Kerry Properties

Briefs, November 1, 2012

PUBLISHED : Thursday, 01 November, 2012, 4:14am
UPDATED : Thursday, 01 November, 2012, 4:48am

Investors OK takeover bid by News Corp

Shareholders in Consolidated Media voted in favour of a A$2 billion (HK$16.1 billion) takeover offer from Rupert Murdoch's News Corp. The deal will double the stake of News Corp's Australian unit in dominant pay-television operator Foxtel to 50 per cent and give it 100 per cent of content provider Fox Sports, at the same time as it cuts back its print operations. Reuters


JP Morgan sues ex-boss of London Whale

JP Morgan Chase sued the executive responsible for supervising Bruno Iksil, the trader nicknamed the London Whale for market-moving wagers at the division responsible for a US$6.2 billion trading loss. Javier Martin-Artajo is a defendant in a London lawsuit filed on October 22 by the bank and made public yesterday. Bloomberg


Kerry's Tangshan project draws buyers

Kerry Properties says it has generated a strong response for its new project in Tangshan, Hebei province, where buyers snapped up 300 out of the first batch of more than 500 flats at the Tangshan Complex that the developer - a member of the Kerry Group, which controls the company that publishes this newspaper - put on sale recently. The project comprises 300,000 square metres of gross floor area. Sandy Li


Panasonic expects 765b yen loss

Panasonic, Japan's second-biggest maker of televisions, projected a loss of 765 billion yen (HK$74.3 billion) in the year ending in March because of restructuring costs and falling demand, scrapping its projection in May of 50 billion yen in net income. It would be the second-biggest loss in the firm's history. Bloomberg


Results roundup

  • Macau casino operator MGM China reported an 8.9 per cent year-on-year increase in third-quarter earnings as spending by mainland gamblers boosted revenue. Adjusted earnings before interest, taxes, depreciation and amortisation rose to HK$1.19 billion. Net revenue rose to HK$5.15 billion. Bloomberg 
  • Third-quarter net income at Hon Hai Precision Industry, the world's largest contract manufacturer of electronics, climbed 58 per cent to NT$30.3 billion (HK$8.04 billion) as investment losses were overturned and Apple paid more for the iPhone's manufacture. Bloomberg  
  • General Motors' third-quarter net profit fell 14 per cent to US$1.48 billion as European pretax losses widened and North American profits fell. But South America swung to a big profit. AP