China Telecom first-half profit up 15%
Profits at Chinese state-owned telecommunications company China Telecom rose 15.9 percent year-on-year in the first six months of the year, the company has announced.
Kenya and China sign $5bn deals
Kenya’s President Uhuru Kenyatta has described deals between Kenya and China to build a railway line.
Hyundai union to strike for four hours
Hyundai’s labour union says 46,000 unionised workers will strike for four hours over two days this week as talks between the union and company made little progress.
Rupee hits new low
The Indian rupee has hit a fresh all-time low against the U.S. dollar.
U.S. investigators probe JPMorgan in China
U.S. investigators have launched a probe into investment house JPMorgan over claims it hired children of influential Chinese officials to boost business in the country.
L’Oreal bids for Chinese face mask company Magic Holdings
Cosmetics giant L’Oreal has made a $6.5 billion Hong Kong dollars takeover offer for Chinese skincare company Magic Holdings. In a joint statement, the French company said it saw Magic as the “ideal fit” for its existing business in China’s fast growing beauty industry. Magic Holdings, based in Guangzhou, is famous for its face masks. The company generated $150 million euros in revenues in 2012. “Facial masks are one of China’s beauty market’s fastest growing areas with very promising development prospects. Magic’s MG brand is one of China’s leading brands in this category,” the joint statement said. L’Oreal, which has brands such as Garnier and Lancome under it, has 3,500 employees in China, a Research and Innovation centre in Shanghai and two plants in Suzhou and Yichang. The deal needs approval from China’s Ministry of Commerce before it can go ahead. Image: © L’Oreal Copyright is owned by Asia Outlook and/or Outlook Publishing. All rights reserved.
Lenovo Group quarterly profit up 23%
Chinese multinational technology Lenovo, which is headquartered in Beijing, says its quarterly profit rose 23 percent in the three months ending June.
Hyundai and Kia workers vote to strike over pay and conditions
Workers at South Korean carmaker Hyundai and its affiliate Kia Motors have voted to strike for better pay and working conditions – a year after another costly strike ended.
Domino’s Pizza Enterprises to buy 75% stake in Domino’s Pizza Japan
Domino’s Pizza Enterprises (DPE) has agreed to buy a 75 percent stake in Domino’s Pizza Japan from Bain Capital Domino Hong Kong for 12 billion yen. “The acquisition represents an exciting opportunity to leverage our proven track record of successfully growing the Domino’s network to deliver shareholder value,” said Don Meij, the Australian business’ managing director and chief executive. “Japan is a strategic location for DPE’s future expansion, providing access to a large market which is well suited to significant new store roll-outs and the relocation of stores to higher traffic locations with improved image and formats.” The purchase, which will be funded via a combination of debt and equity financing, is expected to be completed before the end of September 2013. The move came as Domino’s announced a net profit of $28.657 million for the 2012/13 financial year, an increase of more than six percent. Image: © Getty Copyright is owned by Asia Outlook and/or Outlook Publishing. All rights reserved.
Japan economic growth weaker-than-expected
Japan’s economy grew a weaker-than-expected 2.6 percent in the three months through June, according the latest government figures.
