SOFTWARE
Google to buy Quickoffice
Google is buying Quickoffice, the maker of a widely used mobile app for working on documents created in Microsoft’s programs for word processing, spreadsheets and presentations. The deal announced on Tuesday gives Google Inc more tools to undercut Microsoft Corp, as more people get work done on smartphones and tablet computers. Quickoffice makes those devices compatible with Microsoft Office, even if the software suite is not installed on them. Financial terms of the acquisition were not disclosed.
ELECTRONICS
Sony bosses shun bonuses
Seven Sony executives, including chairman Howard Stringer and president Kazuo Hirai, are giving up their performance-based bonus pay. The Tokyo-based electronics and entertainment company said yesterday that they were forgoing bonuses for the fiscal year through March because of the massive challenges to turn around the business. Sony did not disclose how much money was being returned. The company paid ￥224 million (US$2.8 million) in such bonuses for the fiscal year through March 2011 to eight executives.
FAST FOOD
Burger King targets Russia
Burger King is expanding its empire overseas, this time in Russia. The world’s second-largest hamburger chain said on Tuesday it had reached a deal with its franchise operator in the country to open several hundred new locations in the next few years. There are currently 57 Burger King outlets in Russia. The deal continues the Miami-based chain’s focus on expanding in emerging markets at a time when the fast-food industry is becoming increasingly saturated in the US. In the past year, 80 percent of Burger King’s new openings have been in the region encompassing Europe, the Middle East and Africa.
BANKING
German, Austrian ratings cut
Moody’s Investors Service cut the credit ratings of six German banking groups, including Commerzbank AG, and Austria’s three largest banks, such as Erste Group Bank AG, yesterday, saying they face risks if the eurozone crisis deepens. Moody’s said German lenders face risks to the quality of their assets if the eurozone crisis deepens or the global economy slows more. For the Austrian banks, Moody’s said vulnerabilities from operating conditions in Central and Eastern Europe were the reasons for the ratings cut.
ENVIRONMENT
Firms eye ‘greener’ plastic
Five leading US global companies, including Coca-Cola and Ford, on Tuesday unveiled a joint effort to develop 100 percent plant-based plastics in their products, cutting the use of fossil fuels. Coca-Cola, Ford, Heinz, Nike and Procter & Gamble said they were launching a working group focused on speeding up the development and use of 100 percent plant-based polyethylene terephthalate (PET) plastic. PET is a durable, lightweight plastic. All five companies use PET based on fossil fuels such as oil in bottles, apparel, footwear, and automotive fabric and carpet.
MALAYSIA
Weaker demand hits exports
The trade ministry reported flat export growth for April yesterday as weaker demand in the trade-dependent economy’s key European and US markets offset continued strong shipments to China. Malaysia exported 57.7 billion ringgit (US$18.2 billion) of goods in April, just shy of the 57.8 billion ringgit reported in April of last year.
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
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