Sat, Sep 02, 2017 - Page 10 News List

World Business Quick Take

Agencies

GAMBLING

Macau revenues surge

Macau yesterday said gaming revenues rose more than 20 percent year-on-year last month, despite the city being hammered by severe Typhoon Hato, which ripped through the city killing at least 10 people. Gaming revenues still surged 20.4 percent to 22.68 billion patacas (US$2.81 billion) for the month, beating expectations of 18.5 percent in a Bloomberg News survey. Casinos brought in more than US$28 billion last year, representing half of the city’s gross domestic product.

NAFTA

Mexico, Canada to stay in

Mexico and Canada would remain in the North American Free Trade Agreement (NAFTA) even if the Trump administration abandoned the accord, Mexican Secretary of Economy Ildefonso Guajardo said on Thursday. Guajardo spoke a day before US, Mexican and Canadian negotiators met in Mexico City yesterday to work on updating the 23-year-old trade accord. The negotiations in Mexico City are the second round on revamping NAFTA after talks in Washington two weeks ago.

INDIA

Indian economy slows down

India’s economy lost further steam in the quarter to June as growth slid to its lowest level in more than three years. GDP grew 5.7 percent in the latest quarter, its slowest pace since the January-to-March quarter in 2014, government data showed on Thursday. It was a marked slowdown from a 6.1 percent growth in the first quarter this year and was far worse than the median forecast of 6.6 percent in a Reuters poll. It was in line with the poll’s lowest estimate.

CANADA

Growth hits 4.5% in Q2

The Canadian economy grew 4.5 percent in the second quarter of this year, the government statistical agency said on Thursday, pushing beyond forecasts to the highest growth rate in 15 years. Analysts were expecting 3.1 percent growth during the quarter from April to June, but strong consumer spending and a surge in exports buoyed the results. This came after growth of 3.7 percent at the start of the year, when the economy roared back to life to jump ahead of Canada’s G7 peers after years of relative stagnation.

INSURANCE

Anbang premiums fall 99.6%

Anbang Insurance Group Co’s (安邦保險集團) life unit saw its premium income slump 99.6 percent in July, after an industrywide crackdown restricted sales of short-term investment-type products. The life unit’s premium income fell to 48.8 million yuan (US$7.4 million) in July, according to Bloomberg News calculations based on a statement posted on the China Insurance Regulatory Commission’s Web site yesterday. Sales from investment-type products fell 94.4 percent from a year earlier to 686.3 million yuan.

TECHNOLOGY

Tesla under labor inquiry

The US National Labor Relations Board (NLRB) US, which is charged with enforcing labor laws, filed a complaint on Thursday against Tesla Inc, saying it found merit in worker accusations of labor rights infringement. The agency said Tesla had violated rights of workers by requiring them to sign overly broad confidentiality agreements that could bar speaking out over labor conditions and safety issues at the Fremont, California facility. The board also said it was investigating Tesla for allegedly intimidating and harassing workers, charges the car maker denies.

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