Tue, Oct 01, 2019 - Page 10 News List

World Business Quick Take

Agencies

CLOUD STORAGE

UCloud IPO approved

Chinese cloud storage provider UCloud Technology Co Ltd (優刻得科技) on Friday obtained approval from the Shanghai Stock Exchange for an initial public offering (IPO) on the Star market, according to an exchange filing. It is the first company with unequal voting rights to get approval from the exchange for the dual-class listing in the domestic market, according to data compiled by Bloomberg. The company aims to raise about 4.7 billion yuan (US$660 million) via the IPO, according to a separate exchange filing.

ENERGY

Tata gets solar order

Tata Power Solar Systems Ltd, a unit of Tata Power Co, received an order to build a 105 megawatt-peak floating solar plant in the southern Indian state of Kerala, the company said in a stock exchange filing. The 3.43 billion rupee (US$49 million) project is to be built on the reservoir of NTPC Ltd’s naphtha-fired plant in Kayamkulam and commissioned within 21 months, Tata Power Solar Systems said. The order also includes operations and maintenance of the plant for three years, it said.

RAILWAYS

Malaysia announces delay

Malaysia and Singapore have agreed to delay by another month a decision on whether to go ahead with a train project connecting the city-state with Malaysia’s southern state of Johor, Malaysia said on Sunday. The countries agreed to extend the deadline to decide on the RTS Link project by a month to Oct. 31 without any additional cost, the Malaysian Ministry of Transport said in a statement. Malaysia will have to pay Singapore abortive costs if the Rapid Transit System Link is not taken forward.

SOUTH KOREA

Bank laments growth target

Downside risks in the nation’s economy are outweighing upside ones, making it increasingly hard for the central bank to maintain its growth forecast that was already cut earlier this year, Bank of Korea Governor Lee Ju-yeol said. Even though the US and China are to resume trade talks, a slowdown in the global economy is likely to persist and it will be some time before demand for memory chips picks up again, Lee told reporters on Friday evening. “It will be tough to achieve the 2.2 percent growth projection.”

SAUDI ARABIA

Islamic bonds considered

The nation is considering selling a US dollar-denominated Islamic bond as early as next month as the kingdom seeks to take advantage of lower borrowing costs, people with knowledge of the matter said. The government is close to hiring banks for the possible sukuk sale, the people said, asking not to be identified because the information is private. A spokesman for the Ministry of Finance did not immediately respond to requests to comment.

ECONOMY

Vietnam projection upgraded

Economists are upgrading their growth projections for Vietnam after data this weekend showed that the nation’s economy surged more than 7 percent in the third quarter. Citigroup Inc revised its full-year forecast to 6.9 percent from 6.7 percent previously on the basis of another solid performance in the fourth quarter. Maybank Kim Eng Research Ltd now sees 7 percent growth for the year versus a prior call of 6.8 percent and United Overseas Bank Ltd changed to 6.8 percent for the year from 6.7 percent.

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