Sat, Oct 14, 2017 - Page 10 News List

World Business Quick Take

Agencies

CURRENCY

Seoul, Beijing extend deal

South Korea and China have agreed to extend their currency swap deal, Seoul said yesterday, easing concerns that the deal would fall through due to tensions over a US missile defense system. Bank of Korea, South Korea’s central bank, and its finance ministry said in a joint statement that the two Asian countries renewed the deal worth 64 trillion won or 360 billion yuan (US$55 billion) for another three years. Currency swap deals allow countries to borrow money from other countries in their own currency, useful especially at a time of financial turmoil.

TRANSPORTATION

Virgin backs Hyperloop One

British billionaire Richard Branson on Thursday placed another bet on the future with an investment in Hyperloop One, which is developing super-high-speed transportation systems. Hyperloop One said Branson’s Virgin Group Ltd would take the company global and rebrand itself as Virgin Hyperloop One in the near future. Branson has joined the board of Hyperloop One, which is to develop pods that would transport passenger and mixed-use cargo at speeds of 402km per hour. The pod lifts above a track using magnetic levitation and glides at airline speeds for long distances due to low aerodynamic drag.

BANKING

HSBC chooses new CEO

British banking giant HSBC Holdings PLC on Thursday said it had chosen John Flint, its head of retail banking and wealth management, to succeed Stuart Gulliver as chief executive, who is retiring. Flint begins his new role on Feb. 21 after Gulliver had already announced his intention to step down after more than seven years, during which time he has overseen a huge reduction in staff numbers and operations amid a troubled period for the bank and sector as a whole. Flint joined HSBC in 1989 and spent the first 14 years with the bank working in Asia. HSBC employs more than 230,000 staff worldwide.

FINANCE

BNP to expand in Asia

BNP Paribas SA plans to significantly increase the number of client advisers employed by its Asian wealth-management business, seeing an opportunity in the retreat of some European rivals from the region. BNP has been investing and hiring in Asia for several years and intends to continue its push, said Vincent Lecomte, co-head of the French bank’s wealth-management business. “The best way for us to grow is to attract new clients as well as new teams,” Lecomte said in an interview in Paris. He said the bank intends to recruit a few dozen relationship managers by 2020.

AUTOMAKERS

Tesla recalls Model X’s

Tesla Inc on Thursday said that it is recalling Model X sport utility vehicles to fix second-row seat-backs which might shift forward during crashes. Internal testing revealed that cables in second-row fold-flat seats in last year’s and this year’s models might need to be adjusted to “ensure the safety” of those riding inside, a Tesla spokesperson said in an e-mail on Thursday. “We just ask that you temporarily avoid having two adults sit in the second row left and center seating positions at the same time.” The number of Model X vehicles being recalled was estimated at 11,000, with only a small percentage expected to have the seat cable problem. While Tesla cars have been met with high demand and glowing safety reviews, the firm has struggled to crank models off the assembly line.

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