Tue, Oct 18, 2016 page10

• World Business Quick Take

  • Agencies
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  INVESTMENT

  German bund yields surge

  A selloff in European government bonds pushed yields on Germany’s benchmark 10-year securities to the highest since the UK’s June 23 vote on whether to leave the EU. The declines are being spurred by rising investor expectations for consumer prices, just as traders await a eurozone inflation report that’s forecast to show an uptick on a monthly basis. Losses in the US Treasuries and gilt market are also spilling over to Europe, with German bund yields climbing above 0.1 percent for first time since Britain’s referendum. Benchmark German 10-year bund yields rose four basis points, or 0.04 percentage point, to 0.09 percent as of 9:45am in London.

  REAL ESTATE

  Blackstone bids for Carnegie

  Blackstone Group LP made a mandatory bid for Swedish residential landlord D. Carnegie & Co AB after increasing its stake to more than 30 percent. Blackstone, through its subsidiary Vega Holdco Sarl, offered 100 Swedish kronor (US$11.30) for each D. Carnegie share, according to a statement yesterday. The bid, which is lower than Friday’s closing share price of 102.5 kronor, values the Stockholm-based company at about 7.2 billion kronor. D. Carnegie said its shareholders should reject the bid. Swedish apartment prices jumped 3 percent last month, up from a 1 percent gain in August, according to Svensk Maeklarstatistik AB.

  CHINA

  Shares dive on Crown woes

  Stocks yesterday tumbled with casinos taking a hit as news that 18 staff of Australia’s Crown Resorts had been held in China fueled worries about companies in Macau. The Hang Seng Index lost 0.84 percent, or 195.77 points, to close at 23,037.54. The benchmark Shanghai Composite Index dropped 0.74 percent, or 22.64 points, to 3,041.17 while the Shenzhen Composite Index, which tracks stocks on China’s second exchange, lost 0.94 percent, or 19.18 points, to 2,027.56.

  OIL

  Iran to boost output

  Iran, OPEC’s third-biggest member, plans to boost its oil output to a level of 4 million barrels per day this year, potentially complicating the group’s plan to cut supply in an effort to prop up prices. The nation would raise production from 3.89 million barrels per day, National Iranian Oil Co managing director Ali Kardor told a conference in Tehran yesterday. Iranian Deputy Oil Minister for International Affairs Amir Hossein Zamaninia told reporters the country pumped 4.085 million barrels per day before sanctions were imposed on its economy. Iran exports more than 2.2 million barrels per day.

  PROPERTY

  Singapore’s home sales rise

  Home sales in Singapore rose last month as developers marketed more projects after a lull in sales in August, caused by Ghost Month. Developers sold 509 units last month, compared with a revised 468 units in August, according to data released yesterday by the Urban Redevelopment Authority. The government has been steadfast in its commitment to cool the housing market, maintaining real-estate curbs since 2009 even as home prices dropped for a 12th quarter. An index tracking private residential prices fell 1.5 percent in the three months ended Sept. 30 from the previous quarter, the most in more than seven years, preliminary data from the Urban Redevelopment Authority on Oct. 3 showed, Residential values are down 11 percent from their peak in September 2013.
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