Sat, Mar 21, 2015 - Page 15 News List

World Business Quick Take

Agencies

BANKING

Swiss to track EU citizens

Switzerland has signed a preliminary agreement with the EU that would make it much harder for the 28-nation bloc’s citizens to evade taxes by hiding money in Swiss vaults. The deal initialed in Brussels on Thursday envisages that both sides would start collecting bank account data on each other’s citizens from 2017 and begin exchanging that information a year later. The Swiss government said in a statement that the agreement “will make an important contribution to the prevention of tax evasion.”

MACROECONOMICS

Russia says inflation at peak

Inflation in Russia has hit a zenith of about 17 percent, Russian Minister of Economic Development Alexei Ulyukayev said on Thursday, as the economic crisis roiling the country takes its toll. “The peak in inflation has not passed but we have reached the highest point and will probably stay at this level for some time,” Ulyukayev was reported as saying by Russian news agencies. “I think that for quite a long time, a month and a half or two months it will be at around 17 percent.”

MACROECONOMICS

China to grow 7%: OECD

The Organisation for Economic Co-Operation and Development (OECD) yesterday forecast the Chinese economy would grow 7 percent this year. China’s economy has embarked on what its leaders have taken to calling the “new normal,” meaning that the growth trajectory is slowing, with more sustainable expansion based on a growing consumer class, as in other major countries. The organization predicts growth of 6.9 percent in China next year.

BANKING

Banco de Sabadell buys TSB

TSB Banking Group PLC, a division of Britain’s bailed-out lender Lloyds Banking Group, has accepted a £1.7 billion (US$2.51 billion) takeover from Spain’s Banco de Sabadell SA, the two banks said yesterday. The two lenders have agreed terms on the bid which was pitched at £0.34 per share they said in a statement. Lloyds, which is 23 percent state-owned after a bailout at the height of the global financial crisis, is to sell its remaining 50 percent stake in TSB, which it floated on the London stock market nine months ago.

GAMING

PlayStation on sale in China

Japanese electronics giant Sony Corp yesterday launched its PlayStation gaming console in China, where authorities impose strict controls on content, but some popular titles including Grand Theft Auto and Call of Duty were not available. The launch of Sony’s PlayStation 4 consoles, originally planned for January, makes it the second foreign company in the Chinese gaming market after Microsoft Corp, which launched its Xbox One in September last year.

SPORTING GOODS

Nike profit beats estimates

Nike Inc, the world’s largest sporting-goods maker, posted third-quarter profit that topped analysts’ estimates, helped by demand in North America. Net income in the quarter ended Feb. 28 rose 16 percent to US$791 million, or US$0.89 per share, from US$682 million, or US$0.75 a year earlier, the Beaverton, Oregon-based company said on Thursday in a statement. The average of 27 analysts’ estimates compiled by Bloomberg was US$0.84.

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