International Container Cuts Spending as Global Growth Slows
- Company may spend only half of $530 million budget this year
- Exploring options in Greece, Africa; slowing other projects
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International Container Terminal Services Inc. expects to spend only half of the $530 million it budgeted for this year as the Philippine port operator limits its expansion amid slowing global growth, Chairman and President Enrique Razon said.
“The growth picture of the global economy is not looking too great,” Razon, 55, said in an interview Oct. 2 in Manila. Profit at the company has mainly been driven by acquiring new terminals rather than by organic growth, he said.