Fri, Jul 01, 2016 - Page 10 News List

World Business Quick Take

Agencies

ECONOMY

Japan sees output decline

Japan’s industrial production declined more than economists forecast in another sign of sluggishness for the world’s third-largest economy as it struggles to recover. Output declined 2.3 percent in May from April when it rose 0.5 percent, the Japanese Ministry of Economy, Trade and Industry reported yesterday. The weak reading on production, along with Wednesday’s report that retail sales were flat in May and data showing another monthly drop in exports, adds to concern that Japan’s recovery is faltering after the economy returned to growth in the first quarter.

ECONOMY

Argentina reports growth

Argentina’s economy grew 0.5 percent in the first quarter, the authorities said on Wednesday, the first such figure since the conservative government overhauled the controversial state statistics system on taking power. The preliminary growth estimate published by the national statistics institute INDEC beat forecasts by private analysts. They had expected a contraction of about 1 percent from the same period a year earlier.

AGROCHEMICALS

Monsanto seeks raised bid

US agrochemicals giant Monsanto Co is hoping Bayer AG will increase its takeover offer, but the higher price could prove a bitter pill to swallow for the German group’s shareholders, the business daily Handelsblatt reported yesterday. “The Americans are suggesting an increase in the offer price of between US$10 and US$15 per share from US$122 at the moment,” the newspaper said, quoting unnamed sources. That would mean that the German company would have to put an additional US$5 billion to US$7 billion on the table, compared with the current offer price of US$62 billion, Handelsblatt said.

INTERNET

Belgium loses Facebook case

The Belgian data protection authority on Wednesday lost a legal battle with Facebook Inc in which it sought to stop the social network from tracking the online activities of non-Facebook users in Belgium who visit the social network’s pages. The Belgian Privacy Commission said the Brussels Appeals Court had dismissed its case on the grounds that the regulator has no jurisdiction over Facebook, which has its European headquarters in Ireland. The US company has staunchly maintained that only the Irish Data Protection Commissioner has jurisdiction over how it uses Europeans’ data.

TECHNOLOGY

Intel, Mobileye join forces

Intel Corp is working with Mobileye NV to develop self-driving car technology for BMW AG, people familiar with the matter said. Senior executives from each company are to hold an event today to discuss the driverless-vehicle initiative, said the people, who asked not to be named because the details are private. Jerusalem-based Mobileye has been an early leader in providing cameras, software and other components that allow vehicles to see the world around them.

BANKING

CIBC to buy PrivateBancorp

The Canadian Imperial Bank of Commerce (CIBC) on Wednesday made a US$3.8 billion offer to buy Chicago-based investment bank PrivateBancorp as it looks to expand in the US. CIBC expects to pay US$1.5 billion in cash and issue 29.5 million shares to finance the acquisition, it said in a statement. PrivateBancorp operates in 12 US states and manages assets totaling US$17.7 billion. The takeover bid is expected to be finalized early next year.

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