Sun, Sep 27, 2009 page11

• Business Quick Take

  • AGENCIES
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  ■ INVESTMENT

  Tingyi plans TDR sale

  Tingyi Holding (Cayman Islands) Corp (康師傅控股) may sell more than NT$10 billion (US$309 million) in shares in the form of Taiwan depository receipts (TDRs), the Chinese-language Economic Daily News reported yesterday, citing unnamed brokerages. Tingyi Holding is 36.6 percent owned by Ting Hsin International Group (頂新集團), which operates the biggest instant noodle maker in China and runs Wei Chuan Foods Corp (味全食品) in Taiwan. The paper said Ting Hsin was assessing the possibility of allowing Tingyi to issue TDRs and might submit its application to the Taiwan Stock Exchange by the first quarter of next year. No decision has been made yet, the paper said, citing sources from Ting Hsin.

  ■EMPLOYMENT

  PRC migrants back at work

  Nearly all the migrant Chinese workers laid off last year during the global economic crisis have returned to jobs in the cities because of an improvement in the employment situation, an official said yesterday. “Currently, 96 percent [of] rural workers who went back to the countryside have already returned to the cities to work or do business,” vice agriculture minister Chen Xiaohua (陳曉華) told reporters. “In certain places, there are even problems of a lack of workers.” By the latest estimate, China had 225 million migrant workers.

  ■INVESTMENT

  Toyota lifts sales forecast

  Toyota Motor Corp has raised its global sales forecast for the year to March next year by 3 percent to 6.7 million cars, the Tokyo Shimbun daily reported yesterday, in the latest sign of a nascent recovery in auto demand. Toyota, the world’s largest automaker, is also raising its production in Japan by 8 percent to 6.45 million vehicles for 2009-2010, thanks to the impact of government subsidies and tax incentives on new fuel efficient cars, the paper said.

  ■AUTOMAKERS

  Ford Canada to cut output

  The Canadian Auto Workers union says Ford Canada intends to slash its Canadian manufacturing production from 13 percent of the company’s total North American output to 8 percent despite requests from its union to the contrary. Ford and the union have been negotiating a new labor contract since Sept. 8, but the two sides have reached an impasse over how much production the company intends to keep in Canada.

  ■LABOR

  Argentine workers removed

  Argentine police have used force to remove laid-off workers occupying a Kraft Foods plant in Buenos Aires since last month. The court-ordered evacuation could resolve a standoff that started when Kraft Foods Inc laid off about 160 of the plant’s several thousand workers. The union demanded the jobs back and seized the plant. They also occupied a major freeway, demanding government help. Argentina’s labor ministry and company executives met on Friday, reaching a deal to resume operations tomorrow morning and keep the plant’s remaining jobs.

  ■BANKING

  BBVA to sell properties

  Spain’s second-largest bank, BBVA, said on Friday it had reached an agreement to sell 948 property assets in Spain to a Deutsche Bank investment fund for 1.15 billion euros (US$1.7 billion) in a “sale and leaseback” deal. The sale of the assets, “most of which are offices,” will book BBVA some 830 million euros in gross capital gains, it said in a statement.
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