Fri, Oct 02, 2015 - Page 15 News List

World Business Quick Take



Seoul mulls VW recall

South Korea yesterday said that Volkswagen’s local unit informed the government it could recall about 120,000 vehicles in the country. The government is to decide by next month if it is to order a recall and/or a suspension of sales, the South Korean Ministry of Environment said. After testing the emissions of seven Volkswagen and Audi diesel models by the middle of next month, the ministry is to expand testing to other makers’ diesel models starting in December.


Shell halts leaky pipeline

Anglo-Dutch oil giant Shell says it has halted crude exports from a key terminal in southern Nigeria because of a leak in the Trans Forcados Pipeline. The suspension affected crude exports from one of Nigeria’s main export points, the Forcados Terminal, which has a capacity of 400,000 barrels a day, Shell said in a statement released on Wednesday.


Recession set to deepen

The World Bank on Wednesday downgraded its outlook for the nation’s economy, warning that a biting recession is deepening and is likely to persist into next year. The World Bank predicted the economy could shrink by 3.8 percent this year in its baseline scenario, far worse than its earlier forecast of a 2.7 percent contraction. The downturn this year could be as much as 4.3 percent, it said.


GDP worst in Latin America

The government has revised its economic data for last year, showing that GDP declined 4 percent in the worst performance around Latin America. Inflation was 68.5 percent. President Nicolas Maduro had said earlier this year that GDP shrank 3 percent last year. The government has given no GDP data for this year, to the anger of opponents and consternation of economists.


EU recession could return

Eurozone inflation unexpectedly fell to negative 0.1 percent last month, data showed on Wednesday, suggesting a dangerous spell of falling prices could be returning to Europe. The return to negative territory will add to pressure on the European Central Bank to increase its huge stimulus program which is meant to ward off deflation and keep the economy on track. Analysts surveyed by Bloomberg had expected a zero rate after a gain of 0.1 percent in August.


ANZ bank CEO steps down

ANZ chief executive Mike Smith, who oversaw a big push into Asia, yesterday said he was stepping down after eight years in the top job. England-born Smith is to be replaced by chief financial officer Shayne Elliott on Jan. 1, but will serve as a non-executive adviser to the Australia and New Zealand Banking Group’s board for at least a year due to his “invaluable understanding of and connections in Asia,” the bank said.


Twitter board appoints CEO

Twitter Inc’s board has selected Jack Dorsey as chief executive officer, making his position permanent after the cofounder stepped in three months ago on an interim basis, Re/code reported on Wednesday. Dorsey, who had been considered a lead internal candidate, is also continue to be chief execuitve officer at mobile-payments company Square Inc, the technology news Web site reported, without citing sources.

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