Sat, Apr 04, 2015 - Page 15 News List

World Business Quick Take

Agencies

JAPAN

SMEs expanding abroad

Small and medium-sized enterprises are boosting borrowing to expand abroad as opportunities at home dry up, according to the Japan Bank for International Cooperation (JBIC). The number of loans and investments by JBIC for small and medium-sized companies for operations abroad jumped to 82 in the nine months through December last year, with a total value of ¥105 billion (US$880 million), according to the Tokyo-based institution. That compares with 54 worth ¥18 billion in the fiscal year through March last year. Data for the last three months is not yet available.

FINANCE

UBS executive pleads guilty

Former UBS AG executive Hansruedi Schumacher pleaded guilty to conspiracy to defraud the US as part of the government’s prosecution of financial industry officials who help Americans dodge taxes. Schumacher, 56, entered his plea on Thursday in federal court in West Palm Beach, Florida. Schumacher, who also worked at Neue Zuercher Bank and once ran the cross-border business for UBS, was indicted in August 2009 on a charge of helping US citizens evade taxes on UBS and NZB accounts.

ENERGY

Marine terminal canceled

Pipeline builder TransCanada on Thursday announced it would not build a marine terminal at Cacouna, Quebec, saying increased tanker traffic in the region would have harmed a pod of beluga whales. The terminal, 200km northeast of Quebec City, was to be the end point of the Energy East pipeline, which was originally due to move 1.1 million barrels of oil per day starting in 2018 from the Alberta oil sands and Saskatchewan shale oil fields in western Canada for shipping overseas. The arctic white whale, with its distinctive spherical forehead and smiling mouth, is present in and around Cacouna.

AUTOMAKERS

Self-driving cars planned

Nissan Motor Co chief executive Carlos Ghosn wants to put self-driving cars on Japan’s roads next year and says they would be able to navigate busy urban environments on their own by 2020. “There will be a Nissan product in Japan, which will carry autonomous drive,” he told reporters on Thursday at the New York International Auto Show. A five-year tieup with NASA on the technology would see the initial rollout by December next year. In 2018, models should have the ability to avoid hazards and to change lanes, and by 2020 vehicles should be able to autonomously maneuver through crowded city roads.

PHARMACEUTICALS

Pfizer halts PRC vaccines

Pfizer Inc is ceasing its vaccine commercial operations in China after the government failed to renew its license for a key shot for children, the latest sign of the uncertainties facing international drugmakers in the nation. The Chinese import license for the Prevenar-brand vaccine expired last year, the US pharmaceutical company said on Thursday. It expects a shortage of the product in China before the launch of a newer version, called Prevenar 13, that it already sells in other parts of the world. At least 34 applications from foreign multinationals have been or are set to be delayed after Chinese regulators began requiring an added procedure, according to an industry group.

This story has been viewed 1774 times.

Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. Final decision will be at the discretion of the Taipei Times.

TOP top