CDC extends public dealing timings

KARACHI: The Central Depository Company of Pakistan Ltd has extended public dealing timings at its head office. The new counter timings are from 9am to 7pm from Monday to Friday and from 9am to 1pm on Saturdays.

Uber’s China operations sold for $35bn

HONG KONG: Ride-hailing firm Didi Chuxing said on Monday it will buy Uber’s China operations, in a deal that will give Uber a stake in the company and end bruising competition between the two.

The deal is valued at $35 billion, according to a source familiar with the matter who didn’t want to be named before the deal was made public, combining Didi’s $28bn worth and Uber China’s $7bn valuation. Didi confirmed the agreement on its official microblog, but gave no valuation.

San Francisco-based Uber Technologies will receive a 5.89 per cent stake in Didi – but will have disproportionate “economic interests” of 17.7pc with another 2.3pc interest going to Uber China shareholders.—Reuters

Tesla reaches $2.6bn deal to buy SolarCity

NEW YORK: Electric car maker Tesla said Monday it won agreement from SolarCity to acquire the solar power company for $2.6 billion, confirming a deal that has been criticised on Wall Street.

Tesla announced the bid in late June, but it drew jeers on Wall Street, in part because of scepticism over the motives of Tesla chief executive Elon Musk, who is also chairman of SolarCity as well as its biggest shareholder.—AFP

GSK forms bioelectronics venture with Alphabet

LONDON: British drugs giant GlaxoSmithKline announced Monday that it will form a joint venture with Google’s parent company Alphabet to research and develop so-called bioelectronic medicines.

GSK has agreed with Verily Life Sciences (formerly Google Life Sciences) to create a new company called Galvani Bioelectronics, it said in a statement.

The venture will be headquartered in Britain and will receive a total investment of up to $714m over seven years. GSK will hold a majority of 55 per cent in the group and Verily will have a 45pc stake.—AFP

Japan’s Mitsubishi UFJ net profit tumbles

TOKYO: Japanese banking giant Mitsubishi UFJ Financial Group said Monday its April-June net profit dived by nearly one-third as negative interest rates and market turbulence dented its bottom line.

The drop mirrored similar falls at rivals Sumitomo Mitsui Financial Group and Mizuho Financial Group which reported their results last week.

Published in Dawn, August 2nd, 2016