INVESTMENT
Lazard hires Raine
Lazard Ltd, the largest independent merger-advisory firm, hired former Deutsche Bank AG executive Dale Raine as a managing director in charge of its UK healthcare team. Raine, who previously led Deutsche Bank’s healthcare investment banking business in London and New York, will start immediately, Lazard said in a statement yesterday. The healthcare group advises companies and their boards on acquisitions, capital raising and strategy.
ISRAEL
Israel to sell dollar bonds
The government is planning its first US dollar bond sale in three years, the Ministry of Finance said on Sunday. Ministry officials are scheduled to leave for the US for meetings with foreign investors in the coming days “to gauge demand in global markets,” the ministry said in a text message. The sale would depend on market conditions, it said. The government chose Barclays PLC, Goldman Sachs Group Inc and Citigroup Inc to manage the offering. The last Israeli US dollar-bond sale took place in 2013, when the government issued US$2 billion of dollar-denominated bonds in two tranches. In 2014, the government sold 1.5 billion euros of 10-year bonds. The nation is rated “A+” by Standard & Poor’s, the fifth-highest investment grade.
INDUSTRY
China buys big in Germany
China’s largest chemical company said it has bought a German maker of machinery to process rubber and plastic for US$1 billion in the largest Chinese investment to date in Germany. China National Chemical Corp (中國化工), also known as ChemChina, said yesterday that the acquisition of KraussMaffei would expand its product range. State-owned ChemChina said it would keep KraussMaffei’s headquarters in Munich and its production and research operations in Europe. The company has 4,500 employees, with 2,800 of them in Germany. ChemChina is one of China’s most active investors abroad. It has acquired companies in France, Britain and Israel and agreed last year to pay US$7.7 billion for Italian tiremaker Pirelli.
MERGER
Supermarket sale talks stall
Talks for the sale of a majority stake in Saudi Arabian supermarket chain al-Raya For Foodstuff Co to Dubai-based private equity firms Abraaj Group Ltd and Fajr Capital have stalled, three people with knowledge of the matter said. Negotiations broke down because of differences over valuation as economic growth and consumer spending slow in the nation, two of the people said. The sale could value al-Raya at as much as 1.7 billion Saudi riyals (US$453 million), three people with knowledge of the matter said in September last year. Spokespersons at Fajr and Abraaj declined to comment, while no one was immediately available to comment at al-Raya For Foodstuff..
CURRENCY
Russian stocks slumps
The Moscow stock exchange yesterday dropped by more than 4 percent as Russia’s energy-dependent economy reels from low oil prices and fluctuations on the Asian market. The US dollar-denominated RTS index had dropped by 4.16 percent as of 7:25am, while Russia’s battered ruble stood at 76 against the US dollar and more than 83 against the euro for the first time since the currency slump of December 2014.
PROTECTIONISM: China hopes to help domestic chipmakers gain more market share while preparing local tech companies for the possibility of more US sanctions Beijing is stepping up pressure on Chinese companies to buy locally produced artificial intelligence (AI) chips instead of Nvidia Corp products, part of the nation’s effort to expand its semiconductor industry and counter US sanctions. Chinese regulators have been discouraging companies from purchasing Nvidia’s H20 chips, which are used to develop and run AI models, sources familiar with the matter said. The policy has taken the form of guidance rather than an outright ban, as Beijing wants to avoid handicapping its own AI start-ups and escalating tensions with the US, said the sources, who asked not to be identified because the
Taipei is today suspending its US$2.5 trillion stock market as Super Typhoon Krathon approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed-income trading, statements from its stock and currency exchanges said. Yesterday, schools and offices were closed in several cities and counties in southern and eastern Taiwan, including in the key industrial port city of Kaohsiung. Taiwan, which started canceling flights, ship sailings and some train services earlier this week, has wind and rain advisories in place for much of the island. It regularly experiences typhoons, and in July shut offices and schools as
Her white-gloved, waistcoated uniform impeccable, 22-year-old Hazuki Okuno boards a bullet train replica to rehearse the strict protocols behind the smooth operation of a Japanese institution turning 60 Tuesday. High-speed Shinkansen trains began running between Tokyo and Osaka on Oct. 1, 1964, heralding a new era for rail travel as Japan grew into an economic superpower after World War II. The service remains integral to the nation’s economy and way of life — so keeping it dazzlingly clean, punctual and accident-free is a serious job. At a 10-story, state-of-the-art staff training center, Okuno shouted from the window and signaled to imaginary colleagues, keeping
Arm Holdings PLC approached Intel Corp about potentially buying the ailing chipmaker’s product division, only to be told that the business is not for sale, according to a source with direct knowledge of the matter. In the high-level inquiry, Arm did not express interest in Intel’s manufacturing operations, said the source, who asked not to be identified because the discussions were private. Intel has two main units: A product group that sells chips for personal computers, servers and networking equipment, and another that operates its factories. Representatives for Arm and Intel declined to comment. Intel, once the world’s largest chipmaker, has become the
RSS