Business headlines today

British business welcomes Obama

British companies with US interests greeted Barack Obama’s victory as a watershed – but warned the same problems remain. There was also concern that to solve these problems, the new president may resort to putting up trade barriers, the Telegraph reports.

Obama victory to boost Japan, experts predict

At least in the short run, the Japanese economy is likely to benefit from Democratic Senator Barack Obama’s victory in the US presidential election, as large-scale economic stimulus packages loom, economists said. The new US administration said it will put together major economic measures that include tax cuts, the Japan Times reports.

Molson Coors reveals stake in Foster’s

Global brewer Molson Coors has a 5 percent exposure in Foster’s Group, raising takeover speculation about the Australian company. Analysts said a move on Foster’s was an appropriate step for Molson Coors, the Australian reported.

Li, China Unicom offer $1.9b to take PCCW private

Hong Kong tycoon Richard Li and China Unicom yesterday said they would offer $1.9 billion to take Li’s Hong Kong telecommunications company PCCW Ltd private, the China Daily reports. They will offer HK$4.20 ($0.54) a share to buy out the 52 percent of the stocks owned by other investors in PCCW, according to a filling to the Hong Kong Stock Exchange.

No change in India expansion plans, says Ford

Struggling US car company Ford said it will proceed with its previously announced $500 million investment for India and there was no plan to scale it down due to the liquidity crunch, the Times of India reports. Michael Boneham, president of Ford India, said “all plans are on track despite the difficulties”.

Cathay warns of weak revenue, hedging losses

Cathay Pacific Airways warned yesterday that weakening revenue and fuel-hedging losses that had ballooned to HK$2.8 billion at the end of last month would result in disappointing results for the year, the South China Morning Post reports.

More cuts for THAI amid falling demand, economy

Thai Airways International must drastically slash costs more in order to weather the slump in travel demand caused by the worsening global financial crunch and the political standoff in Thailand, the Bangkok Post reports.

Singapore back in top 10

After striving for 10 years, Singapore has made made it back to the top 10 ranking for customer orientation in the World Economic Forum’s (WEF) Global Competitiveness Report, the Straits Times reports. It was placed 10th, the first time since it dropped out of the top 10 league in 1999.

Bank executives under pressure over bonuses

Senior UBS executives and board members may come under pressure to hand back Sfr60m (£32m) in bonuses paid out last year. The Guardian reports that executive remuneration will be discussed on November 27.

Shell plans joint venture in Basra with expats

Royal Dutch Shell is to become the first big Western oil company to move large numbers of expatriate staff into Iraq to oversee its gas joint venture, The Times reports. The Anglo-Dutch oil giant has been sounding out companies in Iraq about how to support an expatriate operation of as many as 200 people in Basra.

Australian economy goes part-time

Australian employers are increasingly turning to part-time workers to fill their needs as the economic slowdown begins to pinch. The Sydney Morning Herald reports that 43,500 part-time positions were created last month - the most since April 2001.

Source: thetimes.co.za