Sun, Oct 02, 2016 - Page 16 News List

World Business Quick Take

Agencies

SOCIAL MEDIA

Google seeks Twitter advice

Google is working with a financial adviser to consider a potential bid for Twitter Inc, as the social-media company continues to explore a sale, according to a person familiar with the arrangement. In tapping Lazard Ltd, Google has not indicated that it will definitely make an offer for Twitter, but the move suggests that Google is evaluating the option, pitting the search giant against other potential bidders, including Walt Disney Co.

SOFTWARE

IBM eyes AI in finances

IBM Corp wants to use “artificial intelligence” (AI) technology to automate parts of the finance industry’s regulatory-compliance effort. With its acquisition of Promontory Financial Group, announced on Thursday, IBM gains the banking industry’s most prominent regulatory consultant. The Armonk, New York-based technology giant said it would use Promontory’s 600 employees to bolster its AI program, known as Watson.

LIGHTING

Philips mulls division sale

Royal Philips NV is in talks to sell its Lumileds lighting-components division to Apollo Global Management LLC after scrapping a plan to sell the business for US$2.8 billion earlier this year amid regulatory concerns, people with knowledge of the matter said. Apollo is the likeliest buyer after other private-equity firms dropped out of talks, the people said. The Amsterdam-based company is aiming to reach a deal by the end this month, but talks could still fall apart, one of the people said.

SMARTPHONES

Apple in talks with Sharp

Apple Inc is in negotiations with Sharp Corp to secure organic LED displays for the iPhone maker’s next-generation of devices, a person familiar with the matter said. Any OLED supply agreement would depend on the Osaka-based company’s output capacity, the person said. The discussions stem from Apple’s desire to increase the number of suppliers for OLED screens, the person said. Earlier on Friday, Sharp announced it would invest ¥57.4 billion (US$566 million) for the development of OLED production facilities.

ENERGY

Abengoa posts net loss

Spain’s debt-laden energy giant Abengoa SA on Friday posted a 3.7 billion euro (US$4.2 billion) net loss in the first half of this year. A “general slowdown in business” contributed to the result, the Seville-based group said in a statement. In comparison, the group reported a 72 million euro profit during the first six months of last year. Abengoa last year said that it was filing for preliminary protection from creditors following years of expansion worldwide.

AUTOMAKERS

VW seeks damages deal

Volkswagen AG (VW) is asking a judge to approve its US$1.2 billion agreement with its US dealerships for damages caused by its emissions-cheating scandal. The proposed settlement increases the amount VW is to pay to resolve US lawsuits over its emissions-cheating vehicles to US$16.5 billion, according to settlement documents filed on Friday in San Francisco federal court. VW is offering to buy back vehicles from its 652 dealerships under the same terms as those given consumers, the filing said.

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