PCCW denies talks to buy Next Media assets

Business Digest

Growth in the US services sector sped up last month on the back of a rebound in employment. The Institute for Supply Management said its services index jumped to 53.7 from 52.6 in July, beating economists' forecasts of 52.5. A reading above 50 indicates expansion. Reuters

China National Biotec, the country's largest provider of vaccines and blood products, secured approval yesterday from the environment ministry to raise up to 10 billion yuan (HK$12.2 billion) in a Hong Kong initial public offering. The firm still needs approval from the China Securities Regulatory Commission. Reuters

PCCW told the Hong Kong stock exchange yesterday that the firm, "its subsidiaries and the chairman" are not "currently in talks with any third parties in relation to mergers and acquisitions of media businesses in Taiwan". Next Media announced this week it had been approached by unnamed parties to sell its assets in Taiwan. Sophie Yu