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Banks to help Banca Carige
ROME: Healthy Italian banks will help to fill a 400-million euro ($451 million) hole in Banca Carige’s balance sheet, sources close to the matter said, in order to avert a possible crisis that would further destabilise the sector. Italian banks have come under renewed pressure due to their inflated holdings of the country’s government bonds, the value of which has fallen sharply since an anti-EU and anti-austerity populist
 
 
Kellogg explores sale of cookies, fruit snacks’ businesses
NEW YORK: Kellogg Co would reorganise its North American division and explore a sale of its cookies and fruit snacks units, which include brands such as Keebler and Stretch Island, as it sharpens focus on its core businesses. Like other packaged food makers, Kellogg has struggled to boost sales as consumers shift toward healthier alternatives, while competition from Amazon.com Inc and other online retailers has resulted in intense
   
EuroChem to produce lower volumes of potash
MOSCOW: Fertiliser producer EuroChem said it would produce less potash than originally planned this year and would delay the launch of its second plant to the first half of 2019, making its entry into the competitive market more gradually than planned. Russian-controlled and Switzerland-based EuroChem, which opened its first potash plant in March and plans to produce more than 8 million tonnes a year by 2024, is entering a market
 
 
Firm to buy LafargeHolcim’s Indonesian unit for $917m
ZURICH: Indonesia’s biggest cement maker Semen Indonesia is buying the local business of Swiss company LafargeHolcim for roughly $917 million, in a move that will consolidate the struggling Indonesian industry. The acquisition “will provide it with a significantly larger capacity and broader product portfolio and geographical footprint,” the state-owned cement maker said in a statement on Tuesday, adding that the move would enable
   
General Electric seeks urgent asset sales
NEW YORK: General Electric (GE) will sell assets with ‘urgency’ to reduce its high debt, Chief Executive Officer Larry Culp said on Monday, as GE shares tumbled as much as 10 per cent and the cost of insuring its debt hit a six-year high. Culp is facing tough questions about GE’s financial strength and profit outlook after being named CEO on Oct. 1 with a mandate to turn around the 126-year-old conglomerate. “We have no higher
 
 
BOJ first among G7 central banks to hold assets above GDP
TOKYO: Japan’s central bank has become the first among G7 nations to own assets collectively worth more than the country’s entire economy, following a half-decade spending spree designed to accelerate weak price growth. The 553.6 trillion yen ($4.87 trillion) of assets the Bank of Japan (BOJ) holds are worth more than five times the world’s most valuable company Apple Inc. and 25 times the market capitalisation of Japan’s most val
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