Foreign business news in brief


SYDNEY: Media group Seven Network Ltd said its Pacific Publications unit has bought Murdoch Magazines for A$77mil, expanding its push into the lifestyle and fashion magazine segment. 

Seven Network said in a statement the payment would include A$32.5mil in its convertible reset preference shares, plus a subsequent year payment dependent on the performance of the magazine titles transferred to Pacific Publications, capped at A$3mil. – AFX-Asia 

LONDON: De Beers is poised to return to the United States for the first time in nearly 60 years after agreeing to plead guilty to 10-year-old price-fixing charges, the Financial Times reported. 

The global diamond group, 45% owned by Anglo American Plc, currently operates via intermediaries in the United States. 

It would pay a fine of US$10mil to settle charges that it conspired with General Electric Co to fix the prices of industrial diamonds, the newspaper said, citing an agreement reached with the US Department of Justice lawyers. – AFX-Asia 

HONG KONG: PCCW Ltd and the China Network Communications Group Corp (China Netcom) have reached a framework agreement for sale of an equity stake in PCCW's wholly owned unit PCCW-HKT Telephone Ltd to China Netcom, The Standard reported, citing unnamed sources. 

The report did not provide any details of the agreement. 

PCCW announced in May that China Netcom, the mainland's second largest operator of fixed-line services, is interested in taking a stake in PCCW-HKT, the core fixed line business of PCCW. – AFX-Asia 

BEIJING: US private investment company Newbridge Capital has called off a deal to buy a 3.38% stake in China Minsheng Banking Corp Ltd, the bank said in a statement. – AFX-Asia

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