Sat, Mar 07, 2015 - Page 15 News List

World Business Quick Take

Agencies

HOTELS

Mandarin Oriental breached

High-end hotel chain Mandarin Oriental said on Thursday that the credit card systems at some of its hotels in the US and Europe were hacked. Several companies have been the target of cyberattacks in the last year, including retailer Home Depot and bank JPMorgan Chase. The company, however, did not specify which of its hotels were affected. It also did not give details on the extent of the hack or how many customers reported fraudulent charges on their credit cards as a result. Mandarin Oriental operates about 30 hotels in cities across the world. The company said it has removed the bad software from its systems and that it is still investigating the breach.

PANELS

Japan Display to build plant

Japan Display Inc yesterday said it would spend US$1.4 billion on a new smartphone and tablet screen factory. The plant, which is expected to produce 25,000 sheets of LCD a month, isto be constructed in the central Japanese city of Hakusan at a cost of ¥170 billion (US$1.4 billion), the company said. The plant, which would boost Japan Display’s screen production by about 20 percent, is expected to start operating next year “to satisfy growing demand for ever-advancing displays,” it said in a statement.

GERMANY

Industrial production rises

Industrial production rose by 0.6 percent in January, a fifth consecutive monthly increase that was propelled by a surge in construction activity. Yesterday’s Federal Statistical Office’s report compared with economists’ forecast of a 0.5 percent month-on-month rise. It followed a 1 percent increase in December last year, revised upward from an initial reading of 0.1 percent. On Thursday, official data showed a much-larger-than-expected 3.9-percent drop in factory orders in January, but economists said that did not appear to be a substantial setback.

CURRENCIES

Mexican peso drops sharply

The Mexican peso dropped on Thursday to its lowest level against the US dollar since March 2009, when the nation was in deep recession. The currency closed at 15.50 pesos against the US dollar, shedding almost 1 percent from 15.35 pesos a day earlier, according to the private Banamex bank. Monterrey Institute of Technology financial expert Oliver Ambia said the depreciation of the peso was due to “low international oil prices and the country’s bad image due to lack of security,” which has affected foreign investor sentiment.

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