Thu, Dec 04, 2014 - Page 15 News List

World Business Quick Take

Agencies

ECONOMY

Latin American growth drops

Latin America’s economies, hit by falling investment, are set to grow just 1.1 percent this year — their lowest level in five years, a UN commission on the region said on Tuesday. The poor performance of several of Latin America’s biggest economies dragged down growth across the region, the UN Economic Commission for Latin America and the Caribbean said. Argentina’s economy is set to contract by 0.2 percent this year and Venezuela’s by 3 percent, it said. Brazil’s is set to grow just 0.2 percent.

INDUSTRY

Brazilian output flat

Brazil’s industrial output was flat in October and down 3.6 percent from the same month last year, the National Statistics Institute reported on Tuesday as the nation braced for a fresh rise in interest rates. The biggest loser was pharmaceuticals, which dropped 9.7 percent. Production of motor vehicles, which was off 2 percent in October, plummeted 18 percent between January and October. Bright spots included foodstuffs, which rose 2.5 percent, and information technology and transport equipment, which posted rises close to 5 percent.

INTERNET

Paris domain name popular

Companies and lovers of the City of Lights snapped up 6,600 “.paris” Internet domain names in just two hours on Tuesday, far exceeding expectations. Deputy Paris Mayor Jean-Louis Missika said the city had a target of selling 10,000 of the domain extensions over the next two years, but now it appears that goal would be largely surpassed. The cost of having a .paris at the end of a Web site address starts at 39 euros (US$48) for one year, with the city getting 40 to 60 percent of the revenue.

AUTOMOBILES

Plant being built in Brazil

British auto firm Jaguar Land Rover on Tuesday said it has started building its first fully owned factory outside the UK in the Brazilian town of Itatiaia, near Rio de Janeiro. A state-of-the-art 750 million reais (US$290 million) complex is set to also house an education and business center, the British firm said in a statement. The plant is scheduled to employ 400 workers for production capacity of 24,000 vehicles.

FOOD

Unilever buys Talenti

Anglo-Dutch food and cosmetics giant Unilever on Tuesday said that it had bought best-selling US-based gelato maker Talenti for an undisclosed amount, boosting its stake in the under-performing ice cream market. Talenti, which boasts 30 flavors, including sea salt caramel and Sicilian pistachio, is expected to have a turnover this year of more than US$120 million, Unilever said in a statement. Founded in 1930, Unilever employs more than 173,000 people worldwide.

STOCKS

Euglena joins TSE

The high-tech titans of Japanese industry yesterday were joined in the major league of the Tokyo Stock Exchange (TSE) by a company exploiting the 500-million-year-old science of a single cell organism. Tokyo-based Euglena Co Ltd, named after the euglena micro-algae known in Japanese as midorimushi — or “green bug” — was listed on the first section of the exchange. The firm has been working with technology giant Hitachi Ltd to produce aircraft fuel using the algae, and is cooperating with Isuzu Motors Ltd to develop biodiesel. Euglena shares were down 2.87 percent at ¥1,627 yesterday.

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