Sun, Dec 03, 2017 - Page 15 News List

World Business Quick Take

Agencies

UNITED STATES

Manufacturing sector grows

The key manufacturing sector last month continued to grow at an above-average rate, as the effects of back-to-back hurricanes over the summer receded, according to an industry survey released on Friday. Output spiked and employment remains strong to produce “a really strong report” on the sector, the Institute for Supply Management (ISM) said. The ISM’s purchasing managers’ index slowed to 58.2 percent from 58.7 in October. Any reading above 50 indicates growth in the sector.

INVESTMENT

Funds wary of megacap tech

The hedge-fund love affair with megacap tech might still be raging, but it looks like actively managed mutual funds have grown less fond of the group. “Facebook, Amazon, Apple, Microsoft and Google [FAAMG] were five of the six stocks with the largest declines in fund positioning last quarter,” Goldman Sachs Group Inc said in a note. All told, large-cap mutual funds reduced exposure to the so-called FAAMG cohort, according to data compiled by Goldman Sachs as of Sept. 30, but information technology shares at large still make up most of their holdings.

ANGOLA

Government mulls stake sale

The country plans to sell a minority stake in a state-owned telecommunications provider and hold an auction for a fourth industry operator. The government of the oil-rich west African country has received several expressions of interest from local and foreign investors in the new telecommunications license, state-owned news agency Angop said on Friday, citing Minister of Telecommunications Jose Carvalho da Rocha.

EUROPEAN UNION

Ukraine assistance withheld

The bloc on Friday said it is withholding 600 million euros (US$713.84 million) in financial assistance to Ukraine because it has not made enough progress on a wide-ranging program of reforms demanded by the bloc. The bloc has already paid out 1.2 billion euros in low-interest loans to Ukraine since 2015. However, the money is conditional on Kiev implementing reforms aimed at tackling rampant corruption, modernizing the economy and strengthening democratic structures.

TECHNOLOGY

Two Uber executives quit

Two of Uber Technologies Inc’s most senior remaining security executives on Friday resigned and another took medical leave after chief executive officer Dara Khosrowshahi criticized past practices, a source familiar with the situation said. Uber last week said it fired chief security officer Joe Sullivan over his role in last year’s data breach.

TECHNOLOGY

Alibaba talking to SenseTime

Alibaba Group Holding Ltd (阿里巴巴) is in discussions to invest about 1.5 billion yuan (US$227 million) and become the largest backer of Chinese facial recognition start-up SenseTime Group Ltd (商湯科技), a person familiar with the matter said. Alibaba is keen on owning a sizable stake, but has no interest in exerting control over the artificial intelligence start-up, the person said. SenseTime, which says it is valued at more than US$2 billion, is incorporated in Hong Kong, but operates mainly in China.

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