Mon, Feb 09, 2015 - Page 15 News List

World Business Quick Take

Agencies

BANKING

Italy raises growth forecast

The Bank of Italy raised its economic-growth forecasts after the European Central Bank (ECB) committed to asset purchases to spur a recovery and inflation across the 19-nation region. Italy’s GDP will expand by more than 0.5 percent this year, Bank of Italy Governor Ignazio Visco, who sits on the ECB’s Governing Council, said on Saturday in a speech at the Assiom Forex conference in Milan. That compares with growth of 0.4 percent projected in a Jan. 16 report by the Italian central bank. The nation’s economy might grow by more than 1.5 percent next year, compared with a previous forecast of 1.2 percent, Visco said.

AUTOMAKERS

Jaguar to recall cars

Jaguar Land Rover North America is set to recall as many as 104,000 cars after the US National Highway Traffic Safety Administration published three notices that highlighted issues that could lead to faulty braking and lighting. The largest portion of vehicles called back is the 74,648 Range Rover models built from April 15, 2005 to Sept. 4, 2012. The company plans to replace front brake hoses, which could rupture and slow braking speed, increasing the risk of a crash, according to the notice filed on Saturday. The recall is expected to begin on March 13. Another 24,679 cars will be recalled due to similar braking concerns, the company said.

SUPERMARKETS

Dia a Dia denies hoarding

A private supermarket chain taken over by the Venezuelan government denied on Saturday accusations of food hoarding amid huge lines and shortages in the crisis-hit nation. Venezuelan President Nicolas Maduro on Friday ordered the government takeover of the Dia a Dia chain, accusing it of “waging war against the population.” The company, which has 35 stores across Venezuela, rejected the allegations. “Dia a Dia has not engaged in hoarding,” it insisted in a statement, adding that it has not engaged in any actions to undermine the economy, contrary to the government’s allegations.

ADVERTISING

Yahoo, Tumblr to align sales

Tumblr’s global head of brand partnerships Lee Brown is stepping down amid a move to fold the blogging service’s advertising team into its parent’s. Yahoo Inc acquired Tumblr for about US$1 billion in 2013. “We are aligning the Yahoo and Tumblr sales teams,” the company said. “We’re proud of the strong momentum at Tumblr and we believe bringing the sales teams together will enable us to further deliver the ad solutions that maximize value for our advertisers and best meet their needs.” Brown joined Tumblr in 2012 after almost two years at Groupon Inc. Prior to that he held leadership positions in advertising at Yahoo.

FINANCE

Ex-Fed chairman dies

Former senior partner and co-chairman of Goldman Sachs John Whitehead, who helped make it a top-tier Wall Street firm and led its international expansion, has died, the investment bank said on Saturday. He was 92. Whitehead joined Goldman Sachs in 1947 and worked his way to the highest rung of its corporate ladder before leaving after 38 years to become a deputy secretary of state under then-US president Ronald Reagan. He was a chairman of the US Federal Reserve Bank of New York and a member of the board of the New York Stock Exchange.

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