Monday 18 November 2019

Boots to buy 12pc stake in Nanjing

Nanjing is the fifth-biggest drugs wholesaler in China with sales of £2bn last year. Photo: Getty Images
Nanjing is the fifth-biggest drugs wholesaler in China with sales of £2bn last year. Photo: Getty Images

BOOTS, the UK's largest chemist chain, will buy a 12pc stake in China's Nanjing Pharmaceutical for about £56m (€69m), the company said in a statement yesterday. Alliance Boots will become the second-largest shareholder as part of a strategic alliance between the two companies. Nanjing is the fifth-biggest drugs wholesaler in China with sales of £2bn last year.

Oil companies to fight on despite ban

commodities

French oil companies and trade unions vowed to fight on in favour of developing unconventional energies in France after President Francois Hollande said a fracking ban would remain during his five-year mandate. "We don't think it's game over," said Jean-Louis Schilansky, head of Union Francaise des Industries Petrolieres, which represents explorers like Total.

Zuckerberg address boosts share value

TECHNOLOGY

Facebook chief executive Mark Zuckerberg's 30-minute appearance at a technology industry conference last week has translated into $6.79bn (€5.17bn) in additional market valuation for his company. Shares finished the week up 6.2pc at $22 as Wall Street's confidence in the company continued to improve in the wake of the 28-year-old CEO's first public appearance since May.

'Resident Evil' takes top spot at cinemas

ENTERTAINMENT

'Resident Evil: Retribution', the fifth instalment in the zombie-invasion franchise, made its debut as the top film at US and Canadian cinemas with $21.1m (€16m) in sales for Sony. 'Finding Nemo 3D,' a re-release of the 2003 animated hit, opened in second place, taking in $17.5m (€13.3m).

Hong Kong in bid to cool house prices

PROPERTY

Hong Kong widened efforts to cool home prices that have gained almost 90pc since early 2009, as the US Federal Reserve's third round of quantitative easing risks fuelling asset bubbles in the city. The Hong Kong Monet-ary Authority will limit the maximum term on all new mortgages to 30 years, Norm-an Chan, the de facto central bank's chief executive, said.

Irish Independent

Also in Business