Thu, Nov 02, 2017 - Page 10 News List

World Business Quick Take

Agencies

AUTOMAKERS

Nissan dives on scandal

Nissan Motor Co’s passenger car sales in Japan plummeted more than 55 percent last month, data showed yesterday, after the company suspended all domestic production due to an inspection scandal. Sales of Nissan-brand passenger cars stood at 10,134 vehicles, down by 55.2 percentage points from a year earlier, the Japan Automobile Dealers Association said. The drop comes after Nissan admitted it had failed to meet domestic rules on final vehicle inspections and recalled about 1.2 million vehicles produced and sold in Japan for reinspection. The dramatic fall in Nissan cars compares with a more modest decline of 4.4 percentage points in overall sales in the Japanese market in the month.

AUSTRALIA

Housing boom over: UBS

The housing boom that has seen the nation’s home prices more than double since the turn of the century is “officially over,” after data showed prices are flatlining, UBS Group AG said. National house prices were unchanged last month from September, while annual growth has slowed to 7 percent from more than 10 percent as recently as July, CoreLogic Inc data released yesterday showed. The cooling housing market might encourage the Reserve Bank of Australia to keep interest rates at a record low. A rate hike would be undesirable, as it would put further downward pressure on housing prices, AMP Capital Investors Ltd senior economist Diana Mousina said.

TECHNOLOGY

Grab wallet for Singapore

Grab, Southeast Asia’s largest ride-hailing app, is launching a new digital wallet service in Singapore as it stakes a claim to the region’s burgeoning mobile payments sector. Starting yesterday, Grab’s 4 million users in the city-state could scan a quick response, or QR, code to pay for dishes at hawker stands. Grab plans to increase the number of small merchants accepting GrabPay from 25 to 1,000 by the end of next month. Grab, which is bigger than Uber Technologies Inc in the region, wants to build on its success in ride-hailing by adding new services in the more lucrative payments market. The company has expanded from taxi booking to private vehicles, rental cars and shuttle bus services. The five-year-old start-up plans to roll out mobile wallet services across the region next year.

NIGERIA

Crop park to be established

The government plans to establish a US$1 billion crop-processing park with Turkish investors in Niger State as part of efforts to improve value and boost agricultural exports, according to the Nigerian Investment Promotion Council. The Badeggi Crop Processing Zone is expected process more than 750,000 tonnes of crops, including rice, maize, yam, cassava, groundnuts and peas annually, the council said. The government plans to set up 15 similar crop zones nationwide.

MACAU

Casino revenue soars

Casino revenue last month climbed to the highest in three years as many high-stake bettors and recreational players visited the territory after China’s Golden Week holiday. Gross gaming receipts rose 22.1 percent to 26.6 billion patacas (US$3.3 billion), according to data released yesterday by the Gaming Inspection and Coordination Bureau. That compares with the median estimate for a 14.5 percent increase in a Bloomberg survey of nine analysts. The gains in casino revenue is the highest since October 2014.

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