From Staff Reports The Werthein Family, an Argentina family known for its investment holdings, would be interested in increasing its stake in No. 2 telephone company, Telecom Argentina SA, by purchasing the shares of that company that are currently held by Telecom Italia SpA. However, Telecom Italia has not said it wants to sell its […]
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Slovakia economy grows 9.4%
From Staff Reports Higher wages and growing exports powered the Slovakia economy to a second-quarter growth rate of 9.4%, the government’s statistical office reported. Among the key factors: Industrial production rose 15.9%. Wages rose 6.7%. The number of unemployed workers fell 18.5%. Bloomberg News reports that newly built plants by automakers PSA Peugeot Citroen and […]
Beijing's Finance Minister Resigns
From Staff Reports China's finance minister resigned Thursday, the day after President Hu Jintao criticized finance officials over a lack of integrity, the Reuters news agency reported last week. The precise motivation for Jin's replacement remains unknown, but several Chinese sources have suggested that a sex scandal was his undoing. According to published reports, the […]
The World's Leading Electronics Manufacturer Makes Its Move In Vietnam
By Jason Simpkins Staff Writer Hon Hai Precision Industry Co. Ltd, the world’s No. 1 contract-manufacturer of consumer-electronics products, is boosting its Vietnam investment to $5 billion. The company originally planned to invest $1 billion, but the increased outlay underscores Vietnam’s strong prospects. Vietnam, which joined the World Trade Organization (WTO) in January, is one […]
France's Carrefour Will Sell Real Estate, Launch Share Buyback
From Staff Reports France’s Carrefour SA – the world's biggest retailer after Wal-Mart– is finally tapping the property market to bring up some cash for its shareholders. On Thursday France's Carrefour announced it would sell a chunk of its enormous real estate portfolio through an initial public offering next year and would also sell other […]
Sarkozy Tells France to Embrace Globalization - But in a 'French Way'
From Staff Reports Calling the global free markets an “illusion”, new French President Nicholas Sarkozy has vowed to keep French interests at heart in the home market even as he helps French companies become powerhouses in the rapidly emerging global markets, the International Herald Tribune reported Thursday. Sarkozy was elected earlier this year, and is […]
China's Gold Output Jumps More Than 15%, Makes it a Target for Investment Profits
From Staff Reports China’s gold output jumped 15.44% in the first seven months of the year, the biggest growth in the past 10 years, China’s state-run Xinhua news agency reported yesterday (Thursday). Total gold production reached 145 tons so far this year, the news agency said. China’s gold industry produced 240 tons of gold and […]
Rio Tinto Gets Canadian Clearance, $40 Billion in Loans for Alcan
From Staff Reports Worldwide mining giant Rio Tinto PLC (RTP) said yesterday (Thursday) that the Canadian government has signed off on its $38 billion purchase of Alcan Inc. (AL), noting that the deal raises no anticompetitive issues. The Canadian Competition Act clearance was one of the conditions of the deal’s consummation. Rio also essentially thumbed […]
Government Ready to Intervene in China's Inflation Troubles
By Mike Caggeso Staff Writer China’s growing inflation rate will force government intervention later this year, Su Ning, deputy governor of the People’s Bank of China, said. Inflation hit a 10-year high at 5.6% in July. Food prices — hampered by a lackluster wheat harvest and an outbreak in pig diseases — accounted for 80% […]
Shell and Dow Plan a Move Into Future Iraqi Oil Market
From Staff Reports Anglo-Dutch oil company Royal Dutch Shell (NYSE: RDS.A) is reportedly in talks with Dow Chemical Co. (NYSE: DOW) to develop an Iraqi petrochemical plant for $2.1 billion. The goal of the deal is to give the two firms a beachhead in the Iraqi oil market if that industry ever gets restarted. Some […]