Sat, Nov 07, 2015 - Page 15 News List

World Business Quick Take

Agencies

AVIATION

Lufthansa crew strike

Germany’s Lufthansa yesterday said it was working on an emergency plan, but would still need to cancel numerous outgoing flights from Frankfurt and Duesseldorf airports due to a cabin crew strike. The airline said it would still be able to offer at least eight of its long-haul flights from Frankfurt after the strike starts at 2pm. It has also reserved 2,500 hotel rooms in the city. The UFO union said earlier this week its members would go on strike for a week, starting yesterday, if its demands were not met.

PHARMACEUTICALS

AstraZeneca to buy ZS

AstraZeneca PLC, the UK’s second-largest drugmaker, yesterday agreed to buy ZS Pharma Inc of California for US$2.7 billion in cash to gain a potential blockbuster medicine for a deadly condition. ZS Pharma holders will get US$90 per share, London-based AstraZeneca said in a statement. ZS’s board agreed to the transaction.

GERMANY

Industrial output drops 1.1%

Industrial production unexpectedly dropped in September as a slowdown in China and other emerging markets took its toll. Output, adjusted for seasonal swings and inflation, fell 1.1 percent from August, when it declined a revised 0.6 percent, data from the Ministry for Economic Affairs and Energy showed yesterday. Industrial production fell 0.3 percent in the third quarter from the previous period as manufacturing output dropped. In September, factory production declined 1.4 percent from the previous month.

STEELMAKERS

ArcelorMittal profit falls 29%

ArcelorMittal SA’s third-quarter profit fell 29 percent on a rout in steel prices amid record Chinese exports. Earnings before interest, taxes, depreciation and amortization (EBITDA) declined to US$1.35 billion from US$1.9 billion a year earlier, the world’s largest steelmaker said yesterday. The company reduced its full-year EBITDA forecast to US$5.2 billion to US$5.4 billion from US$6 billion to US$7 billion. ArcelorMittal’s earnings from its iron ore mines has dropped after a glut weighed on prices.

CHINA

Auto sales rise 11.3%

Passenger-vehicle sales increased at the fastest pace in seven months after the government cut a tax on car purchases to boost sagging demand in the world’s largest auto market. Retail deliveries of cars, SUVs and multipurpose vehicles rose 11.3 percent to 1.85 million units last month, the biggest monthly gain since March, according to the China Passenger Car Association. Retail sales through October gained 6.4 percent to 16.2 million units.

SOCIAL MEDIA

Ad-blockers hurt Facebook

Facebook Inc on Thursday warned investors in a regulatory filing that its revenue could be adversely affected by technology that blocks advertisements. Ad-blocking tools, which people use to screen out marketing messages, have occasionally affected Facebook’s revenue, especially on desktop computers, the company said in a quarterly filing with the US Securities and Exchange Commission.

INSURANCE

Allianz profit down 15%

Allianz SE, Europe’s biggest insurer, yesterday said third-quarter profit dropped 15 percent as earnings at its property and casualty and asset management units declined. Net income fell to 1.36 billion euros (US$1.48 billion) from 1.61 billion euros a year earlier.

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