Thu, Mar 17, 2016 - Page 15 News List

World Business Quick Take

Agencies

SOUTH KOREA

Graduate jobless rate rises

South Korea’s unemployment rate rose to a six-year high last month, as more college graduates failed to land jobs amid slowing economic growth. Distortions from the Lunar New Year holiday were also a seasonal factor behind the rise. The seasonally adjusted jobless rate climbed to 4.1 percent last month, the highest since February 2010, Statistics Korea said yesterday. The agency said the youth unemployment rate for those aged 15 to 29 was 12.5 percent, the highest on record, with college graduates rushing to join the workforce after graduation.

BEVERAGES

Bacardi seeks Cuba reversal

Bacardi on Tuesday said it has asked a US federal judge to reverse a decision granting Cuba US trademark rights for Havana Club rum. Privately held, Bermuda-based Bacardi said it is the sole owner of Havana Club, which it has been selling in the US since the mid-1990s. French spirits and wine company Pernod Ricard sells its Havana Club rum in Cuba and a number of markets, notably Germany, France, Britain and Canada, but not the US.

AVIATION

Boeing shuffles leaders

Boeing Co reorganized leadership in its commercial airplane division as the company cuts costs and slows production of the 747 jumbo jet. Elizabeth Lund, general manager of the 777 program, will also oversee a combined operation for the 747 and 767 aircraft, Ray Conner, head of the commercial unit, said on Tuesday in a memo to employees. The general managers of the 747 and 767 programs are to assume new roles reporting to Lund. Boeing announced in January that it would trim production of the 747 to six aircraft a year starting in September.

TECHNOLOGY

Cloud services raise profits

Oracle Corp’s quarterly profit surpassed estimates as customers signed up for more cloud-based services. Profit excluding certain items was US$0.64 a share in the period that ended on Feb. 29, the Redwood City, California-based company said on Tuesday. Revenue including some adjustments fell 3.4 percent to US$9.01 billion during the fiscal third quarter from a year earlier. Sales of key cloud products grew 57 percent to US$583 million, a bright spot compared with sagging revenue in other services, the company said.

INTERNET

Amazon under investigation

Amazon.com Inc is under investigation in Italy for alleged tax evasion, Amazon chief for Italy and Spain Francois Nuyts said in an interview on Tuesday. The Seattle-based online retailer is cooperating with the probe, Nuyts said. “Amazon pays all applicable taxes in every jurisdiction where we operate, including Italy, and we are cooperating fully with the Italian authorities,” Nuyts said when asked about legal and tax issues.

? PHARMACEUTICALS

Valeant takes a 50% plunge

Canadian drugmaker Valeant Pharmaceuticals International Inc’s share price plunged nearly 50 percent on Tuesday after it warned it was at risk of a debt default and slashed its earnings forecast. Valeant, already under fire for its pricing and accounting practices, said in a securities filing that bondholders can deliver a notice of default if the drugmaker fails to submit its annual 10-K report to the US Securities and Exchange Commission within 60 days. The 10-K report was due on Tuesday, but a filing within 60 days would “cure the default,” Valeant said.

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