Sun, Sep 03, 2017 - Page 14 News List

World Business Quick Take

Agencies

UNITED STATES

Manufacturing index rises

Factories expanded at a brisk pace last month, a likely sign of strength for the US economy as new orders, production and employment all improved. The Institute for Supply Management (ISM) on Friday said that its manufacturing index rose to 58.8 percent from 56.3 percent in July. Anything above 50 signals that factory activity is increasing. The measure now stands at its highest level since April 2011, pointing to solid economic growth. Fourteen of eighteen manufacturing industries surveyed by ISM posted growth, including the machinery, petroleum and coal products, and computer and electronic products sectors.

TECHNOLOGY

Tinder Apple’s top seller

Tinder for the first time became the top-grossing app in Apple Inc’s online shop, topping the likes of Netflix, Pandora and hit mobile games like Clash Royale, according to rankings posted online by market data firm App Annie on Friday. The company announced this week the worldwide roll-out of a new “Gold” service with features including the ability of subscribers to see who out there has “liked” them. Tinder Gold is to be available on Android-powered smartphones in about a month.

ELECTRONICS

Foxconn US plant vote set

The Wisconsin Legislature’s Joint Finance Committee is set to vote this week on Wisconsin Governor Scott Walker’s US$3 billion incentive package for a Foxconn Technology Group (富士康) plant. The committee issued a notice on Friday saying a vote is set for Tuesday. The Wisconsin State Assembly has already passed the bill; committee approval would set up a State Senate vote. The committee also is scheduled to finish the state budget Tuesday but it is unclear if that will happen. Republicans are still trying to reach consensus on how to shore up a nearly US$1 billion shortfall in the state’s transportation fund.

OIL AND GAS

Iraqi exports slip slightly

Iraq’s oil exports slipped to 3.216 million barrels per day (bpd) last month from 3.230 million bpd in July, as no shipments were made from the northern Kirkuk field, the Iraqi Ministry of Oil said yesterday. All the volumes shipped last month came from the southern fields, it said in a statement. Kirkuk is the only field supervised by the government in the north. The volume accounts for shipments from the fields supervised by the central government in Baghdad and does not include those from the autonomous Kurdish region in northern Iraq. The average sales price last month was US$46.22 per barrel, generating US$4.6 billion in revenue.

BANKING

Merrill Lynch pays US$415m

Bank of America Corp’s Merrill Lynch unit paid US$415 million last year to resolve allegations that it misused customers’ cash. On Friday, the US Securities and Exchange Commission (SEC) finally settled a case against the former bank executive who it said was ultimately responsible. His penalty was considerably lower: Nothing. Former Merrill Lynch head of regulatory reporting William Tirrell negligently caused the firm to violate securities rules, the SEC said in an order on Friday. The regulator ordered Tirrell to “cease and desist” from any future transgressions.

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