SingTel to buy two ad firms
Singapore Telecom (SingTel), Southeast Asia’s biggest telecom firm by revenue, yesterday said it would buy two mobile advertising companies for a total of US$385 million to further boost its digital business. Amobee, a digital advertising firm fully owned by SingTel, said in a statement it had signed agreements to buy Adconion, a cross-channel digital advertising company as well as Kontera Technologies, a digital content intelligence and marketing technology firm. Adconion Direct North America and Adconion Australia will be acquired for US$235 million including debt, while US-based Kontera will cost US$150 million.
Ramsay buys French firm
Ramsay Health Care yesterday said it had taken control of Generale de Sante to become France’s largest private hospital operator. The Australian healthcare provider and its partner, insurer Credit Agricole Assurances, acquired 83.43 percent of Generale de Sante, with Ramsay’s 57 percent share costing it 429 million euros (US$580.8 mllion). Generale de Sante is a leading operator of private hospitals in France comprising 75 facilities, including 61 hospitals, and employs 19,000.
EU to probe Apple tax
The European Commission was to launch a formal investigation yesterday into Apple Inc’s tax arrangements in Ireland, Irish state broadcaster RTE reported, without naming its source. Apple’s Irish arrangement helped it achieve an effective tax rate of just 3.7 percent on its non-US income last year, its annual report shows.
US, Japan hopeful on TPP
The US and Japan should reach a compromise in trade negotiations to help conclude a trans-Pacific free-trade pact by the end of the year, a senior Japanese official said on Tuesday. Japan External Trade Organization chairman Hiroyuki Ishige told a Washington think tank that political leaders on both sides need to make bold decisions and recognize the strategic importance of finalizing the Trans-Pacific Partnership (TPP). Acting US Deputy Trade Representative Wendy Cutler said there had been progress in the auto talks, “but we still have a lot of work to do.”
Top bankers get 37% more
London investment bankers at top firms including Bank of America Corp, Deutsche Bank AG and Goldman Sachs Group Inc get bonuses 37 percent higher than counterparts at smaller firms, according to Emolument.com. Managing directors at large firms typically receive bonuses of ￡400,000 (US$670,000) and a base salary of ￡275,000, the compensation research firm said in a statement. Directors are paid bonuses of about ￡192,000 and fixed pay of ￡170,000, it said.
Toyota recalls 2.27m cars
Toyota Motor Corp says it is recalling 2.27 million vehicles due to problems with front passenger airbag inflators. Toyota yesterday said it was notifying owners of vehicles involved in last year’s safety recall, including 766,300 in the US, to replace airbag inflators. It said it had missed some of the affected devices due to incomplete serial numbers from the supplier. The inflators contained improperly made propellant that could cause them to work abnormally, and possibly cause fires, in case of a crash. Of the total number of vehicles affected by the current recall, 650,000 are in Japan and 1.62 million outside Japan.