Sun, Dec 11, 2011 - Page 11 News List

Business Quick Take

Agencies

MUSIC

YouTube buys RightsFlow

YouTube said on Friday it has acquired RightsFlow, a New York-based company which manages music rights for songwriters, recording artists, record labels and online music services. “As new ways of consuming music have emerged, RightsFlow has been at the forefront of solving the complex issues of licensing and royalty payment management,” YouTube product manager David King said in a blog post. “By combining RightsFlow’s expertise and technology with YouTube’s platform, we hope to more rapidly and efficiently license music on YouTube, meaning more music for you all to enjoy, and more money for the talented people producing the music.” Financial details of the transaction were not disclosed. King said Google-owned YouTube has invested tens of millions of dollars in content management technology and will “continue to invest in tools that make it easier for copyright owners to manage their content online.”

BEVERAGES

Coca-Cola to invest more

Coca-Cola Co, the world’s largest soft-drink maker, will boost its US investment next year to more than the US$3 billion spent this year, CEO Muhtar Kent said yesterday. “We are investing in the United States,” Kent said in a Bloomberg Television interview. “Investments create jobs.” Kent also said a European recovery could take as long as four years and commended leaders there, including French President Nicolas Sarkozy and German Chancellor Angela Merkel, for not allowing the region’s economy to implode. Earlier on Friday, chief financial officer Gary Fayard said Coca-Cola will raise prices more slowly next year than it did in the second half of this year.

INVESTMENT

Gross increased Treasuries

Bill Gross, who runs the world’s biggest bond mutual fund at Pacific Investment Management Co (PIMCO), increased his holdings of Treasuries and mortgage debt last month as Europe’s sovereign debt crisis worsened. US government and Treasury debt as a percentage of the US$241 billion Total Return Fund climbed to 23 percent from 19 percent the previous month, according to data posted on PIMCO’s Web site yesterday. Mortgage securities, the largest holdings, were increased to 43 percent from 38 percent in October. Treasuries have returned 9.3 percent this year in what would be their best year since the depths of the financial crisis in 2008, according to Bank of America Merrill Lynch indexes. The securities gained as European leaders struggled to agree on a coordinated approach to contain the region’s debt crisis.

AUTOMAKERS

Ford recalls 129,000 cars

Ford Motor Co has recalled nearly 129,000 of its Mercury Milan and top-selling Ford Fusion in the US because their 17 inch steel wheels may fall off, US safety regulators said on Friday. In some vehicles from model years 2010 and 2011, the wheel studs may fracture and make the car shake. If ignored, the wheels may fall off a moving car, the US National Highway Traffic Safety Administration said in a posting on its Web site. Ford, the No. 2 US automaker, said the issue may stem from wheel mounting pads or rear brake discs that have been incorrectly built and cannot support the wheel. The sedans were built at Ford’s Hermosillo stamping and assembly plant in Mexico in April 2009 and from December 2009 through Nov. 13 last year. The recall also affects vehicles with service steel wheels likely sold between the middle of April and the middle of November last year.

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