Sat, Dec 13, 2014 - Page 15 News List

Wolrd Business Quick Take



China industrial output rises

China’s industrial production rose 7.2 percent year-on-year last month, the government said yesterday. The figure missed market expectations of 7.5 percent, according to Dow Jones Newswires. Retail sales, a key indicator of consumer spending, rose 11.7 percent in the same month, while fixed-asset investment, a measure of government spending on infrastructure, expanded 15.8 percent year-on-year in the first 11 months, China’s National Bureau of Statistics said. The data follow other figures suggesting a softening in Chinese growth. Last Monday, official figures showed that export growth slowed sharply last month, while imports fell.


US household wealth down

US households’ net worth slipped in the third quarter as a drop in stock prices overwhelmed a solid gain in home values. Household wealth declined 0.2 percent in the July-September quarter to US$81.3 trillion, the US Federal Reserve said on Thursday. Americans’ stock and mutual fund portfolios fell US$700 billion. The value of their homes increased US$245 billion. The slight drop comes after US household wealth rose to a record high in the second quarter.


BHP sees ore under US$100

The world’s biggest miner, BHP Billiton, says iron ore prices are unlikely to rise above US$100 a tonne again, as the commodity trades at five-year lows amid a supply glut and weak Chinese demand. Iron ore prices have slumped about 40 percent this year as output from resources giants like BHP, Rio Tinto and Vale increases, hurting higher-cost producers. A year ago, iron ore fetched about US$135 a tonne, but it is now below US$70.


Sanofi to start Saudi plant

French drugmaker Sanofi will start commercial production early next year from a factory in Saudi Arabia, a spokeswoman said on Thursday. After product testing and regulatory approval “the first commercial batches” should be available in February, Sanofi communications manager for Saudi Arabia Rajiah Meir told reporters. On Wednesday, the company formally inaugurated its factory at King Abdullah Economic City, an industrial and residential development on the Red Sea. The plant will initially produce antibiotics, cardiovascular drugs, diabetic medication and medicine to protect against blood clots.


Adobe sales beat estimates

Adobe Systems Inc on Thursday reported fiscal fourth-quarter revenue that topped estimates, as the software maker pushed deeper into delivering programs via the Web to expand its business, an effort bolstered by a deal to buy stock-photography provider Fotolia LLC for about US$800 million. Sales in the period ended Nov. 28 were US$1.07 billion and profit before certain items was US$0.36 a share, Adobe said in a statement. The Fotolia deal is aimed at enhancing Creative Cloud and is Adobe’s third-biggest acquisition in the past decade.


Qantas CEOs resign

Qantas Airways Ltd yesterday said that the heads of its two main divisions, international and domestic, “decided to leave” the Australian carrier, four days after the airline said it expects to swing back to profitability. Qantas international CEO Simon Hickey and Qantas domestic CEO Lyell Strambi will leave as the firm takes a “flatter” executive structure, Qantas said.

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