The Malaysian founders of AirAsia are expected to launch a US$65 million initial public offering of Tune Insurance by the end of next month, two people close to the deal said. It would be the first of three initial share sales to raise a combined US$500 million that Tony Fernandes and Kamarudin Meranun are planning this year. Tune Insurance is a unit of conglomerate Tune Group, which the two men own. Reuters
Sharp had a better-than-expected operating profit for October-December, thanks mostly to higher revenue from large household appliances and a slight pickup in LCD television sales, its president, Takashi Okuda, said, as the struggling Japanese consumer electronics giant scrambles to generate profits in the hope of securing fresh financing. Reuters