Sat, Jan 23, 2016 - Page 15 News List

World Business Quick Take

Agencies

REAL ESTATE

Wanda to invest in India

Chinese billionaire Wang Jianlin’s (王健林) Dalian Wanda Group Co (萬達集團) agreed to invest US$10 billion to build an industrial zone in India, in what could become one of the biggest development projects in the country. Wanda Group, China’s biggest commercial property developer, signed a preliminary agreement with the northern Indian state of Haryana to build an industrial zone, the company said yesterday. The first phase of the development zone spans 13km2 and construction might begin this year. Details of the spending were not immediately available.

AEROSPACE

Boeing to cut 747-8 output

Boeing Co on Thursday said it plans to cut production of its 747-8 cargo airplane in half in September due to a slowdown in the air freight business. Boeing said it would record a US$569 million charge against fourth-quarter earnings. Instead of producing one 747-8 per month, Boeing plans to turn out one every other month. The firm had previously announced it would cut 747-8 production from 1.3 airplanes per month to one from March.

INVESTMENT

NTT DoCoMo eyes start-ups

NTT DoCoMo Inc’s venture capital arm is looking at start-ups involved with drones, artificial intelligence or financial technology as potential investment targets, as Japan’s largest mobile phone operator searches for growth industries. The investment arm is planning to spend about ¥8 billion (US$67.7 million) on start-ups over the next three years, NTT DoCoMo Ventures chief operating officer Nobuyuki Akimoto said on Thursday in Tokyo. NTT DoCoMo Ventures has disclosed investments in 42 companies and exited from eight.

ENERGY

Oil prices hit Santos sales

Santos Ltd, Australia’s third-biggest oil and gas producer, yesterday reported a 24 percent drop in fourth-quarter sales and flagged asset write-downs after a further decline in oil prices since its November last year announcement of a A$3.5 billion (US$2.5 billion) program to cut debt. Quarterly sales fell to A$828 million from A$1.09 billion a year earlier, the Adelaide-based company said. Output dropped 1 percent to 14.9 million barrels of oil equivalent, and spending decreased 43 percent to A$477 million.

INTERNET

IBM acquires Ustream

IBM Corp has boosted its Internet cloud offerings with the takeover of live video streaming services firm Ustream Inc. IBM did not disclose financial terms of the acquisition announced on Wednesday, but said it would enable the company to expand the array of cloud-based services it can provide to businesses or broadcasters. San Francisco-based Ustream specializes in streaming live or on-demand video. IBM said that Ustream delivers video to about 80 million viewers monthly for customers such as NASA, Facebook Inc, Samsung Electronics Co and The Discovery Channel.

UNITED STATES

Unemployment claims rise

The number of people in the US filing for unemployment benefits rose to a six-month high last week, suggesting some loss of momentum in the labor market. Initial claims for state unemployment benefits increased by 10,000 to a seasonally adjusted 293,000 for the week ended on Saturday last week, the highest reading since early July last year, the US Department of Labor said. It was the second straight week of gains and confounded economists’ expectations for a drop to 278,000.

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