Company news in brief

PMorgan plans expansion into Ghana, Kenya JPMorgan Chase & Co plans to expand its African presence into countries including Ghana and Kenya, Chief Executive Jamie Dimon said. Dimon said the bank would target Ghana and Kenya, two countries in which local regulators have previously blocked the US banking giant's expansion plans, according to media reports at the time. The announcement follows JPMorgan's unveiling of a US$20 billion investment plan on Tuesday which will see it hike wages, hire more, and open new branches as it takes advantage of sweeping changes to US tax law and a more favorable regulatory environment.Brent hits US$71 first time since 2014Brent oil prices hit $71 per barrel yesterday for the first time since 2014 as the US dollar continued to weaken and crude inventories in the United States fell for a 10th straight week, amid ongoing supply cutbacks by OPEC and top producer Russia.Brent crude futures, the international benchmark for oil prices, hit a session high of US$71.05 per barrel – the highest since early December 2014 - before dipping back to US$70.86 by 0801 GMT. That was still up 32 US cents, or 0.5% from the last close.Both crude benchmarks have risen by almost 60% since the middle of last year.In foreign exchange markets, the US dollar hit its lowest level since December 2014 against a basket of other leading currencies. A weakening greenback often results in financial traders taking investments out of currency markets and putting money into commodity futures like crude.Aurora Cannabis to buy rival Canada's No. 2 marijuana producer Aurora Cannabis Inc has agreed to buy smaller rival CanniMed Therapeutics Inc for C$1.1 billion (US$852 million) as companies jostle to benefit from the country's legalisation of recreational marijuana use later this year. The agreement to create the world's top marijuana producer by market value follows months of tensions between the companies. Aurora had originally made a hostile bid capped at C$24 per share for CanniMed, and increased it to C$43 in the new offer. The deal marked the world's biggest marijuana industry transaction, bringing the value of cannabis deals so far this year to US$1.2 billion, more than double 2017's total, itself a record. – Nampa/Reuters Hyundai Motor posts small profit riseHyundai Motor eked out a small 3% gain in quarterly net profit, but posted a fifth straight drop in annual earnings as a stronger local currency and weak US and Chinese sales eroded the automaker's bottom line for 2017.While this was the first gain in quarterly profit in four years, analysts had been expecting it given a low base for comparison from a year ago. Hyundai's operating profit for the three months to December 2017 slumped 25%.Hyundai, the world's No.5 automaker along with affiliate Kia Motors Corp, reported a net profit of 1.03 trillion won (US$971.61 million) for the fourth quarter ended December. Its sales edged down 0.2% to 24.5 trillion won.For 2017, its net profit dropped to the lowest since at least 2010 after sales in China suffered a major setback due to a diplomatic spat between South Korea and Beijing over Seoul's decision to deploy a US anti-missile system. – Nampa/ReutersWhirlpool's profit forecast misses estimate Whirlpool Corp posted a steep slowdown in sales for the fourth quarter and its full-year profit forecast fell short of market expectations as the home appliances maker struggles with higher costs of raw material such as steel. Whirlpool, whose products include laundry appliances, refrigerators and cooking appliances, said it expects an adjusted profit of US$14.50 to US$15.50 per share for 2018.Whirlpool posted a loss of US$268 million for the fourth quarter, compared with a profit of US$180 million a year earlier, hit by a charge of about US$420 million related to the US tax reforms. The results come two days after US President Donald Trump slapped steep tariffs on imported washing machines and solar panels, benefiting Whirlpool and dealing a heavy blow to rivals Samsung Electronics and LG Electronics. – Nampa/Reuters

Company news in brief

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Company news in brief

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