Company briefs: Sony
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Sony
Sony Group's Indian unit has signed a non-binding deal to buy the country's largest publicly traded television network Zee Entertainment Enterprises, a move that came after Zee shareholders sought removal of key officials.
About 53 per cent of the merged entity would be owned by Sony India shareholders and the rest by Zee's shareholders, the companies said in a joint statement yesterday. Sony shareholders will inject capital into its unit so that it will have about US$1.58 billion (S$2.14 billion) of funds at closing. The majority of the board will be nominated by Sony.
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Credit Suisse
Credit Suisse Group is considering moving its Asian investment banking operations into its global securities and advisory business as part of a wider overhaul by chairman Antonio Horta-Osorio to turn the troubled bank around. Consolidating the advisory business and the global investment bank would mirror a move last year to bring the Asian market activities into that unit. The move would mark another step by the bank to centralise operations and reverse a strategy under former chief executive Tidjane Thiam of giving greater autonomy to one of the bank's fastest-growing regions.
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Hero Electric Vehicles
India's biggest electric-scooter maker has called for an end to sales of petrol-powered two-wheelers by 2027 to speed up the switch to clean vehicles that has fallen behind other countries like China. "(The year) 2027 would be a good time for new sales to be 100 per cent electric," said Mr Naveen Munjal, managing director of Hero Electric Vehicles, in an interview. "If we leave it to market forces then things come along at their own pace and the transition will be much slower than what it could be." India's shift to electric vehicles has been hampered by high prices and a lack of charging infrastructure.
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