Sat, Oct 15, 2016 - Page 10 News List

World Business Quick Take

Agencies

CHINA

Factory prices up

The price of goods at the factory gate last month rose in China for the first time in more than four years, officials said yesterday. The producer price index (PPI) rose 0.1 percent year-on-year in the month, the National Bureau of Statistics said, adding that it “ended 54 consecutive months of year-on-year falls.” The PPI rise “should ease any lingering concerns about deflation,” Julian Evan-Pritchard, an analyst with research firm Capital Economics, said in a research note. Bureau analyst Yu Qiumei (余秋梅) attributed the PPI increase to strengthening international commodity prices and Beijing’s efforts to address industrial overcapacity.

TECHNOLOGY

HP to cut up to 4,000 jobs

HP Inc on Thursday said it will cut 3,000 to 4,000 jobs over the next three years as it faces continued challenges in the markets for personal computers and printers. The cuts are in addition to 3,000 jobs that HP previously said it was trimming this fiscal year. A spokeswoman said the company has about 50,000 employees worldwide. The company is one of two companies formed last year by the break-up of the old Hewlett-Packard Inc. The other, Hewlett Packard Enterprise Co, primarily sells servers and other data-center technology.

BANKING

UniCredit raises 552m euros

UniCredit SpA on Thursday said it had raised more than half a billion euros as part of its latest asset sale, part of Italy’s largest bank’s effort to boost its funds without raising capital from shareholders. The 552 million euros (US$609 million) from the sale of 20 percent of its online banking subsidiary, Fineco, is to be used to boost Unicredit’s core capital — the amount of funds available to absorb losses — which has recently fallen perilously close to European banking limits. Unicredit, Italy’s largest bank by assets, said the funds should add 0.12 percentage points to core tier 1 ratio, which had fallen to 10.3 percent in June.

INTERNET

Yahoo hack to impact deal

Verizon Communications Inc’s top lawyer said it has reason to believe Yahoo’s recently disclosed data breach has a “material” impact on Verizon’s pending US$4.8 billion acquisition of Yahoo. That leaves open the possibility that Verizon could seek a change in the price or other terms. Verizon general counsel Craig Silliman made the comments to reporters during a roundtable discussion on Thursday. Silliman did not say whether Verizon will seek a price reduction, but added that Yahoo will have to convince Verizon if it does not believe the breach of at least 500 million users’ e-mail accounts had a significant impact on its business.

ASIA

Region to weather Fed hike

Asia is poised to withstand higher US interest rates with risks of capital outflows and weaker currencies exaggerated, according to the Asian Development Bank. “Asia is in a pretty good shape to weather this looming US rate hike,”ADB principal economist Donghyun Park said in Manila on Thursday. “Emerging markets especially in Asia have relatively robust, strong economic and structural fundamentals. I’m quite optimistic that the effect will be subdued and muted. The risks are quite exaggerated, overstated.” The more vulnerable emerging markets are outside Asia, including Brazil, Russia and Turkey, Park said.

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