Fri, Nov 03, 2017 - Page 10 News List

World Business Quick Take

Agencies

TRADE

China defends US exports

China yesterday said that it has not intentionally sought a trade surplus with the US, after US President Donald Trump called the US’ trade deficit with the country “embarrassing” and “horrible.” Chinese Ministry of Foreign Affairs spokeswoman Hua Chunying (華春瑩) made the comments at a regular briefing in Beijing. Trump is to begin a trip to Asia today, visiting five countries, including China. He on Wednesday also told reporters that every trade deal the US has is “disastrous.”

PROPERTY

Li Ka-shing logs US$5bn sale

A landmark skyscraper owned by Hong Kong’s richest man, CK Hutchinson Holdings chairman Li Ka-shing (李嘉誠), has sold for a record price of more than US$5 billion, the company confirmed on Wednesday. The rumored sale of The Center, Hong Kong’s fifth-tallest building, was first reported last month. Li’s CK Asset Holdings Ltd (長江實業) said the sale of its stake in the building had gone through for HK$40.2 billion (US$5.15 billion) — a record for a Hong Kong office tower, according to Bloomberg.

UNITED STATES

Manufacturing PMI slips

Factories grew more slowly last month, but manufacturing remains healthy. The Institute for Supply Management, a trade group of purchasing managers, on Wednesday said that its manufacturing index dipped to 58.7 last month, from a 13-year high 60.8 in September. Manufacturers are on a 14-month winning streak. New orders, production, hiring and export orders all grew, although more slowly. Sixteen out of 18 industries reported growth last month, led by paper producers.

ENERGY

Shell profits triple in Q3

Royal Dutch Shell PLC yesterday said that net profit almost tripled to more than US$4 billion in the third quarter, helped largely by recovering oil prices. Profit after tax rocketed to US$4.087 billion in the three months to September, from US$1.375 billion in the third quarter of last year, the Anglo-Dutch energy giant said in a statement. The group said earnings benefited mainly from stronger refining and chemicals industry conditions, increased realized oil and gas prices, and higher production from new fields.

SEMICONDUCTORS

Qualcomm forecast robust

Qualcomm Inc on Wednesday issued a surprisingly bullish forecast for the current quarter, showing that robust demand for the company’s chips in China is making up for lost revenue from a bruising legal brawl with Apple Inc. Sales in the fiscal first quarter will be US$5.5 billion to US$6.3 billion. Earnings per share, excluding some items, will be US$0.85 to US$0.95, the San Diego-based company said in a statement.

AUTOMAKERS

US October sales fall 1.3%

Increased demand from rental car companies, strong truck and SUV sales, and recovery from hurricanes in Florida and Texas were not enough to push US auto sales into positive territory for last month. Sales for the month fell 1.3 percent to 1.35 million vehicles compared with the previous year, as slowing demand made it almost certain that this year will be the first year with declining sales in seven years, according to Autodata Corp data released on Wednesday. Ford Motor Co, Honda Motor Co, Nissan Motor Co, Toyota Motor Corp and Volkswagen AG all reported gains for the month.

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