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Hong Kong's New World Development replaces CEO Adrian Cheng
Hong Kong's New World Development replaces CEO Adrian Cheng
Economy
by  AFP

Hong Kong property behemoth New World Development announced Thursday that its chief executive officer Adrian Cheng has been replaced, as the firm reported an annual loss of over US$2.5 billion. The firm also announced losses attributable to shareholders totalling HK$19.68 billion (US$2.5 billion), which will will mark New World's first annual loss in two decades.

Germany's BASF to focus on 'core units' in major overhaul
Germany's BASF to focus on 'core units' in major overhaul
Economy
by  AFP

German chemicals giant BASF said Thursday it would focus on cost cutting and strengthening its "core businesses" in the years ahead as it unveiled details of a major overhaul. In the coming years, BASF "will focus on strengthening and profitably growing its core businesses", which it defined as the chemicals, materials, industrial solutions and nutrition segments.