Wed, Jun 08, 2016 - Page 15 News List

World Business Quick Take

Agencies

SOUTH KOREA

Government dogs Nissan

The government has called for car giant Nissan to face criminal charges for allegedly manipulating emissions data on a popular sports utility vehicle, weeks after it slapped the firm with a fine over the issue. The environment ministry called on state prosecutors to probe Nissan Korea after saying tests had shown an emission defeat system on the Qashqai model that made it appear to be less polluting than it really was. It also banned the sale of the vehicle in the country. Senior environment ministry official Hong Dong-Kon, who handles transport-related regulations, said, “today, we are going to file a criminal complaint” against Nissan Korea’s president Takehiko Kikuchi.

CHEMICALS

Lotte makes bid for Axiall

Lotte Chemical Corp made an offer to buy US-based polyethelene maker Axiall Corp as the South Korea-based petrochemical company seeks to build on its takeover of Samsung Group’s chemicals arm. Lotte submitted a plan to acquire Atlanta-based Axiall on Friday last week, according to a regulatory filing that did not give terms of the possible deal. The South Korean company formed a venture with Axiall, which has a market value of US$1.6 billion, last year to build a plant for making ethylene in the US with production to start in 2018. The petrochemical business of Lotte conglomerate is widening its product lines and seeking growth outside the country after announcing the purchase of Samsung Group’s chemicals business for about US$2.5 billion.

MINING

Lundin pushes on in Ecuador

Lundin Gold Inc is forging ahead with its gold project in Ecuador, one of the world’s largest undeveloped deposits, a signal the industry is moving back into expansion mode as the metal continues to rally. The Vancouver-based miner is planning to raise US$820 million to US$940 million in two phases to finance the Fruta del Norte project, chief executive officer Ron Hochstein said in an interview in Toronto. Hochstein was in the city to meet with potential investors about the first phase of funding, which he said is expected to raise US$120 million to US$140 million to lay the groundwork for the mine. “Discussions have been going on with commercial banks, credit institutions, etc. now for several months and we’re encouraged by the feedback,” Hochstein said by telephone in a separate interview. The second round of financing is expected to raise US$700 million to US$800 million to be used mainly for construction, he said.

MEDIA

US newspapers shed jobs

The US newspaper industry has shed more than half its jobs since 1990, losses which have only been partly offset by gains in online media. Official US Department of Labor data showed the newspaper sector lost 271,800 jobs in the period from January 1990 to March, or 59.7 percent of the total over the past 26 years. The numbers, first cited in a report by the news Web site Engadget, confirm the massive shift to digital media that has hammered traditional newspapers. Magazines fared only slightly better, losing 36 percent of their jobs in the same period. Employment in Internet publishing and broadcasting, meanwhile, rose from about 30,000 to about 198,000, US Bureau of Labor Statistics data showed. The latest statistics come against a backdrop of a troubled print media industry marked by shutdowns of newspapers and sharp declines in circulation and advertising revenue.

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