Thu, Jun 22, 2017 - Page 10 News List

World Business Quick Take

Agencies

UNITED STATES

Eastman wins dumping case

The Department of Commerce on Tuesday said South Korean companies were importing a resin used in making plastics at less than fair value. The finding vindicated a complaint lodged by Eastman Chemical Co, a major producer of specialty plastics. An anti-dumping investigation by the department determined that South Korean imports of Dioctyl terephthalate had been sold in the nation at prices 2.7 percent to 4 percent below fair value. The nation’s imports of the product from South Korea came to US$32.5 million last year. The department is due to make a final determination by Aug. 3.

CYPRUS

Official touts interest rate

The minister of finance said the country has managed to secure the lowest-ever interest rate on a public bond issue, hailing it as a strong signal of trust from international markets in the economy. Minister of Finance Harris Georgiades said Tuesday’s seven-year bond issue raised 850 million euros (US$946.35 million), carrying a 2.75 percent interest rate. He said the money would be used to pay off older loans with higher interest rates. These include a 288 million euro loan from the IMF that carried a 3.52 percent interest rate. Georgiades said the significant savings in interest rate payments would be channeled to bolster the economy.

MOROCCO

Exchange rates to be flexible

The nation is to begin the process of moving toward a flexible exchange rate system gradually in the second half, the governor of the country’s central bank said on Tuesday. The North African country has had a fixed exchange rate regime for the dirham since the 1970s. “There will be no devaluation. We are not in a situation of currency crisis,” central bank Governor Abdellatif Jouahri said. “The IMF did not impose anything on us. It is a voluntary decision.” Moroccan media have reported that the full liberalization of the dirham would take up to 15 years.

COMMUNICATIONS

Ericsson assesses media

Ericsson AB has hired banks to review its media businesses as the company refocuses on its main wireless network-equipment operations by selling assets, according to people with knowledge of the matter. Ericsson is working with Morgan Stanley to explore a sale of its media solutions business, the people said. Separately, the Stockholm-based company hired Goldman Sachs Group Inc to find a buyer for its broadcast and media services unit, the people said. The businesses have attracted interest from private equity firms as well as technology and media companies, the people said.

MEATPACKERS

JBS announces divestment

Brazilian meatpacking giant JBS SA has announced a US$1.8 billion divestment plan to reduce its debt and financial leverage. The world’s largest meatpacker said on Tuesday in a statement that it plans to sell its US-based unit, Five Rivers Cattle Feeding; shareholding stakes in Brazilian dairy company Vigor Alimentos; and Moy Park, its poultry business in Northern Ireland. The meatpacker earlier this month sold its units in Argentina, Paraguay and Uruguay for US$300 million to companies controlled by a rival meat processing company in Brazil. JBS executives are at the center of a political crisis engulfing Brazilian President Michel Temer.

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