Sat, Jul 23, 2016 - Page 10 News List

World Business Quick Take



Bezos surpasses Buffett

Jeff Bezos snuck past Warren Buffett to become the third-richest person on Earth. The Inc founder’s net worth was US$65.05 billion on Thursday, topping Buffett by US$32 million on the Bloomberg Billionaires Index. With the gain, Bezos’ wealth has increased by US$5.4 billion this year, marking a resurgence after it fell to as low as US$43 billion in February amid turbulent global markets. Bezos, 52, lags only Spain’s Amancio Ortega, the Inditex SA founder who has US$73 billion, and Microsoft Inc’s Bill Gates, the world’s richest person, with US$89 billion.


Takeda mulls Wako sale

Takeda Pharmaceutical Co is exploring the sale of its majority stake in chemicals business Wako Pure Chemical Industries Ltd as the Japanese drugmaker seeks to sell noncore assets to raise cash, according to people with knowledge of the matter. Takeda is working with advisers at Nomura Holdings Inc to sell the business, which could fetch more than YS$1 billion, the people said. The sale could attract interest from companies and private equity firms, including Permira Advisers and Carlyle Group LP, the people said.


Philips Lighting profit rises

Philips Lighting NV said second-quarter profit rose 16 percent, as the world’s largest lighting manufacturer boosted sales of products based on more energy--efficient LEDs. Adjusted earnings before interest, taxes and amortization increased to 161 million euros (US$177.8 million), the company said in its debut earnings statement yesterday. Sales declined 6.2 percent to 1.73 billion euros, short of the 1.83 billion euros estimated by analysts surveyed by Bloomberg.


Visa’s Q3 earnings fall 76%

Credit and debit card processor Visa Inc said its fiscal third-quarter earnings fell 76 percent from a year ago, largely due to the cost of completing the purchase of its operations in Europe. San Francisco-based Visa on Thursday said it earned a profit of US$412 million, or US$0.17 per share, down from US$1.7 billion, or US$0.69 per share, in the same period a year ago. Excluding one-time charges, Visa earned US$0.69 per share, US$0.02 more than the US$0.67 that analysts had forecast, FactSet said.


Boeing sees earnings drop

Boeing Co on Thursday said that its second-quarter earnings would be hit by US$2.1 billion in unexpected after-tax costs, including its third charge in a year on a large US Air Force tanker contract. Boeing said its quarterly earnings release on Wednesday next week is to recognize US$393 million in costs associated with the KC-46 tanker program, a next-generation military refueling aircraft. The latest costs are to address a load issue identified during test flights, it said.


Pen lights up pictures

A Japanese start-up has developed a pen that can bring pictures to life using a silver quick-drying ink that conducts electricity. The “Circuit Marker” allows users to draw an electric circuit that can withstand up to 100 volts. The circuits are capable of lighting lamps and powering motors. Inventors AgIC demonstrated the pen by drawing a series of buildings on electronic-embedded paper that lit up to make a small 3D town, complete with street lights and a moving car. The pen costs US$14.99 and a sheet of the required A4-size paper is US$37.49.

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