Wed, Oct 09, 2019 - Page 10 News List

World Business Quick Take

Agencies

MALAYSIA

Incentives to be raised

The government yesterday said that it would expand tax incentives for companies that use the country as a base for conducting their regional or global business. Effective this year, companies eligible for the government’s Principal Hub incentive would be subjected to a 10 percent tax rate for their operations instead of the wider corporate tax rate of 24 percent.

JAPAN

Household spending up 1%

Households in August increased spending for a ninth month without splurging ahead of a sales tax hike that took effect this month, suggesting the boom-and-bust consumption pattern that accompanied previous tax increases might not materialize this time. Household spending rose 1 percent from a year earlier, Ministry of Internal Affairs and Communications data showed yesterday, matching the median forecast of economists. Separate figures showed that wages fell for a seventh month this year, offering little hope that higher pay might fuel consumption over the coming months.

RETAIL

Two firms drop e-cigarettes

Walgreens Boots Alliance Inc and Kroger Co are to stop selling electronic cigarettes, making them the latest retailers to take action in the wake of the outbreak of vaping-related lung injuries in the US. “We have made the decision to stop selling e-cigarette products at our stores nationwide,” a Walgreens spokesman said on Monday. The drugstore chain, which operates thousands of locations around the country, would still sell regular cigarettes. Kroger said earlier that it too would halt the sale of all electronic nicotine-delivery products, citing mounting health questions.

TELECOMS

Cellnex buying Arqiva towers

Cellnex Telecom SA is buying Arqiva’s UK telecommunication towers for £2 billion (US$2.5 billion) and selling new shares to help the fast-growing Spanish infrastructure company pursue more deals. Cellnex would acquire 7,400 mobile towers that privately held Arqiva is carving out from its broadcasting mast business. The deal includes commercial rights over a further 900 tower sites, and concessions to use London street infrastructure as locations for mobile equipment, Cellnex said in a statement.

COSMETICS

Shiseido agrees to buy firm

Shiseido Co agreed to buy skincare brand Drunk Elephant Holdings LLC for US$845 million as the Japanese beauty company seeks to appeal to younger consumers in the US. The deal for Drunk Elephant would not have a significant effect on full-year earnings, Shiseido said in a statement yesterday. It would be financed with a combination of cash and credit, and is expected to close by the end of the year, it said.

AUDIO

B&O fires chief executive

Bang & Olufsen A/S (B&O) replaced its chief executive officer as the Danish maker of luxury audio systems grew impatient with the slow pace of the company’s turnaround. B&O named Kristian Tear, 55, as its new chief executive officer with immediate effect. He replaces Henrik Clausen, who would be “at the company’s disposal in the short term,” according to a statement. The company earlier this month reported a second consecutive quarterly loss, missing analyst estimates, as sales declined 30 percent.

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