Sat, Apr 15, 2017 - Page 10 News List

World Business Quick Take

Agencies

CHINA

New credit beats forecasts

The nation’s broadest measure of new credit increased more than forecast last month, even as authorities pushed to ease soaring property prices and reduce excessive borrowing. New loans slowed for a second month, while the money supply increased at the slowest pace since July last year, the latest central bank data showed. Aggregate financing stood at 2.12 trillion yuan (US$310 billion), the People’s Bank of China said yesterday, compared with a median estimate of 1.5 trillion yuan in a Bloomberg survey. New yuan loan growth slowed to 1.02 trillion yuan, compared with an estimated 1.2 trillion yuan, the central bank said. Broad M2 money supply increased 10.6 percent, versus a projected 11.1 percent rise, it said.

HEALTHCARE

Abbott settles legal battle

Abbott Laboratories has agreed to buy Alere Inc at a lower price than previously offered, closing a legal battle over the merger between the two health companies, the Financial Times reported, citing unidentified people close to the matter. Abbott agreed to buy Alere for US$51 per share rather than the previous offer of US$56, the Financial Times reported yesterday. Abbott had sued to break up its earlier US$5.8 billion takeover of medical-device maker Alere, arguing the deal target hid material information about legal and regulatory problems. The new agreement, valuing Alere’s equity at US$4.4 billion, was expected to be announced imminently, the Financial Times reported.

AUTOMAKERS

Tesla to launch semi-truck

Tesla Motors Inc founder Elon Musk said on Thursday that the electric car start-up is set to launch its first semi-truck in September, moving for the first time into that segment. Musk made the announcement in a tweet, offering few details about the plan, although he has spoken in the past about moving into the truck segment. “Tesla Semi truck unveil set for September. Team has done an amazing job. Seriously next level,” Musk wrote on Twitter. The pickup would be unveiled “in 18 to 24 months” and a new vehicle in the works would be a convertible, he said.

FINANCIAL SERVICES

Credit Suisse awards cut

Credit Suisse Group AG leaders, including chief executive Tidjane Thiam, offered to have their variable pay awards cut 40 percent after investor advisory groups criticized the packages ahead of this year’s annual meeting. Thiam and the executive board proposed the reduction to long-term incentive awards for this year and short-term incentive awards for last year, according to a statement on the Zurich-based company’s Web site. Total board compensation would stay at the level of 2015 and last year, the statement said.

RIDE-HAILING

Uber tracked Lyft drivers

A report says Uber Technologies Inc used a secret program dubbed “Hell” to track Lyft Inc drivers to see if they were driving for both ride-hailing services and otherwise stifle competition. It is the latest embarrassing revelation for Uber, which has faced a series of executive departures, as well as accusations of sexism and sexual harassment. Only a small group of Uber employees, including chief executive Travis Kalanick, knew about the program, according to a report in technology trade publication The Information that cited an anonymous source who was not authorized to speak publicly. The program was discontinued early last year, the report said.

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