Tue, Nov 21, 2017 - Page 10 News List

World Business Quick Take

Agencies

AUTOMAKERS

Honda recalls minivans in US

Honda is recalling about 800,000 of its Odyssey minivans in the US over faulty parts blamed for 46 minor injuries, the company said, just a month after settling a huge lawsuit on other defects. The recall, which affects the 2011 to 2017 models sold in the US, might later be expanded to include vehicles sold in Canada, Mexico and South Korea, spokesman Teruhiko Tatebe said. The fault relates to a latch that connects the back seat, the company said. If not properly engaged, the seat might tip forward during braking, a statement said. The announcement comes after the Japanese group last month reached a US$605 million settlement in a lawsuit over defective airbags in millions of cars on US roads.

PHARMACEUTICALS

Biocon gets US clearance

Biocon Ltd has received US Food and Drug Administration clearance for the sterile products unit of its Bengaluru facility, a sign of progress in its bid to bring the plant up to regulatory standards and be among the first wave of a new class of biologic drugs in the US. The regulator issued a report asking for some voluntary improvements at the facility, but said the inspection conducted from May 25 to June 3 is closed, Biocon said in a statement yesterday. Manufacturing issues at the Bengaluru plant have proved a stumbling block in Biocon’s efforts to be among the first to sell copies of complex biologic medicines in the US and European markets.

TECHNOLOGY

Bitcoin surges past US$8,000

Bitcoin yesterday topped US$8,000 for the first time, as investors set aside technology concerns that had derailed its advance earlier this month. Bitcoin rose 4 percent to US$8,015.67 as of 7:47am in London, paring a rally of as much as 5.2 percent during Asian hours. It is up more than 700 percent this year after shrugging off a tumble earlier this month. It has been a tumultuous year for the largest cryptocurrency, with three separate slumps of more than 25 percent all giving way to subsequent rallies. Recent volatility has also stemmed from a pickup in people switching to alternative virtual currencies, notably bitcoin cash.

ENERGY

China solar forecast raised

China, the world’s biggest carbon emitter, is poised to install a record amount of solar-power capacity this year, prompting researchers to boost forecasts as much as 80 percent. About 54 gigawatts are be put in place this year, Bloomberg New Energy Finance said yesterday, raising a forecast of more than 30 gigawatts made in July. That amount of additional capacity would likely surpass all the solar energy generated in Japan this year. CCB International Securities Ltd (建銀國際證券) raised its forecast for China’s solar power capacity to 55 gigawatts from 40 gigawatts for next year, according to a research note on Friday.

AEROSPACE

Firms warn on Brexit costs

Brexit could cost the UK’s aerospace industry £1.5 billion (US$2 billion) because of increased customs checks, the British Parliament’s Business, Energy and Industrial Strategy Committee said. The committee is to question industry representatives, including Airbus UK vice president Katherine Bennett and ADS Group CEO Paul Everitt today. It received written evidence from leading aerospace companies, such as Airbus SE and Boeing Co, expressing their concerns, as well as a submission from the Department for Business, Energy and Industrial Strategy, the committee said in an e-mailed statement.

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