Thu, Mar 19, 2015 - Page 15 News List

World Business Quick Take

Agencies

EMPLOYMENT

S Korea jobless rate at high

South Korea’s jobless rate rose to a five-year high last month as more college graduates and cash-strapped retirees flooded the increasingly tight job market, state data showed yesterday. The jobless rate of 4.6 percent last month — up from 3.8 percent in January and 4.5 percent a year ago — was the highest since February 2010, according to state-run Statistics Korea. The seasonally adjusted jobless rate also rose from 3.4 percent in January to 3.9 percent last month, when most college students graduate. The seasonally adjusted jobless rate remained the same from a year ago.

BANKING

Citi unit to exit Argentina

Citigroup Inc on Tuesday said that it plans to exit its custody business in Argentina “soon,” following a US ruling last week barring it from handling payments on Argentine bonds. The big US bank wants to “exit the custody business in Argentina as soon as possible,” it said in a letter to US Judge Thomas Griesa, who last week prohibited the payments in a long-running legal battle between Argentina and a pair of US hedge funds. The company’s next steps could include the sale of the custody business, or simply terminating it, Citi attorneys at Davis Polk & Wardwell said in the letter.

INTERNET

Adobe unveils cloud service

Adobe Systems Inc, which helped to make the portable file format ubiquitous, is rolling out a suite of Web-based tools for people to create, store and manage documents online. Called Adobe Document Cloud, the service will cost US$15 per month and also give users access to digital signatures, mobile applications and other software for tracking documents, the company said on Tuesday. The new product joins Adobe’s cloud-based marketing and creative-design tools and is part of the company’s push to generate more sales from Internet-based subscriptions.

GREEN ENERGY

China raises solar estimate

China will push this year to install almost two-and-a-half times as much solar capacity as the US added last year in a race to clear its increasingly polluted air. The world’s biggest emitter of carbon aims to install as much as 17.8 gigawatts of solar projects this year, according to a Chinese National Energy Administration planning document seen by Bloomberg. The administration previously estimated 15 gigawatts would be added this year, a person familiar with the matter said. The more ambitious goal might attract as much as 21 billion yuan (US$3.4 billion) of additional investment to solar projects compared with the earlier plan, Bloomberg estimates.

AUTOMAKERS

Tesla plans to lead segment

Tesla Motors Inc CEO Elon Musk on Tuesday said that people will “take autonomous cars for granted” in a short period of time and signaled that the automaker plans to be a leader in the nascent market. “Tesla is the leader in electric cars, but also will be the leader in autonomous cars, at least autonomous cars that people can buy,” Musk said at a technology conference in San Jose, California. “We’re going to put a lot of effort into autonomous driving. It’s going to be the default thing, and it will save a lot of lives.” Musk plans to announce details of the latest software update to its current Model S customers today.

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