Wed, Jan 15, 2020 page10

• World Business Quick Take

  • Agencies
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  HONG KONG

  Relief measures promised

  Hong Kong Chief Executive Carrie Lam (林鄭月娥) yesterday pledged HK$10 billion (US$1.3 billion) in new relief measures to prop up the economy, as it grapples with months of pro-democracy protests that have hurt business confidence in the territory. The proposed new spending brings the global financial hub’s total stimulus to HK$35 billion since this summer, when protests escalated and have since taken a heavy economic toll, especially in the tourism and retail sectors.

  MEXICO

  Chinese loans cover refinery

  Chinese banks are providing US$600 million in financing for the construction of a new oil refinery at the Dos Bocas Port in the southeastern state of Tabasco, Chinese Ambassador to Mexico Ambassador Zhu Qingqiao (祝青橋) told reporters on Monday. The Industrial and Commercial Bank of China (中國工商銀行) and the Bank of China (中國銀行) are participating in financing for the refinery, one of President Andres Manuel Lopez Obrador’s flagship infrastructure projects, Zhu said. It was unclear what kind of financing the banks would provide for the project.

  RETAIL

  SML Group seeks buyer

  SML Group Ltd, a closely held garment label maker for fashion brands and retailers globally, is exploring a sale of the business that could fetch about US$500 million, people familiar with the matter said. Hong Kong-based SML is working with Citigroup Inc to seek a buyer for the business, the people said. The company makes woven and printed labels, price tickets, hangtags, and zippers and buttons, its Web site said.

  TELECOMS

  Vodacom in talks with Cell C

  Vodacom Group Ltd is in talks with Cell C Pty Ltd about taking on the smaller rival’s contract-paying mobile phone subscribers, a move that would strengthen its position as South Africa’s telecom market leader, people familiar with the matter said. The unit of the UK-based Vodafone Group PLC would gain about 1 million high-paying subscribers from the deal, the people said. The carrier could also cut jobs and close some stores after slimming down operations, they said.

  UNITED KINGDOM

  Flight tax cut to help Flybe

  The government could cut air passenger taxes on all domestic flights to help rescue struggling regional airline Flybe, the BBC reported yesterday. British Chancellor of the Exchequer Sajid Javid is to meet later with representatives from the Department for Transport and Department for Business, Energy and Industrial Strategy to discuss the tax and a possible deferring of Flybe’s bill, the corporation said. A possible deal could allow Flybe to defer a payment of more than ￡100 million (US$129.72 million) for three years, Sky News said.

  STOCK MARKETS

  Yum China eyes HK listing

  Yum China Holdings Inc (百勝中國控股) is working with China International Capital Corp (中國國際金融) and Goldman Sachs Group Inc on preparations of its proposed second listing in Hong Kong, people familiar with the matter said. The operator of Pizza Hut and KFC restaurants in China is working with the banks on the share sale, which could take place as soon as this year, the people said. Yum China is considering a listing in Hong Kong that could raise as much as US$2 billion, International Financing Review reported last week, citing unidentified people.
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