Fri, Nov 10, 2017 - Page 10 News List

World Business Quick Take

Agencies

CHINA

Factory prices surge

Factory prices kept surging last month as authorities curb production in smokestack industries to combat pollution. The producer price index rose 6.9 percent from a year earlier, versus a projected 6.6 percent rise in a Bloomberg survey and matching September’s pace. The National Bureau of Statistics of China yesterday said that consumer price index climbed 1.9 percent, from 1.6 percent in September and also slightly beating Bloomberg’s forecast of 1.8 percent.

MALAYSIA

Interest rates on hold

The central bank left interest rates unchanged and said it might consider the degree of monetary accommodation as economic growth gains momentum. Its overnight policy rate was held at 3 percent, Bank Negara Malaysia said in a statement yesterday. The Monetary Policy Committee said that the assessment is for growth to remain strong next year, with domestic demand the key source. Headline inflation is projected to moderate next year, it said.

INDUSTRY

Siemens beats its forecast

Industrial behemoth Siemens AG reported a leap in profits in its 2016 to 2017 financial year, meeting its own forecasts as the group continues a long-term restructuring. Net profits at the group, whose products range from wind turbines to trains to medical equipment, grew to 6 billion euros (US$7 billion), up 11 percent compared with the previous year. Operating profit grew 12 percent year-on-year, to 8.3 billion euros, while revenues added 4.3 percent to top 83 billion euros.

APPAREL

Adidas profits surge on shoes

Adidas AG yesterday reported a jump in third-quarter profits, lifted by strong demand for its own-brand trainers and apparel in China and North America. The German company said net profit soared to 526 million euros between July and September, up 36 percent on the same period last year. Group revenues grew by nearly 9 percent to 5.7 billion euros, driven by online sales and the success of its retro-inspired Originals trainers and its Neo urban fashion line.

ELECTRONICS

Toshiba logs losses

Toshiba Corp yesterday said it logged a net loss of US$436 million for the fiscal first half of the year, as it moves to complete the multibillion dollar sale of its chip business to restore its balance sheet. The Tokyo-based firm said the loss was mainly due to the tax impact associated with a controversial deal to sell the chip unit to a consortium led by Bain Capital LP. Sales over the six-month period came in at ¥2.39 trillion (US$21.1 million), a 5.1 percent rise from a year ago, while operating profit rose to a record ¥231.8 billion, more than double the same period last year.

MERGERS

EU probe steel giant bid

EU anti-trust authorities have opened an investigation into global steel giant ArcelorMittal SA’s bid to buy struggling Italian steel producer Ilva, officials said on Wednesday. The 1.8 billion euros deal would see ArcelorMittal join forces with Italy’s Marcegaglia SpA to snap up the heavily indebted company, which employs 14,000 people. The commission now has until March 23 next year to decide on whether competition rules would be violated and approve or reject the proposed merger.

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