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.
New Malaria vaccine offers hope of cure
Scientists in the U.S. have announced a significant breakthrough in the fight against malaria after a human trial of a new vaccine was 100 percent effective against the disease for the first time in history.
Tesco, CRE in China merger talks
UK retailer Tesco and China Resources Enterprise (CRE) are in talks about merging their hypermarkets and supermarkets in China.
China trade shows signs of recovery
In a sign that China’s economy made be stabilising, new government data has revealed that the country’s exports and imports grew in July.
Bank of China formalises alliance with South Africa’s Nedbank
South Africa’s Nedbank and the Bank of China have entered into a strategic business cooperation agreement designed to grow business flows between China and Africa, as well as provide support to investors.
China fines baby formula companies
China has fined six producers of baby formula a record 670 million yuan for price-fixing, the official Xinhua news agency says.
Sony profits rise
Sony has reported a rise in profits for the April-to-June quarter thanks to what it called “the favourable impact of foreign exchange rates”.
Suspended jail sentences for ex-Olympus execs
Last month a Japanese court handed suspended sentences to three ex-Olympus executives accused of engineering accounting fraud at the camera and medical equipment maker.
