Thu, Mar 24, 2016 - Page 15 News List

World Business Quick Take



Bangladesh mulls Fed suit

Bangladesh’s central bank has hired a US lawyer for a potential lawsuit against the Federal Reserve Bank of New York after hackers stole US$81 million from its account with the US bank, while US Representative Carolyn Maloney called for a probe of last month’s cyberattack on Bangladesh Bank. The FBI is helping investigate the heist, which led to the ouster of Bangladesh’s central bank governor. Bangladesh Bank criticized the New York Fed in an internal report, saying the latter allowed five of 35 fraudulent payment instructions to go through.


BSP maintains rates

The central bank left its benchmark interest rate unchanged for a 12th straight meeting, as an anticipated boost to the economy from a May election allows policymakers to resist joining a wave of monetary easing. Bangko Sentral ng Pilipinas (BSP) kept the rate it pays lenders for overnight deposits at 4 percent, it said yesterday. BSP also held the rate on so-called special deposit accounts at 2.5 percent. The Philippine economy is forecast to expand 5.9 percent this year, helped by domestic consumption.


Thailand keeps key rate

The central bank kept its key interest rate unchanged for a seventh straight meeting as policymakers expect that the economy would soon start to see the benefit of stimulus measures introduced by the military government. The Bank of Thailand held its one-day bond repurchase rate at 1.5 percent, with committee members voting unanimously in favor, it said yesterday.


Oracle sues HP over OS

Oracle Corp accused Hewlett Packard (HP) Enterprise Co in a lawsuit of helping a partner company illegally sell software support for the Solaris operating system. Oracle claims HP Enterprise knew that Terix Computer Co was marketing its support services without authorization and was also aware that Oracle required customers who installed Solaris updates to pay for technical support, according to a complaint on Tuesday in federal court in San Jose, California. Oracle alleges copyright infringement and seeks a court order barring HP Enterprise from distributing its software code.


Origin raises Affymetrix bid

Origin Technologies Corp increased its all-cash offer to buy Affymetrix Inc to US$17 a share, as it seeks to top an agreed deal between the medical technology company and Thermo Fisher Scientific Inc. The new bid is 21 percent more than the US$1.3 billion that Thermo Fisher proposed in January, a statement from Origin Technologies on Tuesday said. Origin Technologies also upped the reverse termination fee — the amount it would pay if it pulled out of a deal — to US$100 million from US$75 million.


Enel net profit quadruples

Italian energy company Enel SpA on Tuesday said its net profit more than quadrupled to 2.2 billion euros (US$2.5 billion), although operating profit and sales both dipped. Despite the leap in net profit, the figure was still below the 2.9 billion euros expected by analysts surveyed by Factset Estimates. Sales slipped 0.2 percent to 75.7 billion euros and operating earnings as measured before taxes, depreciation and amortization slid 2.9 percent to 15.3 billion euros.

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