Mon, Jun 01, 2015 - Page 15 News List

World Business Quick Take

Agencies

MACROECONOMICS

UK growth indicator rises

Britain’s private sector recorded its strongest economic growth for a year in the three months to last month, according to the Confederation of British Industry, in contrast to weak official data for the first quarter of this year. The confederation yesterday said that its monthly growth indicator — based on separate surveys of manufacturers, retailers and services — rose to +33 last month from +19 in April, its highest since May last year. Services companies showed the most robust growth, with output rising at the fastest pace since early 2006. The confederation said businesses expected robust growth to continue over the next three months.

MACROECONOMICS

Sweden to fight stagnation

Sweden’s government is planning to reverse a 30-year stagnation in public and private investments to meet its main pledge of lowering unemployment. Swedish Minister of Finance Magdalena Andersson yesterday said there is a big potential, since public investments as a share of the nation’s economy have been stable since the 1980s, while private investments have dropped. The Social Democratic-led government will target spending on roads and railways, including high-speed networks to connect the biggest cities, she said. It will encourage investments in projects by the state-run pension funds, and look at setting up debt-financed projects, she said.

BULGARIA

Bank governor ready to go

Bulgarian central bank Governor Ivan Iskrov on Saturday said that he was ready to step down if there was enough support in parliament for his successor. The ruling European Development of Bulgaria party has nominated Dimitar Radev, a senior IMF economist, to take over the central bank post in a bid to restore trust in the banking system following the collapse of Corporate Commercial Bank last year. Iskrov’s second six-year term ends in October.

SOFTWARE

Google buys Pulse.io

Google Inc, looking to expand its mobile capabilities, has acquired Pulse.io Inc, which specializes in making applications faster and more responsive. Google on Friday did not disclose the terms in an e-mail announcing the deal. Pulse.io, whose customers include Groupon Inc and MyFitnessPal Inc, helps clients improve the performance of an application, discovering for example what is slowing down software or why a screen freezes.

INVESTMENT

Equinix buying Telecity

The US data center provider Equinix Inc on Friday said that it had struck a deal to acquire its smaller British rival Telecity Group for about £2.35 billion pounds (US$3.6 billion) in cash and stock. Under the terms, Equinix would pay about US$17.55, a share in a combination of cash and shares, a 34.9 percent premium to Telecity’s closing price on Feb. 10, the day before its planned alliance with Interxion was announced.

AUTOMAKERS

GM, Subaru add to recall

General Motors Co (GM) and Subaru are adding vehicles to the growing list of models being recalled by 11 automakers due to potentially exploding air bags. GM is adding about 375,000 GMC Sierra and Chevrolet Silverado heavy-duty pickup trucks from 2007 and 2008 to the recall in North America. Subaru is adding about 60,000 Impreza small cars from the 2004 and 2005 model years plus the 2005 Saab 9-2X made by Subaru. The recall also covers passenger air bags.

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