Thu, Apr 11, 2013 - Page 15 News List

World Business Quick Take

Agencies

SOUTH KOREA

Unemployment rate falls

The country’s unemployment rate fell last month after a number of jobseekers left the market for further education or stopped looking for work, state data showed yesterday. The seasonally adjusted unemployment rate stood at 3.2 percent last month, compared with 3.5 percent in February and 3.4 percent a year ago, state-run Statistics Korea said. Unadjusted, the jobless rate was 3.5 percent last month, down from 4 percent in February.

AUTOMAKERS

GM back on Facebook

General Motors Co (GM) is returning to Facebook. The automaker pulled its ads from the social media giant in May last year, just days before Facebook’s initial public offering, saying the ads were not effective and did not justify the US$10 million per year it was spending. However, on Tuesday, Chevrolet’s US marketing chief Chris Perry said GM is introducing mobile-only Facebook ads for the Chevrolet Sonic subcompact car. He did not reveal any details about the ads or say how much GM is spending.

INDIA

Car sales down 6.7%

The nation’s passenger car sales shrank for the first time in a decade, falling 6.7 percent in the year to last month, hit by a slowing economy and high interest rates, a top industry body said yesterday. Passenger car sales fell to 1.89 million units in the financial year to last month from 2.03 million the previous year, the Society of Indian Automobile Manufacturers said in a statement. Last month alone, sales plunged 22.5 percent year-on-year, it said.

AVIATION

Boeing plans expansion

US aerospace giant Boeing Co announced on Tuesday that it would invest more than US$1 billion to expand operations in South Carolina, where it builds the 787 Dreamliner. “We are committing to create 2,000 new jobs and invest in excess of an additional US$1 billion in South Carolina over the next eight years as part of our overall plan to capture market growth, and deliver on our commitments to customers and other stakeholders,” Boeing said in a statement. The firm said it was expanding in South Carolina to prepare for “unprecedented demand for commercial airplanes — including a forecast of another 34,000 airplanes required over the next 20 years.”

FINANCE

Mirae plans job cuts

Mirae Asset Securities Co, the brokerage affiliate of South Korea’s second-largest money manager, is to eliminate half of its 38 jobs in Hong Kong after stock trading in the city fell. The timing of the cuts is yet to be determined, Choi Jong-hyun, a Seoul-based spokesman for the firm, said in an e-mailed response to queries yesterday. Average daily turnover by value on the Hong Kong exchange fell 23 percent last year to HK$53.9 billion (US$6.9 billion).

GAS

Japan firm in pipeline bid

Mexico’s president says a Japanese company has been tapped to build a pipeline to import US natural gas through Arizona. Mexican President Enrique Pena Nieto is visiting Japan, where he made the announcement about the US$460 million project on Tuesday. Japan’s Mitsui Corp will build the pipeline, which will run from Tucson to the Mexican border. The president’s office said in a brief statement the pipeline will be able to carry 770 million cubic feet (21.8 million cubic meters) of gas per day.

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