Wed, Apr 05, 2023 page10

• World Business Quick Take

  • Agencies
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  SOUTH KOREA

  Inflation slows down

  Inflation eased more than expected last month in response to a cooling of energy prices that might prove temporary following OPEC+’s surprise weekend announcement of a cut in oil output. Consumer prices advanced 4.2 percent from a year earlier, slowing from February’s 4.8 percent and coming in below economists’ expected 4.3 percent, statistics office data showed yesterday. Core inflation, which excludes oil and agricultural prices, held at 4.8 percent, reflecting strong underlying price pressures in the economy. From the prior month, prices rose 0.2 percent, matching estimates.

  RETAILERS

  Walmart to cut jobs

  Walmart Inc’s job cuts at five US e-commerce fulfillment centers would affect more than 2,000 positions, according to regulatory filings, although affected employees might find other roles at the company. The losses include more than 1,000 positions at a warehouse in Fort Worth, Texas, the state’s workforce commission said on Monday. The retail giant is also anticipating a reduction of almost 600 jobs at a Pennsylvania fulfillment center, 400 in Florida and about 200 in New Jersey. An additional reduction is planned in California. The net impact on total employment at Walmart, the largest private-sector employer in the US, remains uncertain.

  DEVELOPERS

  Evergrande announces deal

  Chinese property developer Evergrande Group (恆大集團) said it has entered into a restructuring agreement with a group of international creditors, in what could be a breakthrough deal toward easing the developer’s massive debt. In a Hong Kong exchange filing made late on Monday, Evergrande said the group of creditors had entered into three separate restructuring schemes that involve a combination of new notes and bonds that can be converted into shares in two subsidiaries, Evergrande Property Services Group Ltd (恆大物業) and Evergrande New Energy Vehicle Group Ltd (恆大新能源汽車).

  INVESTMENT

  Snow Lake leaves Hong Kong

  China-focused hedge-fund firm Snow Lake Capital Ltd (雪湖資本) has left Hong Kong after 12 years of operating in the territory, people familiar with the matter said. The company shuttered its office in Hong Kong last month, the people said. Founder and chief executive officer Sean Ma (馬自銘) has relocated to Menlo Park, California, for personal reasons. Its chief operating and financial officer is also based in the US city. All members of its Hong Kong-based research team moved to Beijing last month, the person said. In 2020, Snow Lake shot to international fame when it emerged as the author of a report released by Muddy Waters that exposed sales inflation at China’s Luckin Coffee Inc (瑞幸咖啡).

  WEALTH MANAGEMENT

  Investec enters deal

  Investec PLC and Rathbones Group PLC have entered into a deal that would create a UK wealth manager with combined funds of ￡100 billion (US$124 billion). The asset managers have agreed to an all-share combination of Investec Wealth & Investment Ltd and Rathbones, a statement said yesterday. The enlarged Rathbones Group would remain an independent company operating under the Rathbones brand, with Investec as a long-term, strategic shareholder. After the deal closes, Investec Group is to own 41.25 percent of the economic interest in Rathbones’ share capital, but with voting rights limited to 29.9 percent, the statement said.
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