges Beijing to open markets, and reduce subsidies and government involvement in technology industries that it says might hamper development instead of promoting it.

SWITZERLAND

Growth forecast cut to 0.8%

The economy is expected to expand less quickly than previously anticipated, a knock-on effect of the a US-China trade dispute that is weighing on demand across major economies. GDP is seen expanding 0.8 percent this year, compared with the government’s previous forecast of 1.2 percent, the State Secretariat for Economic Affairs said, while keeping its prediction for next year unchanged at 1.7 percent. No major sporting events being held this year contributed to the cut in the growth outlook, the agency said.

TELECOMS

Axiata to pursue mergers

Axiata Group Bhd is pursuing mergers as a key strategy, despite an abrupt end to its plan to form an Asian mobile giant with Telenor ASA, its top executive said. Malaysia’s largest telecom could see mergers happening for its Indonesian and Malaysian operations within three to five years, chief executive Jamaludin Ibrahim said in an interview. “Consolidation is key to future-proof us in the medium term given the challenges in the industry,” Jamaludin said in Kuala Lumpur. “The cancelation of the merger does not deter us from looking at other possibilities.”

TELECOMS

Tycoon resigns, twice

Thai telecommunications tycoon Pete Bodharamik, who has more than US$1 billion of shareholdings, has resigned his positions at two listed firms after being fined US$1.9 million for insider trading. Pete quit as chief executive of Jasmine International PCL, one of the top Thai broadband providers, and as chairman of broadcaster Mono Technology PCL, stock market filings showed yesterday. The Thai Securities and Exchange Commission said in a statement that it had imposed a civil sanction of 59 million baht (US$1.9 million) on Pete.

AVIATION

Boeing raises PRC forecast

China needs to spend US$2.9 trillion on new aircraft and ground services over the next two decades — 7 percent more than last year’s estimate — as an expanding middle class and infrastructure improvements drive demand for air travel, Boeing Co said yesterday. The nation’s carriers need 8,090 new airplanes costing nearly US$1.3 trillion over the next 20 years, Boeing said. They also need to spend another US$1.6 trillion on services, it said.

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