Fri, Jul 04, 2014 - Page 15 News List

World Business Quick Take

Agencies

MACROENOMICS

Eurozone sees growth

Eurozone manufacturing and services growth point to a strengthening economy in the second quarter, even as activity cooled last month. Growth in the 18-nation economy may have accelerated to 0.4 percent from 0.2 percent in the first quarter, London-based Markit Economics said in a statement yesterday, citing its monthly Purchasing Managers’ Index (PMI). While a gauge for both industries slipped to 52.8 from 53.5 in May, it’s still above the 50 mark that indicates growth. Meanwhile, activity in China’s services sector expanded at its fastest pace in 15 months last month, according to a services PMI compiled by HSBC/Markit.

LIQUOR

Diageo buys more of United

Diageo announced on Wednesday it had won majority control of India’s United Spirits as the British liquor giant ramps up its presence in the whisky-loving nation, paying US$1.9 billion to nearly double its stake. Diageo said it had completed the purchase of 26 percent of United Spirits Ltd (USL) shares from shareholders, lifting its holding in India’s largest alcohol company to 54.78 percent from 28.78 percent. Diageo paid 114.5 trillion rupees (US$1.9 billion) to increase its stake, bringing the total paid by the British firm for its majority holding to US$3.2 billion.

COMMUNICATIONS

Facebook buys Liverail

Facebook on Wednesday announced a deal to buy online advertising technology company LiveRail. The companies did not disclose how much Facebook is paying. LiveRail’s roster of customers includes ABC, Dailymotion, A&E Networks and Major League Baseball Web site MLB.com. San Francisco-based LiveRail has 170 employees and delivers more than 7 billion video ads each month.

ENERGY

Toshiba inks nuclear deal

Toshiba’s US unit is nearing a deal estimated at almost US$5 billion to build a nuclear reactor in Bulgaria, a report said yesterday, as Japanese firms eye atomic contracts overseas after the Fukushima Dai-ichi crisis erased demand at home. The Japanese giant’s subsidiary, Westinghouse Electric, is in the final stages of talks with Bulgarian Energy Holding for a mid-sized reactor expected to be running by around 2025, the Nikkei Shimbum reported. The price tag for the project is estimated at about ¥500 billion (US$4.9 billion).

TELECOMS

Vodaphone buys Ono

The European Commission on Wednesday approved the acquisition by telecom giant Vodafone of Spanish cable firm Ono, judging that the transaction posed little threat to competition. The London-listed Vodafone, flush with cash from the sale of its Verizon Wireless stake to partner Verizon for US$130 billion, agreed in March to purchase Ono for 7.2 billion euros (US$10 billion). The acquisition marks Vodafone’s desire to grow in Europe following last year’s 7.7 billion euro takeover of Kabel Deutschland, the largest cable operator in Germany.

ECONOMY

Macau beats Switzerland

Macau has overtaken Switzerland as the world’s fourth-richest territory per head of population, according to newly released figures from the World Bank. Swelling numbers of tourists and gamblers from China helped drive GDP per capita up by 18 percent last year to US$91,437. It overtook Switzerland, where GDP per capita rose by 2 percent last year, to US$80,491.

World Business Quick Take

MACROENOMICS

Eurozone sees growth

Eurozone manufacturing and services growth point to a strengthening economy in the second quarter, even as activity cooled last month. Growth in the 18-nation economy may have accelerated to 0.4 percent from 0.2 percent in the first quarter, London-based Markit Economics said in a statement yesterday, citing its monthly Purchasing Managers’ Index (PMI). While a gauge for both industries slipped to 52.8 from 53.5 in May, it’s still above the 50 mark that indicates growth. Meanwhile, activity in China’s services sector expanded at its fastest pace in 15 months last month, according to a services PMI compiled by HSBC/Markit.

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