OZ Minerals wants Chinese
Debt-laden Australian miner OZ Minerals said yesterday it would go into receivership if a A$2.6 billion (US$1.7 billion) takeover offer from China’s Minmetals (五礦集團) does not proceed. While some Australian politicians have expressed unease at Chinese investment in the country’s resources sector, OZ Minerals chief executive Andrew Michelmore said last week’s offer had saved his company. “Having stared down the barrel of receivership or voluntary administration at least three times in the last few months, this is the best outcome for our shareholders,” Michelmore told ABC television.
Yahoo may shuffle bosses
Yahoo Inc’s new chief executive, Carol Bartz, may announce a management restructuring as early as Wednesday, the Wall Street Journal said. The Journal, citing unidentified people, said in a report published on its Web site on Saturday that a memo from Bartz suggested there would be a reorganization and that many top executives knew few details about it.
Satyam seeks new investors
India’s troubled Satyam Computer Services Ltd said on Saturday it would seek new investors and replace its auditors in the wake of a US$1 billion fraud scandal. Following a board meeting on Saturday, the software services provider said in a statement that it has set up a process to line up potential strategic investors and would seek regulatory approval for that process this week. The company, one of India’s largest outsourcing companies, also said its board authorized chief executive A.S. Murty to take steps to retain key employees and endorsed efforts under way to cut expenses.
PCCW employees protest
Several hundred workers from Hong Kong’s leading phone operator marched yesterday to protest a cost-cutting plan that requires employees to take up to two unpaid days off a month. The PCCW Ltd (電訊盈科) workers chanted “PCCW lacks a conscience, smothers its employees,” as they marched peacefully in the central financial district toward Hong Kong’s government headquarters. Radio RTHK reported on its Web site that 300 people protested. The plan requires the company’s technicians to take up to two days off without pay starting in March.
A380 orders in ‘good shape’
Airbus SAS, the world’s largest maker of commercial airplanes, said the order book for the A380 was in “good shape.” Airbus hasn’t received any cancellations from airlines in the Gulf, Habib Fekih, the Middle East president at Airbus, told reporters at the MEED Airport Projects conference in Dubai yesterday.
Seoul banks boost capital
Capital adequacy at 18 South Korean banks rose in the fourth quarter as loan expansion slowed and lenders boosted capital, the nation’s financial regulator said. Combined capital adequacy ratio — a measure of capital reserves against assets at risk — improved to 12.19 percent as of Dec. 31, from 10.86 percent at the end of the third quarter last year, the Financial Supervisory Service said yesterday in an e-mailed statement. South Korean banks including state lenders raised 16.2 trillion won (US$10.7 billion) in capital in the fourth quarter as they sought a buffer against a potential rise in bad debts, the regulator said.