Thu, Oct 05, 2017 - Page 10 News List

World Business Quick Take

Agencies

LOGISTICS

Wal-Mart buys Parcel

Wal-Mart Stores Inc does not have stores in New York City, but it is looking to deliver same-day service to residents. The company said on Tuesday that it has acquired delivery service Parcel, which has a warehouse in Brooklyn. Nate Faust, senior vice president of Wal-Mart’s US eCommerce supply chain, said that Parcel already has partnerships with several meal kit, grocery and e-commerce companies, and has delivered more than 1 million meals in the past two years. The company is not saying how much it paid for Parcel, other than that the transaction closed on Friday last week.

COMPUTERS

Microsoft touts VR headsets

Microsoft Corp is touting virtual reality headsets made by other companies in hopes of establishing personal computers running on its Windows 10 operating system as the best way for people to experience artificial worlds. The devices unveiled on Tuesday include a Samsung Electronics Co headset called the HMD Odyssey. The US$500 headset requires a connection to a PC running on a Windows 10 update being released on Oct. 17. PC makers Dell Inc, HP Inc, Acer Inc (宏碁) and Lenovo Group Ltd (聯想) will also be making VR headsets designed to work with Windows 10 machines.

RETAIL

Tesco to pay dividend

Tesco PLC will pay its first dividend in three years after reporting first-half profit that surpassed analysts’ estimates. Operating profit rose 27 percent to £759 million (US$1 billion) before one-time items, Tesco said yesterday. “Sales are up, profits are up, cash generation continues to strengthen and net debt levels are less than half what they were when we started our turnaround three years ago,” Tesco chief executive officer Dave Lewis said in a statement. Despite the dividend reinstatement, Tesco remains saddled with a £2.4 billion pension deficit and a junk credit rating.

CHIPMAKERS

Ex-Intel CEO Otellini dies

Intel Corp on Tuesday announced that former chief executive Paul Otellini died in his sleep on Monday at the age of 66. Otellini worked for Intel for about 40 years, serving as chief executive from 2005 until he retired in 2013, according to the Silicon Valley-based computer chip giant. He was credited with positioning Intel operations for long-term growth in the face of economic recession and lifestyles shifting away from personal computers. The company brought in more revenue during Otellini’s eight-year stint as chief executive than it did during the previous 45 years combined, Intel said.

CRIME

Australia probes wool thefts

The theft of high-end Australian wool destined for China is under investigation, authorities said yesterday, as customers end up with lower-grade produce worth a 12th of the price in a scam threatening the industry’s reputation. Police in Victoria State said there had been a number of incidents dating back to May, with complaints of bales in Melbourne being switched for an inferior product. Detective Inspector Jamie Templeton said the racket was being treated “extremely” seriously. “This is not only due to the total value of the wool stolen, but also the potential damage it poses to the Australian export industry,” he said, without saying how much had been stolen. At least 18 tampered bales, which weigh on average 180kg each, have been seized from mills in China. Australia sells 75 percent of its wool to China.

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