Tue, Dec 03, 2019 - Page 10 News List

World Business Quick Take

Agencies

SINGAPORE

Visitors set new record

A year after the movie Crazy Rich Asians helped drive a record number of visitors to the city-state, tourists are back again in full force, pushing arrivals to a new high in the third quarter. About 5 million travelers came to the island from July to September, led by visitors from greater China, which jumped 22 percent, data from the Singapore Tourism Board’s Web site showed. The previous quarterly record was 4.83 million set in the same period a year earlier. The surge in tourists also coincided with the reopening of the city’s grand dame, Raffles Hotel. The 132-year-old iconic hotel — the birthplace of the “Singapore Sling” cocktail — opened after an extensive renovation.

TURKEY

Economy grows 0.9 percent

The economy grew 0.9 percent year-on-year in the third quarter, in line with expectations, breaking three consecutive quarters of contraction as it shook off the effects of recession following last year’s currency crisis. Compared with the second quarter, GDP expanded by a seasonally and calendar-adjusted 0.4 percent, its third positive quarter-on-quarter reading in a row, Turkish Statistical Institute data showed. A Reuters poll forecast the economy would expand 1 percent year-on-year in the third quarter. It also predicted that the economy would grow 0.5 percent this year.

BANKING

Yes Bank boosts target

Yes Bank Ltd, an Indian lender caught in the country’s deepening shadow banking crisis, boosted its target for a capital raising to US$2 billion after receiving commitments from new investors. The nation’s fourth-largest private lender said its board signed off on the capital increase, which is higher than the previous figure of US$1.2 billion, at a meeting on Friday last week. Investors included Canada’s Erwin Singh Braich, SPGP Holdings and Citax Holdings Ltd, according to a stock exchange filing. The board is to meet again on Tuesday next week approve a preferential allotment of shares to investors, none of whom can receive more than a 25 percent stake in the bank.

AUTOMAKERS

Nissan CEO reaffirms ties

Nissan Motor Co’s new chief executive officer Makoto Uchida has reaffirmed the importance of the Japanese automaker’s alliance with Renault SA as it strives to puts its financial scandals behind it. A day after he took office, Uchida told reporters yesterday that he would emphasize transparency and work to restore Nissan’s credibility. Analysts say hopes are high that Uchida and his new team will lead a revival at Nissan. However, uncertainties remain, and the effort is likely to take time. Uchida was appointed after his predecessor, Hiroto Saikawa, resigned.

TECHNOLOGY

Lynch faces US extradition

The US has formally requested the extradition of Michael Lynch, the British tech billionaire who sold his data company Autonomy Corp to Hewlett Packard Co in an ill-fated US$11.1 billion deal, to face charges including securities fraud, wire fraud and conspiracy. The US embassy in London submitted the extradition request on Nov. 21 for Lynch to stand trial in the US, according to a court filing dated on Sunday. Lynch is battling the US information technology giant in London’s High Court. He has denied the accusations, saying Hewlett Packard mismanaged the acquisition. He is counter-suing for loss and damages.

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