Industrial output up 8.2%
India’s industrial output climbed by a surprising 8.2 percent from a year ago in October, data showed yesterday. The figures marked a big improvement from a revised contraction of 0.7 percent in September and far outpaced market expectations of a 5 percent rise, according to a Dow Jones Newswires poll. The increase was helped by a weak base in October last year, when production contracted 5 percent, but output of consumer goods climbed 13.2 percent, suggesting improving demand.
Japan orders rise 2.6%
Japan’s machinery orders rose for the first time in three months, a sign that companies may expect the world’s third-largest economy to return to growth next year. Orders, an indicator of capital spending, climbed 2.6 percent in October from the previous month, Japan’s Cabinet Office said yesterday. The median estimate of 25 economists surveyed by Bloomberg News was for a 3 percent increase. Large orders can cause volatile results. Orders from the auto industry rose 17.8 percent, the first rise in five months.
DuPont predicts profit rise
Chemicals giant DuPont Co said on Tuesday it should reach the high end of its net income guidance this year and profit will grow in the low to mid-single digits next year. The company added that it planned to buy back up to US$1 billion of its shares next year. DuPont has forecast net income of between US$3.25 and US$3.30 per share from continuing operations this year. The company says sales will grow in the low single digits next year. DuPont expects weaker results from its performance chemicals unit and solid growth from other businesses.
Peugeot to cut 1,500 jobs
French automaker PSA Peugeot Citroen is to shed an additional 1,500 positions by not replacing departing workers, on top of 8,000 job cuts already announced, union sources said on Tuesday. After a meeting with management, union sources said the company would cut 11,214 jobs in total by the middle of 2014, including the 8,000 announced in July and the 1,500 non-replaced workers. The rest will come from voluntary departures. Peugeot this summer announced it planned to cut 8,000 jobs.
LG falls on Apple rumors
LG Display Co’s shares declined in Seoul trading on speculation Apple Inc may introduce an upgraded iPhone 5 version earlier than expected, potentially cutting the South Korean company’s shipments for the existing model. Shares of the world’s second-largest LCD maker slipped 4.9 percent to 32,700 won at the close on the Korea Exchange, its steepest loss since June 4. LG Display spokeswoman Claire Ohm declined to comment. LG Display shares have climbed 33 percent this year, compared with a 8.2 percent gain in the benchmark KOSPI.
Milner funds 23andMe
Russian billionaire Yuri Milner, who backed companies ranging from Facebook Inc to gaming company Zynga Inc, has led a US$50 million funding round into 23andMe, a US company that helps people decipher their genetic makeup. Existing investors joining the funding round include chief executive Anne Wojcicki; Sergey Brin, Wojcicki’s husband and cofounder of Google Inc; New Enterprise Associates; Google Ventures; and MPM Capital.