Sat, Oct 22, 2016 - Page 10 News List

World Business Quick Take



ANZ to cut overseas jobs

Australia & New Zealand Banking Group (ANZ) Ltd, Australia’s third-biggest bank by market value, is cutting about 30 jobs in its institutional banking unit. The affected positions are based in New York, London and Asia, and are mostly in customer relationship roles, ANZ Bank spokesman Stephen Ries said in an e-mailed statement. Australia’s most Asia-focused lender is in the process of restructuring its operations and shrinking its Asian businesses. The bank last month said it had reduced its Singapore headcount by about 300 from a year earlier, but remained committed to having an institutional banking presence across 14 Asian countries..


Ericsson announces losses

Swedish mobile networks company Ericsson AB yesterday said that “negative industry trends have further accelerated,” contributing to a third-quarter loss for the company of 233 million kronor (US$26.2 million). The loss compared with a net profit of 3.08 billion kronor during the same three-month period last year. The group said revenue dropped 14 percent from 59.2 billion kronor to 51.1 billion kronor amid fierce Asian competition and a slowing telecommunications equipment market. It added that the industry trends indicate to “a somewhat weaker than normal seasonal sales growth between the third and fourth quarters.”


Daimler profits soar

German automaker Daimler AG yesterday said that stronger sales of its technology-loaded Mercedes-Benz E-Class sedan and sports utility vehicles helped third-quarter earnings swell by 13 percent. Net profit during the July to September period rose from 2.42 billion to 2.73 billion euros (US$2.63 billion to US$2.97 billion) in the same quarter a year earlier. The increase came on a revenue rise of 4 percent to 38.6 billion euros, the company said. Favorable exchange rate developments boosted earnings, in addition to stronger sales. The company would use its momentum to move forward with its electric vehicles.


New buyers boost real estate

Home resales surged last month after two straight months of declines as first-time buyers stepped into the market, pointing to underlying momentum in the economy. The National Association of Realtors said existing home sales rose 3.2 percent to an annual rate of 5.47 million units. That was well above economists’ expectations for an increase to a 5.35 million-unit pace. First-time buyers accounted for 34 percent of transactions last month, the largest share since July 2012. Still, the share remains well below the 40 percent to 45 percent that economists say is required for a robust housing market.


Sales optimism growing

Consumer confidence has rebounded since the Brexit vote, despite the impending squeeze on household budgets from rising prices, a PricewaterhouseCoopers (PwC) survey found. A gauge of expectations for the next 12 months returned to positive territory last month as more consumers predicted they wouldd be better off than worse off, PwC said yesterday. Londoners and young people were the most upbeat, the survey of 2,050 consumers found. The report suggest consumers would continue to support an economy facing an uncertain year as Britain prepares for negotiations to leave the EU and the weak pound stokes inflation.

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