Wed, Mar 30, 2016 - Page 15 News List

World Business Quick Take

Agencies

JAPAN

Household spending up 1.2%

Household spending rose 1.2 percent last month from the same month last year, Ministry of Internal Affairs and Communications data showed yesterday, the first gain since August last year. The result surprised economists, who had foreseen a 1.9 percent decline, according to a Bloomberg market forecast. However, economists likely overlooked the positive effect of the extra day last month due to the Leap Year, NLI Research Institute senior economist Taro Saito said. Separate economic data released yesterday showed Japan’s jobless rate came in at 3.3 percent last month, slightly worse from 3.2 percent in the previous month.

SAUDI ARABIA

Consumer activity down

Consumers withdrew and spent less money last month, according to central bank data released on Monday. M3, one of the broadest measures of money supply, shrank for the first time since at least 2000, when Bloomberg started tracking the data. Cash withdrawals through ATMs fell 8 percent after expanding for at least the previous five months, central bank data show. Point-of-sale transactions, an indicator of consumer confidence in the economy, dropped 9 percent from the year-earlier period to 15.2 billion riyals (US$4.1 billion). The kingdom’s growth may slow to 1.5 percent this year, according to the median estimate of a Bloomberg survey, the slowest pace since at least 2009.

RETAIL

Wal-Mart wins ruling

Wal-Mart Stores Inc has won a legal victory in a fight over tax revenue with the government of Puerto Rico. A federal judge in the US island territory ruled on Monday that a modified tangible-property tax is invalid. The retail giant filed the suit in December last year and is Puerto Rico’s largest private employer. Federal Judge Jose Antonio Fuste also said in his ruling that the government needs to be more transparent and that Puerto Ricans deserve to know the truth about how the economic crisis originated. The Puerto Rican Department of Justice is considering whether to appeal the decision.

TECHNOLOGY

Dell to sell Perot Systems

Dell Inc has agreed to sell its Perot Systems subsidiary, which provides information technology services to hospitals and governments, to the Japanese technology company NTT Data Corp for almost US$3.1 billion. NTT Data disclosed the agreement with Dell in a filing with the Tokyo Stock Exchange on Monday. It did not say when it intended to complete the acquisition. Dell bought Perot Systems, founded by the entrepreneur and onetime presidential candidate Ross Perot, for US$3.9 billion in 2009 as it tried to expand beyond its struggling core business of making personal computers. However, now Dell is shedding peripheral units and raising cash as it prepares to take over EMC Corp.

CASINOS

Elaine Wynn files suit

Elaine Wynn, the ex-wife of Wynn Resorts Ltd founder Steve Wynn, filed suit in a Nevada state court seeking to gain control over her shareholdings in the casino company. Chief executive officer Steve Wynn breached their January 2010 stockholder agreement, Elaine Wynn said on Monday in a statement. She accused her ex-husband of orchestrating her ouster from the board in retaliation for asking questions about the “tone at the top,” the absence of appropriate internal controls, the withholding of information from the board and alleged reckless activity of the CEO and others.

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