Fri, Jun 09, 2017 - Page 10 News List

World Business Quick Take

Agencies

SEMICONDUCTORS

Toshiba warns WD over sale

Toshiba Corp on Wednesday fired another legal missive at manufacturing partner Western Digital Corp (WD), warning the US company to stop its “harassment” as the Japanese company tries to sell its flash memory business. Toshiba sent a letter to Western Digital’s chief legal officer forcefully reasserting its right to auction off the business in which the two companies hold certain assets together. The letter said the joint venture only owns equipment — and nothing more — and that the value of those joint assets is less than 5 percent of the Japanese company’s chip business.

BANKING

Swiss bank raises US$4.3bn

Credit Suisse Group AG investors on Wednesday agreed to buy 99.2 percent of the shares on sale in a rights offering, raising 4.1 billion Swiss francs (US$4.3 billion) for chief executive officer Tidjane Thiam’s turnaround plan. Credit Suisse plans to sell the unsubscribed shares in the market, the Zurich-based bank said in a statement after markets closed. The shares, offered at SF10.80, are expected to begin trading today.

GAMING

Sony sells 1m VR headsets

Sony Corp has sold more than 1 million units of its virtual reality (VR) headset globally, the Asia chief of the Japanese firm’s gaming unit said on Wednesday, as a relatively low price helps push the product into an early lead. Sales of the PlayStation VR headset, released in October last year, have “exceeded our expectations,” Sony Interactive Entertainment Japan Asia president Atsushi Morita said in an interview. “We are boosting production and a supply shortage should be solved accordingly.”

MACROECONOMICS

German output rises 0.8%

Industrial production in Europe’s largest economy rebounded faster than expected in April from a March slump, official data showed yesterday, beating analysts’ expectations. Manufacturing grew 0.8 percent compared with the previous month, adjusting for seasonal effects, federal statistics authority Destatis said. The statisticians also issued a revised figure for March, showing a fall in industrial output of just 0.1 percent — an improvement on the 0.4 percent previously reported.

TRADE

China beats forecasts

China posted a forecast-busting surge in exports and imports for last month, official data showed yesterday, signaling an improvement in the world’s second-largest economy. Exports rose 8.7 percent to US$191 billion while imports jumped 14.8 percent to US$150.2 billion year-on-year. Analysts surveyed by Bloomberg News had forecast a 7.2 percent rise in exports and 8.3 percent increase in imports. The trade surplus rose to US$40.8 billion, up US$2 billion from April.

MACROECONOMICS

Japan’s Q1 GDP disappoints

Japan yesterday posted lower-than-expected growth in the first quarter, but official data still confirmed that the nation saw its longest economic expansion in more than a decade. The world’s No. 3 economy grew 0.3 percent between January and March — or 1.0 percent at an annualized rate — which was down from a preliminary estimate of 0.5 percent growth. The unexpected downgrade was also below market expectations for an upward revision to 0.6 percent growth. Japan’s current account rose 7.5 percent year-on-year to ¥1.95 trillion (US$17 billion) in April.

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