Mon, Oct 09, 2017 - Page 14 News List

World Business Quick Take

Agencies

UNITED KINGDOM

Cameron lands a job

Former prime minister David Cameron, who stepped down abruptly last year after failing to convince voters to remain in the EU, has been appointed to his first high-profile commercial role. Cameron will take on an advisory post with the US-based First Data Corp, which handles credit and debit-card transactions for about 6 million merchants worldwide, the company said in a statement on Friday. Cameron will focus on consolidating First Data’s base in its key markets as well as promoting the company’s expansion into new regions, the statement said.

UNITED STATES

Rosengren backs rate hikes

Federal Reserve Bank of Boston President Eric Rosengren stepped up his argument to keep the central bank on track for additional gradual interest rate increases, warning against being too sensitive to short-term economic data. Answering questions after delivering a speech in Montreal, Rosengren said inflation will probably be “much closer to 2 percent” a few months into next year as the impact fades from notable pricing changes for mobile phones and certain pharmaceuticals that have helped keep levels low this year. Inflation expectations in the country are “well-anchored,” he said, adding that wage growth remains subdued given a jobless rate that fell to a 16-year low last month.

ITALY

Ex-boss’ jail term upheld

The nation’s highest court on Friday upheld a four-year jail sentence on the former Generali SpA chairman Cesare Geronzi for his role in the 2003 bankruptcy of food company Cirio. The decision by the Rome-based Court of Cassation is final and cannot be appealed. However, three of the four years are to be wiped out under a national amnesty and Geronzi, a symbol of old-style Italian capitalism, would not serve any jail time because of his age, 82. The court also ordered a new trial for Cirio’s ex-chief, Sergio Cragnotti, who was handed a sentence of eight years and eight months in 2015.

AVIATION

Ryanair COO to leave post

Ryanair Ltd chief operations officer Michael Hickey has announced plans to leave his post at the end of this month following the cancelation of tens of thousands of flights scheduled for the coming months. Company officials on Saturday said that Hickey will still have an “advisory role” after he steps down following decades with the airline. He is the first senior executive to leave because of the damaging flight cancelations, which have disrupted travel plans for about 700,000 passengers and undercut the company’s bid to improve its customer service reputation. The flights were canceled because of holiday staffing and scheduling errors.

INVESTMENT

Sycamore bets on retailing

Private equity firm Sycamore Partners is betting on the ailing retail sector at a time when other investors are shying away. The buyout firm, which last month bought Staples Inc, is trying to raise US$4 billion for its biggest fund yet, two people with knowledge of the matter said. It is planning to finish raising the money in January, one of the people said. Founded by Stefan Kaluzny and Peter Morrow in 2011, Sycamore is invested in fashion retailers Nine West, Talbots and Coldwater Creek, as well as department-store chain Belk Inc and others.

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