Sat, Jan 21, 2017 - Page 10 News List

World Business Quick Take

Agencies

STANDING HEAD

IBM beats profit forecasts

International Business Machines Corp (IBM) on Thursday reported fourth-quarter net profit of US$4.5 billion, or earnings per share of US$4.72. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, came to US$5.01 per share. The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of US$4.89 per share. The technology and consulting company posted revenue of US$21.77 billion in the period, also surpassing consensus forecasts.

TRANSPORT

Uber settles drivers’ claims

Ride-hailing company Uber Technologies Inc has agreed to pay US$20 million to settle allegations that it exaggerated prospective earnings in seeking to recruit drivers, according to documents filed with a US federal court on Thursday. The company said on its Web site that UberX drivers made more than US$90,000 in New York and US$74,000 in San Francisco when the real earnings were considerably less, the US Federal Trade Commission said in a court filing.

ENTERTAINMENT

Paramount gets China deal

Paramount Pictures yesterday said it had inked a cofinancing deal with two Chinese companies for the Hollywood studio’s slate of movies over the next three years. Under the terms of the deal, Shanghai Film Group Co (上海電影集團) and Huahua Media (華樺傳媒) will also set up an office on Paramount’s lot later this year, the studio said in a statement. The Chinese companies will provide about US$1 billion to finance at least 25 percent of Paramount’s films, a person familiar with the deal said. Film industry publications cited the same figures.

INDONESIA

Ex-Garuda CEO a suspect

Indonesia’s anti-corruption agency on Thursday said it was treating the former chief executive of airline PT Garuda Indonesia Tbk as a suspect in a bribery case. The Corruption Eradication Commission said in a statement that Emirsyah Satar, the CEO of Garuda from 2005 to 2014, was suspected of taking bribes related to the purchase of planes and machines from Airbus Group SE and Rolls-Royce PLC. Satar is now chairman of Lippo Group’s e-commerce platform MatahariMall.com.

RUSSIA

GDP to grow 2%: minister

The Russian economy could grow 2 percent this year in case of no external shocks like a new fall in oil prices, Minister for Economic Development Maxim Oreshkin said on the sidelines of the World Economic Forum in Davos, Switzerland. He also said the central bank could soon start buying foreign currency to help the finance ministry sterilize excessive budget revenues above US$40 per barrel, but added it would not mean Russia would depart from its policies of a freely floating ruble.

CHEMICALS

ChemChina seeks US nod

China National Chemical Corp (ChemChina, 中國化工) said it filed for US antitrust approval with the Federal Trade Commission for its proposed US$43 billion takeover of Swiss agrochemical company Syngenta AG. ChemChina has submitted documentation required by the Hart-Scott-Rodino Act and expects the US antitrust process to be “on track,” the company said in an e-mail. The commission has 30 days to clear the proposed tie-up or issue a second request, seeking more information and a longer review period.

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