Tue, Oct 22, 2019 - Page 10 News List

World Business Quick Take



PM eyes sustained growth

Vietnam seeks to sustain economic growth next year at about 6.8 percent amid a projected 7 percent rise in exports, Prime Minister Nguyen Xuan Phuc said. Inflation should stay below 4 percent next year, Phuc told legislators in a speech in Hanoi aired live on television. Overseas sales are set to gain 7.9 percent this year, while inflation will likely average 2.7 to 3 percent this year, he said. Growth in the Southeast Asian economy accelerated to 7.31 percent in the third quarter from a year earlier, surpassing expectations to reach the fastest pace since the start of last year. Vietnam is benefiting from rising foreign investment in manufacturing as businesses shift production from China to bypass higher tariffs.


Oil exports resume

Ecuador on Sunday said it had resumed crude oil exports curbed by violent protests that forced several wells in the Amazon to halt operations. The country was hit by 12 days of demonstrations, led by indigenous groups, against fuel price hikes until President Lenin Moreno reached a deal with protest leaders on Oct. 13. “Oil production has recovered, so the operation of the Trans-Ecuadorian Oil Pipeline System has been standardized,” Petroecuador, the national oil company, said in a statement. “All suspended exports will be rescheduled in the coming days.”


Gojek announces new CEOs

Indonesian ride-hailing and payments company Gojek said two senior officials would jointly take over running operations of the US$10 billion firm after chief executive officer and cofounder Nadiem Makarim resigned to join Indonesia’s Cabinet. Gojek president Andre Soelistyo and the other cofounder, Kevin Aluwi, would be the joint CEOs, the company said. It had “planned for this possibility and there would no disruption to its business,” it said in a statement. Soelistyo has been at the firm since 2016 and previously headed Singaporean private equity firm Northstar Group, while Aluwi runs the company’s data science and analytics teams.


Temasek plans takeover

Singapore’s Temasek Holdings Pte plans to take control of Keppel Corp for about S$4 billion (US$3 billion) and undertake a review of the oil-rig builder’s business that could involve a board shakeup. The state-backed investor, which already owns about one-fifth of Keppel, offered to buy an additional 30.6 percent stake at S$7.35 a share, according to a statement yesterday. That is 26 percent higher than what Singapore-based Keppel traded at before its shares were halted. Temasek said it plans to keep Keppel traded on the Singapore stock exchange. Keppel also has businesses involved in real estate and infrastructure.


Strike cancels flights

Cabin crew at four Lufthansa subsidiary airlines staged a day-long strike on Sunday, causing dozens of cancelations at German airports in a battle for better pay and conditions. The walkout, called by the UFO cabin crew union, at Eurowings, Germanwings, SunExpress and Lufthansa CityLine led to more than 100 flight cancelations, mainly hitting short-haul journeys at Hamburg airport, Munich, Berlin-Tegel, Cologne and Stuttgart, the Deutsche Presse-Agentur reported. Frankfurt airport, the country’s busiest, reported “only a few” cancelations, affecting CityLine flights.

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