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Dutch Heineken to sell Mexican package business for $1.2bn THE HAGUE: Dutch brewing giant Heineken on Monday announced selling Mexican-based packaging business Empaque to US-based Crown Holdings in a deal worth more than one billion dollars."Heineken... has signed a binding agreement for the sale of its Mexican package business Empaque. The total enterprise value of the transaction amounts to $1.225 billion (933 million euros), the brewer said in a statement.Copyright AFP (Agence France-Presse), 2014

Spain's Caixabank eyes 150mn euro synergies from Barclays deal MADRID: Spain's Caixabank said on Monday that its acquisition of Barclays' retail and corporate banking operations in the country would bring around 150 million euros ($197 million) in gross cost savings by 2016. Caixabank will buy the Spanish assets, as well as Barclays' wealth and investment management business, for 800 million euros, the two banks said late on Sunday. The Barcelona-based lender was one of Spain's most acquisitive banks during a recent financial crisis, as ...

China's parliament authorises local governments to issue bonds SHANGHAI: China's parliament has formally approved changes to the budget law allowing local governments to issue bonds directly, a reform that could help stabilise government financing by creating the country's first municipal bond market. Regulators have already experimented with allowing local governments to issue debt directly through a pilot programme under way.The amendment to the budget law that the National People's Congress passed on Sunday would certify the pilot and provide a legal basis for ...

Samsung's shipbuilding, engineering units to merge SEOUL: The shipbuilding and engineering units of South Korea's Samsung group said Monday they would merge, as the family-run giant gears up for generational ownership succession. The board members of Samsung Heavy Industries, the world's third-largest shipmaker, and Samsung Engineering had approved the tie-up via a share swap, said a joint statement. Shareholders at the engineering unit will be given 2.36 shares in the shipbuilder, it said, adding the deal would be finalised by December.The ...

CaixaBank to buy Barclays Spain operations LONDON: Spain's third-biggest bank by capitalisation CaixaBank is to buy Barclays' Spanish operations for £800 million ($1.1 billion) as the British bank undergoes major restructuring, Barclays said on Sunday.The sale includes Barclay's retail banking, wealth and investment management and corporate banking businesses in Spain.In a statement, Barclays said 2,400 staff and 262 branches would transfer to CaixaBank once the deal is completed, likely around the end of the year.The British bank is undertaking a major ...

Indonesia's manufacturing contracts for first time in a year JAKARTA: Indonesian manufacturing activity contracted for the first time in a year in August, weakened by declining new orders and production, the HSBC Markit purchasing managers' index (PMI) survey showed on Monday. The index was 49.5 in August, down from 52.7 the previous month and the lowest for Southeast Asia's largest economy since August 2013. A reading below 50.0 signals a contraction in activity. "The deterioration in manufacturing conditions in August is surprising," said Su ...

China's AgBank chairman to assume provincial party post SHANGHAI: The chairman of Agricultural Bank of China Ltd (AgBank) , the country's third-largest listed lender, plans to take on the role of deputy party secretary in the country's northern province of Jilin. Jiang Chaoliang, who became chairman of AgBank in January 2012, plans to assist with reform in the province, according to a statement posted on the website of The People's Government of Jilin Province late on Sunday. AgBank could not be reached for ...


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