Thu, Oct 10, 2019 - Page 10 News List

World Business Quick Take

Agencies

BANKING

HK shares sink on warning

Shares in Hong Kong banks declined after Morgan Stanley cut the sector’s outlook, saying the stocks would underperform as a slowing economy and falling interest rates hurt profitability. Morgan Stanley reduced its recommendation on the industry to cautious from in-line. Falling local interest rates would further cloud the outlook, the brokerage said. While banks are trading below long-term averages, they might continue to de-rate, similar to what is happened in other markets such as China and South Korea, Morgan Stanley said.

INTERNET

Twitter unveils data lapse

Twitter Inc on Tuesday apologized after “inadvertently” using telephone numbers and e-mail addresses for advertising even though the personal data was provided for account security. Twitter users’ telephone numbers and e-mail addresses — submitted to allow account authentication — were matched with advertisers’ own data to enable targeted ads. None of the user data was shared with partners outside of the company and it was unclear how many people were affected, Twitter said. The issue was fixed in the middle of last month, it said.

SHIPBUILDERS

Philippine bid examined

A consortium comprising Australian shipbuilder Austal Ltd and US private equity firm Cerberus Capital Management LP could make an offer in the coming weeks for Hanjin Heavy Industries & Construction Co’s cash-strapped shipyard in the Philippines. The companies, which have until Oct. 31 to submit a bid, are in exclusive talks with creditors and finishing up due diligence, court-appointed receiver Rosario Bernaldo said in a telephone interview on Tuesday. The shipyard in Zambales province is the largest in the Philippines, covering 300 hectares.

BANKING

Rich Latin Americans eyed

Credit Suisse Group AG is considering a return to US wealth management after a four-year absence. Talks have focused on the ambition to add US$15 billion of assets under management at a new base in Miami, mostly catering to wealthy Latin Americans, people familiar with the matter said. If the bank moves ahead, it could employ up to 30 people, including control and support staff in Florida, the people said, asking not to be identified as the talks are private. No final decision has been taken and talks are at an early stage, they said.

ENERGY

Malaysian sale mulled

Exxon Mobil Corp is considering a sale of its Malaysian upstream offshore assets as the US energy giant continues with its divestiture program, people with knowledge of the matter said. The company is working with an adviser on the potential sale of the Malaysian assets, which could raise between US$2 billion to US$3 billion, the people said, asking not to be identified.

AUTOMAKERS

ARM eyes common tech

ARM Holdings PLC is joining with automakers General Motors Co and Toyota Motor Corp to establish common computing systems for self-driving vehicles, an effort the companies hope will speed development of the technology. The company said it was helping to create the Autonomous Vehicle Computing Consortium along with the two automakers and industry suppliers Bosch Corp, Denso Corp and Continental AG. Also helping found the group are Nvidia Corp and NXP Semiconductors NV, both of which embed ARM’s technology in their chips.

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