Wed, Jun 04, 2014 - Page 15 News List

World Business Quick Take



Newmount hit by new laws

US mining giant Newmont said yesterday it has ceased production at its Indonesian gold and copper mine due to controversial new rules governing the sector in Southeast Asia’s top economy. Newmont has not shipped copper concentrate overseas since the rules were introduced in January. They include a ban on the export of some unprocessed minerals and higher taxes for some commodities that can still be shipped out of the country. Copper concentrate, a major export for Newmont and its US peer, Freeport McMoRan, was exempt from the ban, but the companies still faced paying the new, higher taxes on shipments of the product.


Centerra threatens closure

Canada’s Centerra Gold on Monday threatened to close its mine in Kyrgyzstan unless its receives long-awaited government approvals for its annual mine plan and related operating permits by Friday next week. The company has been in discussions with Kyrgyzstan officials since late last year about greenlighting its proposals for operations this year at the Kumtor mine, located at the foot of glaciers high in the Tien Shan mountains. The mine is Kyrgyzstan’s biggest employer and taxpayer, according to Centerra.


PlayStation Portable era ends

Sony Corp is pulling the plug on its hand-held PlayStation Portable (PSP) video game machine after 10 years. The Japanese electronics and entertainment company has been pushing the successor machine, PlayStation Vita. Tokyo-based Sony said yesterday that PSP shipments ended in North America in January, are to end in Japan this month and later this year in Europe. Discounts on Vita and downloads are offered to Japanese PSP owners, but are still undecided for those overseas.


Chromebooks market expands

Google on Monday used painful prose to proclaim that Chromebooks designed to push computing into the “cloud” are heading for more countries. “Chromebooks are coming to nine more nations; to improve computing for all generations,” Google marketing executive and “occasional versifier” David Shapiro said in a rhyming blog. Subsequent verses were dedicated to Chromebooks going to Norway, Denmark, Chile, Mexico, Spain, Italy, Belgium, New Zealand, and the Philippines.


World Bank sees stability

The World Bank does not expect major changes in its global growth forecast, even as advanced economies improve and emerging markets adjust to a reduction in US stimulus, managing director Bertrand Badre said in an interview in Singapore yesterday, before the bank’s next global update due this month. The Washington-based lender said in January that it sees the world economy expanding 3.2 percent this year, compared with a projection in June last year of 3 percent. Developed nations are doing better, while Europe grapples with low inflation, Badre said.


Tesco seeks to reshape

Tesco PLC, Britain’s biggest retailer, is creating two roles on its executive committee, chief executive Phil Clarke said on Monday, hoping to “reshape” the company and meet changing customer needs amid price cuts and a weak food market. Jill Easterbrook, who is currently running Tesco’s emerging health and well-being businesses, is to become the chief customer officer. Matt Atkinson is to take on the role of chief creative officer, Clarke said.

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