Sat, Feb 06, 2016 - Page 15 News List

World Business Quick Take

Agencies

ELECTRONICS

Toshiba shares dive

Toshiba Corp shares dropped to a 36-year low in Tokyo yesterday after the company widened its annual loss forecast to a record ¥710 billion (US$6 billion) as the Japanese industrial group restructures in the wake of an accounting scandal. Shares fell 11 percent to ¥176.3, the lowest close since December 1979, according to data compiled by Bloomberg. Toshiba’s new forecast is 29 percent wider than an earlier projection for a ¥550 billion shortfall and the ¥505.5 billion loss average of 10 analysts’ estimates compiled by Bloomberg.

INDONESIA

IKEA loses name dispute

Furniture giant IKEA, founded in Sweden in 1943, has lost a trademark dispute in Indonesia after the country’s highest court agreed the name was owned by a local company. Indonesian furniture company PT Ratania Khatulistiwa registered its IKEA trademark in December 2013. It is an acronym of Intan Khatulistiwa Esa Abadi. The Supreme Court’s ruling was made in May last year, but only surfaced publicly this week with its publication online by the court on Thursday.

MEDIA

News Corp profits drop

News Corp on Thursday reported a 56 percent drop in quarterly profits on weaker revenue from its newspaper operations worldwide. The group formed by media tycoon Rupert Murdoch said profit in the quarter to Dec. 31 last year fell to US$62 million from US$142 million a year earlier. Total revenues dipped 4 percent from a year ago to US$2.16 billion.

FINANCE

BNP Paribas earnings fall

BNP Paribas SA posted a 52 percent decline in fourth-quarter earnings, missing estimates, while announcing a revamp of its investment bank to boost profit and free up capital. Net income at France’s biggest bank fell to 665 million euros (US$744 million) from 1.38 billion euros a year earlier after a goodwill writedown at its Italian unit, the Paris-based company said yesterday. Earnings fell short of the 864 million-euro average estimate of five analysts surveyed by Bloomberg.

INTERNET

Amazon to stream songs

Amazon.com Inc said on Thursday that its Echo wireless system is to play songs from Spotify Ltd as the retail giant delves further into the booming sector of streaming. Echo, which went on sale last year, is a wireless speaker that responds to voice commands to carry out tasks such as looking up information on the Internet or setting alarms. Through the tie-up, Echo owners would be able to play instantly from the vast catalog of Spotify. However, the tie-up will only be available in the US and for paying subscribers of Spotify.

UNITED KINGDOM

BOE cuts growth forecast

The Bank of England (BOE) cut its economic growth forecasts to 2.2 percent this year and 2.3 percent next year on Thursday, with interest rates staying at a record-low, as policymakers fretted over slumping oil prices and the darkening global outlook. The bank’s Monetary Policy Committee (MPC) held its key rate at 0.5 percent in a unanimous vote, where it has stood since March 2009. The MPC also maintained the amount of cash stimulus, or quantitative easing, pumping around the British economy at £375 billion pounds (US$542 billion) after its latest two-day gathering.

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