Thu, Jul 07, 2016 - Page 10 News List

World Business Quick Take

Agencies

TECHNOLOGY

Google to buy Moodstocks

Google yesterday announced a deal to buy Moodstocks, a French start-up behind technology that helps smartphones recognize whatever they are aimed at. Moodstocks caught the US technology giant’s eye for its work in computer vision and machine learning, as well for accomplishments in enabling smartphones or other mobile devices to recognize images and objects. The Moodstocks team, described as a small group of researchers and engineers, is to join a Google research and development center in Paris. Financial terms of the deal were not disclosed.

MANUFACTURING

Melrose unveils Nortek deal

Engineering turnaround specialist Melrose Industries PLC said it had agreed to buy Nortek Inc in a cash deal valuing the US-based residential products maker at US$1.436 billion. The offer of US$86 per Nortek share represents a premium of about 38 percent based on Nortek’s close on Tuesday. The acquisition is to give Melrose access to Nortek’s large exposure to the North American ventilation and home-security products market. Melrose said it planned to improve the Nortek’s business by increasing investment in its manufacturing facilities, scouting for complementary acquisitions and improving the US business’ supply chain and reach to customers.

MINING

Thompson Creek deal inked

Centerra Gold Inc agreed to acquire Thompson Creek Metals Co for about C$175.8 million (US$135 million) to expand in North America. All of the Thompson Creek issued and outstanding common shares are to be exchanged on the basis of 0.0988 of a Centerra common share, the companies said in a statement on Tuesday. Including debt, the deal is valued at US$1.1 billion. Thompson Creek controls the Mount Milligan mine, which is in central British Columbia, and has 997.9 billion kilograms of provable and probable copper reserves and 5.7 million ounces of gold reserves, according to Thompson Creek’s Web site.

TRADE

German factory orders rise

Strong demand for German-made goods from eurozone neighbors offset a drop in domestic orders in May, key factory orders data showed yesterday. “Low domestic orders and from non-eurozone countries were made up for by high levels of orders from eurozone countries,” the German Ministry of the Economy said in a statement. Factory orders were unchanged in May from April in seasonally adjusted terms, the ministry said. Domestic orders fell by 1.9 percent, while foreign orders rose by 1.4 percent, with non-eurozone business slipping by 0.3 percent, while orders from within the eurozone jumped 4 percent. The figures showed a “below average” level of big-ticket orders, the ministry said.

TRANSPORT

British car registrations fall

British new car registrations fell for only the second time in more than four years last month, while an industry body urged the British government to boost economic confidence to avoid further drops. Sales fell 0.8 percent year-on-year to 255,766 units, the UK’s Society of Motor Manufacturers and Traders said yesterday. It said it was too early to link the fall to the result of the referendum in favor of leaving the EU. Ratings agency Fitch said on Tuesday that there will probably be a decline in British new vehicle sales due to slower economic growth and weaker consumer confidence.

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