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Wed, Jul 07, 2010 - Page 10 News List

World Business Quick Take



Shanghai Disney goes ahead

Disney could start building its planned theme park in Shanghai as early as November, a year after Chinese authorities gave the green light for the project, the China Business News reported yesterday. “Talks on the Disney project are in the final stages and the construction is expected to start as early as November,” the report said, citing an unnamed source. The park would be Disney’s fourth outside the US and its third in Asia, after Paris, Tokyo and Hong Kong.


China to lead IPO market

China is on track to become the world’s biggest initial public offering (IPO) market this year in terms of both the number of new listings and funds raised, according to PricewaterhouseCoopers. The total number of new listings on the country’s two bourses in Shanghai and Shenzhen may reach 300 this year, compared with 99 last year, a forecast published this week said. Chinese companies are expected to raise 500 billion yuan (US$73.6 billion) in IPOs this year, it said.


Restructuring deal accepted

More than two-thirds of the nation’s creditors have accepted a deal with Buenos Aires ending their long-running debt dispute, the Ministry of Economy said on Monday. Heralding the country’s return to the financial mainstream, the ministry said 70.2 percent of creditors who held debt that the country defaulted on had agreed to the latest restructuring deal, worth US$18.3 billion. That topped the preliminary news announced last month of a 66 percent acceptance rate, worth more than US$12 billion. The government has offered to swap defaulted bonds at a third of their nominal value in a bid to restore its international credit standing.


Samsung raises sales target

Samsung Electronics Co, the world’s largest television maker, raised its target for global flat-panel television sales this year to as many as 50 million units on increased demand. The company previously set a target of 39 million units, company spokesman James Chung said yesterday by telephone. Meanwhile, Samsung, LG and Hyundai Motor Group will team up to develop flexible display material, the Maeil Business Newspaper reported, citing officials from the South Korean Ministry of Knowledge Economy and related industries.


Air France to cut 4,100 jobs

Air France will cut its work force by about 4,100 people by March 2013, union sources said on Monday. Jose Rocamorra, of the CGT union, said there was no plan for layoffs but over the next three years the airline will see its workforce reduced by way of voluntary departures. A document seen by reporters showed that Air France planned to shrink its work force by 4,109 posts to just under 47,700 by end-March 2013.


Rio completes Alcan sales

Mining company Rio Tinto Ltd said yesterday it had completed divestment of its Alcan Packaging business following the sales of its final two assets, Medical Flexibles and Alcan Beauty Packaging. Medical Flexibles, which comprises four North American plants, has been acquired by Amcor for US$66 million after recently receiving approval from the US Department of Justice. The beauty packaging business was acquired by Sun European Partners LLP for an undisclosed sum, Rio said in a statement.

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