Sun, Oct 01, 2017 - Page 14 News List

World Business Quick Take

Agencies

CHINA

Manufacturing picks up

Manufacturing activity accelerated for a second straight month last month, official figures showed yesterday, although an independent indicator was less positive about the world’s second-largest economy. The expansion was mainly due to improving demand at home and overseas and a booming high-tech industry, as well as higher consumption ahead of a national holiday, National Bureau of Statistics official Zhao Qinghe (趙清河) said. The manufacturing purchasing managers’ index stood at 52.4 compared to 51.7 percent in August, but financial magazine Caixin had a lower reading of 51, down from 51.6 in August.

UNITED STATES

Case won on timeline

A former Barclays PLC trader who bragged about disrupting the western US power market more than a decade ago dodged a US$1 million fine by a regulator for alleged manipulation. Ryan Smith convinced a federal judge in Sacramento, California, that the Federal Energy Regulatory Commission waited too long to bring its case against him for allegedly scheming with three Barclays traders starting in 2006 to use money-losing physical power trades at four hubs in California and the northwest to reap profits in financial positions. Smith’s victory on Friday signals that the regulator needs to pursue enforcement actions on a faster timeline.

UNITED STATES

Tax action ruled unlawful

A federal court in Texas on Friday ruled that the administration of former president Barack Obama acted unlawfully last year when its Department of the Treasury cracked down on US companies that tried to reduce their taxes by rebasing abroad, in a process known as inversion. The Chamber of Commerce and the Texas Association of Business had filed a lawsuit in Texas federal court that said a regulation from the treasury in April last year exceeded what the law allows the department to do. The US District Court for Western Texas in Austin agreed, saying the Internal Revenue Service rule was a substantive or legislative regulation that required a notice and comment period before it was instated.

ELECTRONICS

BlackBerry reports profit

BlackBerry Ltd on Thursday reported fiscal second-quarter net income of US$19 million, after reporting a loss during the same period last year. The company said it had net income of US$0.04 per basic share. On a diluted basis — assuming conversion of its convertible debentures — the loss was US$0.07 per share. Adjusted for one-time gains and costs, income was US$0.05 per share. The results beat Wall Street expectations. BlackBerry expects full-year adjusted revenue in the range of US$920 million to US$950 million.

RETAIL

Former Tesco execs in court

Three former executives of Britain’s biggest retailer Tesco PLC abused their positions of trust to encourage the manipulation of profit figures, lied to auditors and misled the stock market, prosecutors told a London court on Friday. The senior executives were “cooking the books” to support Tesco’s share price and secure huge compensation packages, and “bullied and coerced” subordinates into compliance, lead prosecutor Sasha Wass told London’s Southwark Crown Court.

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