Sun, May 03, 2015 - Page 15 News List

World Business Quick Take

Agencies

AUTOMAKERS

US light-vehicle sales rise

US car and truck sales picked up strength last month, automakers reported on Friday. Total light vehicle sales rose 4.6 percent last month year-on-year to 1.45 million units, according to figures compiled by Autodata. Sales of light trucks and sports utility vehicles increased 10.5 percent, but passenger cars fell 1.5 percent from the same period a year ago.

BANKING

BNP fined over US sanctions

A US judge on Friday ordered BNP Paribas to pay a record US$8.9 billion fine to settle violations of US sanctions linked to Iran, Sudan and Cuba between 2004 and 2012. Judge Lorna Schofield finalized a sentence that also included a five-year probation and the imposition of a monitor at France’s largest bank.

TECHNOLOGY

Uber office in China raided

An Uber Technologies Inc office in southern China was raided on Thursday as part of a broader crackdown on illegal taxi services using private drivers, state media said. The US taxi-hailing application is suspected of operating without a license and illegal business activities, Xinhua news agency reported, citing an unidentified traffic official in Guangzhou. Uber on Friday said it is cooperating with local officials, though stopped short of confirming the reported raid.

STOCKS

Berkshire profits surge 10%

Warren Buffett’s Berkshire Hathaway Inc on Friday said its first-quarter profit jumped 10 percent on the strength of its railroad and insurance businesses. Berkshire earned US$5.16 billion, or US$3,143 per Class A share, during the first three months of this year. That is up from US$4.71 billion, or US$2,862 per Class A share in the same period last year. Most major Berkshire subsidiaries performed well. Revenue grew 7 percent to US$48.6 billion. Berkshire said its operating earnings were US$4.24 billion, or US$2,583 per share. That is up from US$3.53 billion, or US$2,149 per share, in the first quarter of last year.

AUTOMAKERS

Air bag death dad files in US

The father of a pregnant woman killed by shrapnel from an air bag that deployed during an auto accident in Malaysia sued Takata Corp and Honda Motor Co in the US. Law Suk Leh, 42, died when a metal fragment sliced into her neck in July last year following a low-speed crash, according to the lawsuit filed on Thursday in Miami federal court. Her daughter, delivered after the mother’s death, died three days later. Ten automakers, including Honda and Toyota Motor Corp, have since 2008 recalled about 17 million vehicles with Takata air bags.

INSURANCE

Prudential names new CEO

British insurance giant Prudential PLC on Friday named Mike Wells as its new chief executive officer. Wells has been head of London-based Prudential’s US unit, Jackson National Life, for the past five years. He will take up the reins on June 1, Prudential announced in a brief statement. Wells, who is a US citizen but was born in Canada, has worked in life insurance, retirement services and asset management for almost 30 years.

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