Thu, Aug 20, 2015 - Page 15 News List

World Business Quick Take

Agencies

MINING

Glencore posts first-half loss

Commodities and mining group Glencore PLC slumped to a first-half loss of US$676 million in the wake of weak commodities prices and costs linked to the suspension of oil drilling operations in Chad. In the same period last year, the company made a net profit of US$1.72 billion. The company’s results were also undermined by US$792 million worth of costs related to the slow development of its Chad oil operations related to low oil prices. Glencore CEO Ivan Glasenberg yesterday said that the first half of the year was “challenging,” but insisted that the company is well-positioned “to benefit from any improvement in pricing when it finally and inevitably materializes.”

CASINOS

Galaxy earnings plunge 46%

Galaxy Entertainment Group Ltd yesterday reported second-quarter earnings plunged 46 percent on higher operation cost from its new casino resorts and amid a declining market in Macau’s gambling industry. Adjusted earnings before interest, taxes, depreciation and amortization dropped to HK$1.9 billion (US$245 million) a year earlier, the casino operator said in a statement. Galaxy in May opened its HK$24.05 billion second-phase expansion of a resort and an adjacent revamped property in the Cotai area, marking Macau’s first casino projects in three years.

BREWERIES

Carlsberg cuts forecast

Carlsberg A/S, the world’s fourth-biggest brewer, yesterday cut its annual profit forecast after quarterly earnings missed estimates amid plunging volume in Russia and slower-than-expected cost savings in western Europe. Operating profit this year will decline slightly, the Copenhagen-based company said in a statement. It had previously forecast mid to high-single-digit growth. Earnings in the second quarter slumped 19 percent. Chief executive officer Cees’t Hart has to figure out a way to contend with a slumping market in Russia, yesterday saying that he has started a strategic review, the outcome of which will be announced in the first half of next year.

ELECTRONICS

Google unveils Wi-Fi router

Google Inc on Tuesday unveiled a Wi-Fi router looking to increase the ease and speed at which people’s increasingly indispensable smartphones and tablets connect at home with its services. The Internet giant priced OnHub, a partnership with TP-LINK networking product manufacturer, at US$200 for online preorders in the US, which users can connect on Apple’s iPhones or its own Android devices. It is due in stores in the US and Canada in the coming weeks. The home router even lets users prioritize which device gets the fastest connection speed.

INTERNET

Ashley Madison data dumped

Hackers have released stolen information from about 32 million users of the affair Web site Ashley Madison, tech magazine Wired reported. The data dump on Tuesday on what Wired described as the “dark Web” included millions of payment transactions, e-mail addresses and telephone numbers of people who were registered on the dating site. The release comes about a month after the data was stolen by hackers identified as the “Impact Team” who allegedly tried to shut the site for cheaters down “immediately, permanently.” The group threatened to release customers’ records, nude pictures and conversations if the site was not closed.

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