08282016Sun
Last update: Sun, 28 Aug 2016 09pm

Global Business & Economy

World - Global Business & Economy

China property firm blames takeover for tough conditions SHANGHAI: China's biggest property firm Vanke on Monday blamed a takeover it is trying to fight off for worsening business conditions, even as it reported higher profits.Bosses of Vanke, China's largest residential developer by sales, have for months been trying to stave off what would be the country's first hostile blue-chip takeover, after private conglomerate Baoneng bought a stake of more than 20 percent, becoming its biggest shareholder.Chairman Wang Shi and his executives currently own only around 0.2 percent of the 270 billion yuan (around $40 billion) firm.But they retain a tight grip on it by virtue of their positions, and have proposed a controversial asset swap deal with a state-owned subway operator that would heavily dilute existing shareholders.Analysts say that takeovers are crucial to efficient markets and the allocation of resources.But in its earnings statement to the Hong Kong exchange, where it is listed, the company said the battle ...

World - Global Business & Economy

Canada inflation flat in July OTTAWA: Canadian consumer prices were flat in July as falling gasoline prices helped offset slight rises in other components, the government agency Statistics Canada reported Friday.Price gains remained tame in Canada as the seasonally adjusted consumer price index held at 128.6 in July, after a 0.2 percent gain in June.Core prices, those excluding food and energy, were up 0.2 percent, the same as the previous month, while the Bank of Canada's core index, watched more ...

World - Global Business & Economy

Indonesia's Medco to invest $500mn to build copper smelter after Newmont deal JAKARTA: Indonesian oil and gas producer PT Medco Energi Internasional Tbk plans to invest $500 million to build a copper smelter following its deal to buy control of Newmont Nusa Tenggara (NNT), its president commissioner told Reuters. The smelter, which will have an annual capacity of 500,000 tonnes, is expected to start operations in 2021, Muhammad Lutfi said in an interview. Part of the funds to build the smelter will come from bank loans, Lutfi ...

World - Global Business & Economy

Japan's economic woes deepen as manufacturers' mood hits 3 year low TOKYO: Japanese manufacturers' mood soured in August to its lowest since 2013 when the central bank embarked on aggressive monetary easing, a Reuters poll showed on Friday, highlighting the weakness in an economy facing declining exports and sluggish consumer spending.The Reuters Tankan, which tracks the Bank of Japan's quarterly tankan, came on top of recent data showing exports in July tumbled the most since the last global financial crisis, and that economic growth stalled in ...

World - Global Business & Economy

Moody's revises outlook on Australia banks down to negative MELBOURNE: Moody's Investors Service has downwardly revised its outlook on Australia's banks to negative, warning that their profit growth could slow due to weak wage growth, low interest rates, strong lending competition and rising household debt. The ratings agency also warned of rising problem loans in the resources sector, resource-related industries and households in mining-dependent states in its decision to revise the outlook from stable. "The outlook change reflects Moody's expectation of a more challenging ...

World - Global Business & Economy

Nigerian exports of Bonny Light crude planned at 189,000 bpd in October LONDON: Nigerian exports of Bonny Light crude oil are planned at 189,000 barrels per day (bpd) in October, according to a preliminary export plan circulated to traders on Thursday. The six cargoes compared with 195,000 bpd that had been planned in September, but it included at least two that were deferred from the September export plan. Bonny Light is under force majeure due to a leak on one of the two pipelines that feeds it ...

World - Global Business & Economy

US jobless claims fall more than expected as labor market firms WASHINGTON: The number of Americans filing for unemployment benefits fell more than expected last week, reinforcing views of labor market strength that could encourage the Federal Reserve to raise interest rates soon.Initial claims for state unemployment benefits dropped 4,000 to a seasonally adjusted 262,000 for the week ended Aug. 13, the Labor Department said on Thursday. Claims for the prior week were unrevised.Economists polled by Reuters had forecast initial claims slipping to 265,000 in the ...