Mon, Mar 30, 2015 - Page 15 News List

World Business Quick Take

Agencies

MACROECONOMICS

China monitors deflation

China must remain vigilant against the possibility of deflation, People’s Bank of China (PBOC) Governor Zhou Xiaochuan (周小川) said yesterday in a speech at the Boao Forum on the southern Chinese island of Hainan. While monetary policy is not unconventional now, China “had experience” with non-conventional policy after the Asian and global financial crises, Zhou said. Beijing set a consumer inflation target of 3 percent for this year in its annual work report earlier this month.

AVIATION

Philippine Airlines buys jets

The Philippines’ struggling national carrier Philippine Airlines yesterday said it has purchased an additional two Airbus jets as part of its re-fleeting program. The two Airbus A321 NEO aircraft bring to 40 the total number of deliveries the airline is set to receive from Airbus through 2024, it said in a statement. The aircraft are to be used for domestic routes, Philippine Airlines spokeswoman Cielo Villauna told reporters.

FINANCE

Ecuador discloses loans

Ecuador recieved US$924 million in previously undisclosed loans from Deutsche Bank AG and other lenders, showing the extent of Ecuadoran President Rafael Correa’s effort to line up a record amount of financing as oil prices plunge. The nation received US$181 million in two separate loans from units of Deutsche Bank and obtained US$125 million from the European Investment Bank, according to a prospectus prepared before the government sold bonds this month that was reviewed by Bloomberg News. Ecuador also received financing from Bank of China Ltd (中國銀行) and a Chinese state oil company, the document shows.

MINING

Peru mine to proceed

Mexican-owned Southern Copper on Friday said it would go ahead with a US$1.4 billion project in Peru, denying company executive Julio Morriberon’s claim that it was pulling out because of local opposition. Southern Copper affiliate Southern Peru’s planned Tia Maria mine in the the Arequipa region’s Tambo Valley has faced months of protests by locals who fear pollution will damage agriculture. The project “will be very beneficial for the company, its workers and the local population, as well as for the Arequipa region and the country,” Southern Peru said in a statement.

ENERGY

Chevron stops shale hunt

Chevron Corp on Friday abandoned Australian shale exploration and said it would sell its 50 percent stake in that nation’s largest oil refiner. Chevron notified Beach Energy Ltd, its partner in the central Australian shale project, that “the opportunity does not align strategically” with the US explorer’s portfolio, according to a statement from Beach. Selling its half of refiner Caltex Australia Ltd is expected to yield about A$4.7 billion (US$3.64 billion.)

BANKING

Swiss pair duck US jail time

Two former Swiss bankers avoided jail time on Friday for their roles in a tax fraud scheme that helped US customers hide billions of US dollars in assets. Prosecutors in US District Court in Alexandria recommended probation for the two men, Andreas Bachmann and Josef Dorig. The two were among eight former employees of Zurich-based Credit Suisse Group AG and its subsidiaries who were indicted in 2011. The other six remain at large.

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