Mon, Dec 22, 2014 - Page 15 News List

World Business Quick Take

Agencies

MEDIA

Fox News off air briefly

Fox News, the most-watched US cable news network, went off the air for Dish Network Corp subscribers after the parties failed to reach a new fee agreement. “We regret the service disruption to our customers and remain committed to reaching an agreement that promptly returns this content to DISH’s programming lineup,” Dish senior vice president of programming Warren Schlichting said in a statement. Fox Business also went dark as the result of the latest dispute between programmers and Dish, which has 14 million subscribers. CBS Corp pulled its flagship network briefly from Dish on Dec. 5 before reaching a long-term accord, restoring service a few hours later.

FINANCE

Egypt credit rating upgraded

Fitch Ratings on Friday upgraded Egypt’s credit rating one rank to “B” with a “stable” outlook, saying the authorities seemed committed to major reforms. “Fuel subsidy cuts and tax hikes have been implemented as part of a clear five-year fiscal consolidation strategy,” Fitch said in upgrading Egypt from a “B-” rating. “Power shortages are being tackled, overdue payments to oil companies reduced, investment laws revised and disputes with foreign investors settled,” it added, emphasizing that “the measures appear to have strong political backing.”

FINANCE

Ukraine rating downgraded

Standard & Poor’s (S&P) on Friday lowered its credit rating for Ukraine on Friday to “CCC-” with a negative outlook, warning that dangerously low foreign currency reserves could prompt a default within months. Ukraine is embroiled in a war with Russian-backed separatists in its main industrial region and earlier lost control to Russia of the strategic Crimea province. S&P said a delay this year in IMF aid, couple with “significantly reduced foreign currency official reserves, increases the risk that the Ukrainian government might not be able to meet its debt obligations.”

OIL

Kickbacks recipients named

The main accuser in a corruption scandal that has embroiled Brazil oil giant Petrobras gave a list of 28 politicians who had taken kickbacks, including the energy minister, local press said on Friday. Paulo Roberto Costa — a former Petrobras director of supplies accused of taking kickbacks worth millions of dollars and who has been collaborating with prosecutors as part of a plea deal — gave the list to authorities, according to the O Estado de Sao Paulo newspaper. Among the politicians implicated as “alleged beneficiaries” of corruption are Brazilian Energy Minister Edison Lobao and a former minister-turned-Senator Gleisi Hoffmann. Also included on the list are two more former ministers, Antonio Palocci and Mario Negromonte, seven senators, and 11 federal lawmakers.

BANKING

Bank agrees to acquisition

Bank of Nova Scotia, Canada’s third-largest lender by assets, agreed on Saturday to acquire Citigroup Inc’s retail and commercial-banking operations in Peru. Citigroup has eight branches and more than 130,000 retail and commercial customers in Peru, the companies said in a statement. Terms were not disclosed and both firms said the deal is not material to financial results. Citigroup would keep its institutional and private-bank businesses in Peru, spokesman Mark Costiglio said in an e-mail.

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