Tue, Dec 05, 2017 - Page 10 News List

World Business Quick Take



Uber to tout public transport

Ride-hailing app Uber yesterday said it was joining a global public transport association to improve mobility in the cities it operates in. Uber also said it was joining the International Association of Public Transportation (UITP) to connect more people to public transport. Aligning the company with public transport authorities is a good way to make Uber a better partner for cities, Uber head of transportation policy and research Andrew Salzberg said. UITP represents public transport providers around the world, including Transport for London, which in September stripped Uber of its operating license.


Facebook expands UK staff

Facebook Inc is to hire 800 new staff in London, expanding its UK headquarters despite coming under increasing scrutiny from the nation’s lawmakers. The new hires — predominately in engineering roles and to be recruited over the next year — would bring the number of staff working for Facebook in the UK to 2,300. Facebook’s expansion comes at a time when Britain is so alarmed by the extent and scale of Russian interference in UK politics via social media networks that its lawmakers are getting ready to interrogate Silicon Valley giants — including Facebook and Twitter Inc — in Washington.


Crown hit with class action

Australian gambling giant Crown was yesterday hit with a class action after 18 employees were arrested in China, alleging it did not give shareholders enough information about the risks being taken. The employees, who pleaded guilty, were held for 10 months on charges of luring rich Chinese to Australia, before being released in August. The case hurt the James Packer-controlled casino operator’s high-roller revenues, with anti-corruption laws in China banning organizing gambling activities overseas for wealthy Chinese. Class action specialists Maurice Blackburn Lawyers said the case on behalf of hundreds of investors centered on a sharp share price drop of almost 14 percent when news of the arrests emerged.


NAFTA rewrite impact feared

Economists expect a tax overhaul to provide a modest boost to the US economy, but are increasingly worried that a rewrite of the North American Free Trade Agreement (NAFTA) would take a toll on growth. A National Association of Business Economics (NABE) survey found that forecasters expect tax law changes to add 0.2 percentage points of growth to the US economy, down slightly from what they expected in the previous NABE survey in September. The survey was taken from Nov. 6 to Nov. 15, before the Senate passed a major tax overhaul early on Saturday. Forty-six percent of 51 panelists believe the renegotiation of NAFTA would do at least some damage to the US economy, up from 27 percent in September.


Banking stress indicator falls

A warning indicator for banking stress in China fell for a fifth straight quarter, signaling that Beijing’s drive to squeeze risk from the financial system is making progress. China’s credit-to-gross domestic product “gap” declined to 18.9 percent in the second quarter from 22.1 percent in the first three months of this year, according to data released on Sunday by the Bank for International Settlements. That is down from a high of 28.8 percent in the first quarter of last year.

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