Wed, Jul 09, 2014 - Page 15 News List

World Business Quick Take



Samsung factory robbed

Authorities say a group of bandits raided a Samsung Electronics factory in Brazil and made off with about US$36 million worth of cellphones and computers. Sao Paulo Police Lieutenant Vitor Chaves told the Globo television network that the gang captured several plant employees and stole their ID tags. The group then overpowered security guards and spent about three hours in the plant, trucking out the electronics early Monday. Investigators are looking at security video supplied by the South Korean company. The factory is in Campinas, north of Sao Paulo.


Carrefour to exit India

French retail giant Carrefour SA said on Monday that it would pull out of the Indian market with the closure of its five wholesale “cash & carry” stores by the end of September. Press reports have linked the move to the general election victory in May by the Hindu nationalist Bharatiya Janata Party, said to oppose opening up the huge Indian retail market to foreign distributors. Carrefour chief executive George Plassat had already indicated that the group had been considering whether to maintain a presence in India, where its first store opened in 2010.


GM outlines Argentina plan

General Motors Co (GM) is to invest US$740 million in Argentina through 2016 on its first South American factory turning out aluminum motors, Buenos Aires said on Monday. The new unit is to be installed in the GM complex in Rosario, an agro-industrial port city about 300km northwest of the capital, according to the office of Argentine President Cristina Fernandez. Production at the new factory is to start in 2017 and aims to reach 140,000 motors a year.


Japan posts fourth surplus

Japan recorded a current account surplus for the fourth straight month in May, government data showed yesterday, as the country’s trade shortfall narrowed. The surplus of ¥522.8 billion (US$5.1 billion) was down 7.7 percent from the same month a year ago, but the rate of decline was much smaller than a 76.1 percent drop in April. The latest current account figure was influenced by a drop in the country’s trade deficit as imports fell for the first time in 19 months.


German surplus widens

Germany’s trade surplus widened in May, as imports fell faster than exports, official data showed yesterday. In seasonally adjusted terms, Germany exported goods worth a total of 92.8 billion euros (US$126 billion) in May, down 1.1 percent from the figure for April, the federal statistics office Destatis said in a statement. Imports dropped by 3.4 percent to 74.1 billion euros. That meant the seasonally adjusted trade surplus increased to 18.8 billion euros in May from 17.2 billion euros in April.


Panasonic, Intel team up

Intel Corp said it signed up Panasonic Corp as a customer in its biggest win so far for its chip-production effort. Panasonic’s chip division is to use Intel to make system-on-chip products on the US company’s 14-nanometer technology, which is the most recent type of manufacturing process for semiconductors, Intel said in a statement on Monday. Intel is to make chips for audiovisual equipment for the Japanese company, the statement said. Intel has signed five other customers, including Altera Corp, the company said.

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