Thu, May 15, 2014 - Page 15 News List

World Business Quick Take

Agencies

ELECTRONICS

Sony posts US$1.3bn loss

Sony Corp sank to a ¥138 billion (US$1.3 billion) quarterly loss due to expenses from exiting its personal computer business and is forecasting more red ink as it struggles to execute a long-promised turnaround. The company also reported a loss of ¥128.4 billion for the fiscal year through March this year, about three times its loss of ¥41.5 billion the previous year. It forecast a ¥50 billion loss for the year ending March next year. Sony’s red ink is flowing despite an improvement in sales, which rose 14 percent to ¥7.7 trillion for the fiscal year.

SOUTH KOREA

Unemployment inches up

The unemployment rate rose slightly last month, with the number of newly created jobs falling for the second consecutive month, government data showed yesterday. The seasonally adjusted jobless rate stood at 3.7 percent, compared to 3.5 percent in March, Statistics Korea said. However, the employment market for young job seekers remained tough. The jobless rate for those aged 15-29 stood at 10 percent last month, up from 9.9 in March and 8.4 percent a year earlier.

EUROPE

Inflation rises slightly

Inflation in Germany, Europe’s biggest economy, accelerated slightly for the first time this year, official final data showed yesterday. The cost of living rose by 1.3 percent on a 12-month basis last month, up from 1 percent in March, the federal statistics office Destatis said in a statement. Inflation in France also edged up last month, French official data showed yesterday, as consumer prices rose by 0.7 percent on a 12-month basis, the statistics institute INSEE reported.

TELECOMS

Telstra completes CSL sale

Australian telecommunications giant Telstra yesterday announced it had completed the sale of Hong Kong-based mobile business CSL to HKT Ltd (香港電訊), with proceeds for its stake totaling US$1.99 billion. Telstra revealed in December last year it planned to offload the operation, saying while revenue was growing strongly and market share was up, dynamics in the Hong Kong market meant it was time to sell. The sale equates to US$1.99 billion for Telstra’s 76.4 percent stake.

BANKING

Citic chair fined for criticism

A Chinese brokerage has fined its chairman two months pay — nearly 1 million yuan (US$161,000) — after he publicly blasted the nation’s largest bank Industrial and Commercial Bank of China Ltd (ICBC, 中國工商銀行) over its profits, state media reported yesterday. The penalty will be levied on Citic Securities Co’s (中信證券) Wang Dongming (王東明), the 21st Century Business Herald newspaper said, basing its estimate on Wang’s salary last year of 5.83 million yuan. China’s “Big Four” banks, which include ICBC, have long been criticized for high charges, poor service and their reluctance to lend to private firms.

AUTOMAKERS

Firm aims for 20% of electric

Nissan’s joint venture firm in China has said it is aiming to secure one-fifth of the fledgling electric vehicle market, which it expects to boom as authorities get to grips with choking air pollution. Dongfeng Motor Co (東風) has ambitions of claiming a 20 percent segment share with its local Venucia brand, which will be rolled out in September, Jun Seki, who heads the joint venture, said on Tuesday.

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