Thu, Jul 14, 2016 - Page 10 News List

World Business Quick Take

Agencies

AUTOMAKERS

Bug rewards offered

Fiat Chrysler Automobiles NV is turning to DIY mechanics and hackers to expose software vulnerabilities in its vehicles. The US-Italian automaker is offering a bounty of US$150 to US$1,500 to people who spot software bugs and report them so they can be fixed. The size of the reward depends on how critical the bug is and how many vehicles it affects. Fiat Chrysler said it is the first automaker with a full lineup of cars and trucks to offer such a bounty, although US electric car maker Tesla Motors Inc has made similar offers.

ENERGY

Nexen to cut 350 jobs

China National Offshore Oil Corp Ltd’s (CNOOC, 中國海洋石油) Nexen Energy unit is to cut 350 jobs this year after deciding not to repair its Long Lake oil-sands upgrader in Alberta, Canada, following an explosion in January. The facility, which processes bitumen into light synthetic crude oil, cannot be feasibly repaired in the short term, executives said via telephone on Tuesday. Workers will lose their jobs at Long Lake and at the Calgary headquarters. Nexen will continue producing bitumen from Long Lake, resulting in lower costs, as well as improved reliability and safety, the company said.

IRELAND

Economy grows by 26.3%

The economy grew by a barely believable 26.3 percent last year, according to official data published on Tuesday, which was largely skewed by companies relocating to the country for tax purposes. The Central Statistics Office said that the nation’s GDP had increased “significantly” last year as it drastically upgraded a previous estimate of 7.8 percent growth. The office said the result was largely due to “an increase in the number of new aircraft imports for international leasing activities” and the “reclassifications of entire balance sheets.”

LUXURY GOODS

Burberry reports flat sales

Burberry PLC reported a 3 percent drop in like-for-like sales in a “challenging” first quarter, underlining the size of the task facing Marco Gobbetti when he takes over as chief executive officer from Christopher Bailey next year. The British luxury goods group said a positive 3 percent contribution from new stores resulted in flat retail sales of £423 million (US$562 million), slightly better than analysts’ expectations. Burberry benefited from a drop in the value of the pound after Britain last month voted to leave the EU. It said its adjusted profit for the year would be boosted by about £90 million if exchange rates remain at current levels, compared with a previous forecast of a £50 million boost.

UNITED STATES

CBO projects rise in debt

Debt is set to rise faster than previously expected over the next two decades due to slower economic growth and congressional approval for tax cuts last year, the Congressional Budget Office said on Tuesday. In its latest report, the office projected that federal debt would climb from 75 percent of GDP currently to 122 percent by 2040. That is up from the office’s previous estimate of 107 percent for 2040 and well above a post-World War II peak of 106 percent of GDP. For 2046, the office lowered its debt projection by 14 percentage points to 141 percent of GDP, saying it now expects interest rates to be lower than previously anticipated.

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