Tue, Nov 19, 2013 - Page 15 News List

World Business Quick Take

Agencies

ECONOMY

Thai growth forecast cut

Thailand cut its growth forecast for the year after the economy expanded less than analysts estimated last quarter and weakening exports damp the outlook for consumption and investment. GDP rose 1.3 percent in the three months through September from the previous quarter, the Thai National Economic & Social Development Board said yesteday. It revised a contraction in the second quarter to “no growth” from the previous three months. GDP grew 2.7 percent from a year earlier, compared to a median estimate of 2.9 percent in a Bloomberg survey.

INTERNET

Yahoo sued over e-mails

Yahoo was accused in a lawsuit of intercepting e-mails sent to users of its mail service and using personal information to profit from related advertisements. The plaintiff seeks damages of US$5,000 for each person whose privacy was allegedly invaded, according to a complaint filed on Friday last week in the US federal court in San Jose, California.

PROPERTY

London house prices fall

London asking prices for homes fell this month after a 10 percent jump last month as British government measures to boost demand failed to offset the seasonal pre-Christmas decline, Rightmove PLC said. Values in the UK capital dropped 5 percent, or £26,956 (US$43,500), to an average £517,276, the property Web site operator said in a report yesterday. Across England and Wales, average prices declined by 2.4 percent. As the economy strengthens and the government ramps up property stimulus measures, Rightmove said the underlying recovery remains in place.

MANUFACTURING

Report says Wal-Mart unsafe

A news report says safety problems have been found in nearly half of 75 audited factories in Bangladesh that are Wal-Mart suppliers. According to a report posted on the Wall Street Journal’s Web site on Sunday, Wal-Mart Stores Inc said most of the factories that failed the audit were able to correct problems or are doing so. The company said it has stopped doing business with two factories, and one had to be closed.

INSURANCE

Allianz profits from cyberrisk

Allianz SE, Europe’s biggest insurer, said markets such as Asia, Brazil and eastern Europe, as well as products that protect against cyberrisks will increase revenue at its industrial insurance unit. “New products such as cyberrisk protection and coverage for renewable-energy plants will boost premiums in the mid term,” said Axel Theis, chief executive officer of the Munich-based insurer Allianz Global Corporate & Specialty industrial insurance unit, in an interview. “We will also continue to build our presence in growth markets in Asia, South America, Africa, the Nordic countries and Russia.”

STOCK MARKETS

UK FTSE bosses earn more

The directors of companies in the UK’s FTSE 100 Index saw their total earnings rise 14 percent last year to this year, driven by a 58 percent increase in share-based long-term incentive payments, a study by Incomes Data Services found. The median total earnings of a director of a company in the benchmark index were £2.1 million (US$3.4 million), up from £1.9 million the year before. The median salary was £568,500 and the median long-term incentive payment was £1.2 million.

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