Tue, Jul 23, 2019 page10

• World Business Quick Take

  • Agencies
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  AUSTRALIA

  Wine exports to China rise

  Wine exports to China rose to a new high as the world’s second-largest economy developed its palate for premium labels. The value of exports to the country’s biggest customer increased 7 percent to A$1.2 billion (US$845 million) in the 12 months to June 30, Wine Australia said yesterday. Local labels grew in popularity on US wine lists, with export values rising 2 percent to A$432 million. The total value of wine exports grew by 4 percent to A$2.86 billion, some way off last year’s 20 percent surge.

  STEELMAKERS

  Court halts Essar buyout

  The Indian Supreme Court yesterday temporarily put ArcelorMittal SA’sUS $6.1 billion purchase of Essar Steel India Ltd on hold, after the mill’s lenders sought to annul a lower court ruling that split sale proceeds proportionately among all creditors. The court admitted financial lenders’ appeal against a bankruptcy court ruling that put secured creditors, such as banks, at par with operational creditors, or suppliers to the plants. It also said it would resolve issues arising from the Essar verdict expeditiously and fix an early date for hearing the case.

  PAKISTAN

  IMF urges tax mobilization

  The country needs to mobilize domestic tax revenue to ensure funds for social and development programs, while reducing debt, IMF acting director David Lipton said on Sunday after a meeting with Prime Minister Imran Khan. The IMF and other international partners were working closely with the government to support the reforms, Lipton said. Economic growth, which reached 5.5 percent in the fiscal year to June last year, is expected to slow to 2.4 percent this financial year, according to IMF estimates.

  AUTOMAKERS

  Hyundai banks on SUVs

  Hyundai Motor Group saw net profit pick up by almost 25 percent in the second quarter of this year, thanks to its sport utility vehicles (SUV) and weak won. Net profit during the period rose 23.3 percent annually to 999 billion won (US$847 million), South Korea’s largest automaker said in a statement, sustaining its earning streak from the first three months of the year. The reading for the first quarter marked a recovery for the company after it posted its first quarterly loss in eight years.

  AVIATION

  Cathay buys budget carrier

  Cathay Pacific Airways Ltd (國泰航空) completed the acquisition of Hong Kong’s only budget carrier as it expects to lift its market share amid growing competition from mainland Chinese airlines. Hong Kong Express Airways Ltd (香港快運航空), which was previously owned by HNA Group Co (海航集團), would continue operating as a standalone airline under the low-cost model, Cathay said in a statement on Friday. In March, Cathay said it agreed to pay HK$2.25 billion (US$288 million) in cash for the purchase and pledged to repay HK$2.68 billion of debt held by Hong Kong Express.

  TECHNOLOGY

  Interswitch revives IPO plan

  Interswitch Ltd, a Nigeria-based payments firm, has hired advisers to resurrect plans for a stock-market listing in London and Lagos later this year, people familiar with the matter said. JPMorgan Chase & Co, Citigroup Inc and Standard Bank Group Ltd are among the firms working on an initial public offering (IPO), which might value the financial technology company at US$1.3 billion to US$1.5 billion, the people said, asking not to be identified because the deliberations are private.
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