World Business Quick Take

Agencies

Wed, Sep 12, 2018 - Page 10

RESTAURANTS

Shares fall after rat find

Shares of Xiabuxiabu Catering Management China Holdings Co (呷哺呷哺餐飲管理) yesterday tumbled 11 percent in Hong Kong, extending Monday’s 6.1 percent fall amid food safety concerns. Authorities in Weifang, Shandong Province, are conducting checks at one of Xiabuxiabu’s restaurants there after local Web site Weifang.sdnews.com reported that a diner on Thursday last week found a rat in a hotpot meal. Xiabuxiabu said on Sina Weibo on Saturday that its preliminary probe ruled out the possibility that the rat ended in the meal due to restaurant hygiene or operational reasons. The statement has since been deleted.

BANKING

ING’s Timmermans axed

Banking giant ING yesterday axed chief financial officer Koos Timmermans following a scandal over the firm’s failure to vet clients to prevent money laundering. Timmermans’ head is the first to roll after it emerged last week that the nation’s No. 1 bank paid 775 million euros (US$898.48 million) to settle a criminal probe over money laundering. Prosecutors said the bank is guilty of “serious omissions in the prevention of money laundering.” Clients were able to use accounts “held with ING Netherlands for criminal activities for many years, virtually undisturbed,” prosecutors added.

AUTOMAKERS

Volvo postpones share sale

Volvo Cars Corp has fallen prey to growing concerns over the US’ rumbling trade war with China, and has had to postpone plans for a share sale, CEO Hakan Samuelsson told Bloomberg on Monday. Volvo, which has been owned by Chinese construction giant Geely Holding Group Co (吉利汽車控股) since 2010, had planned to go public by the end of this year. The company, which exports vehicles from units in China to the US, had planned to do the reverse from a plant in South Carolina, but because of the trade war, it has had to backtrack on that plan, Bloomberg said.

THAILAND

Rail builders to be chosen

Bangkok expects to select a consortium by January next year to build a 225 billion baht (US$6.85 billion) high-speed rail link connecting three international airports, one of the largest transport projects in the nation’s history. The agency overseeing the plan, the Eastern Economic Corridor Office, aims to make as much progress as possible ahead of elections in February, office Secretary-General Kanit Sangsubhan said. About 31 firms, mostly from Thailand, China and Japan, are studying the project’s terms. The Eastern Economic Corridor is a 1.7 trillion baht plan to add infrastructure and advanced industries in the provinces of Rayong, Chachoengsao and Chonburi. The rail link would run between Bangkok’s two international airports and another near Pattaya, the U-Tapao International Airport in Rayong.

GAMING

Casino index drops 5.2%

Casinos shares tumbled yesterday on concerns that a softening Chinese economy is dampening the allure of the baccarat tables for high rollers. The Bloomberg Intelligence index for Macau casinos dropped as much as 5.2 percent, the lowest level in a year, as Deutsche Bank became the latest firm to lower its forecast for revenue growth in the world’s biggest gaming hub. It cut its outlook for next year by more than half, to 4 percent growth from 11 percent, citing concerns about the VIP segment and saying that Macau is at the start of a downward earnings revision cycle.