Fri, Dec 08, 2017 - Page 10 News List

World Business Quick Take

Agencies

BRAZIL

Interest rate cut to record low

The Central Bank of Brazil on Wednesday cut the key interest rate to a record low of 7 percent, about half of what it was a year ago. The 0.5 percentage point drop in the Selic rate reflected the strong fall in inflation as the nation emerges from a two-year recession. President Michel Temer hailed the rate drop in a video posted on social media. “With lower interest rates, clearly it is easier to live, work, buy and find housing,” he said, adding that “this lowers rates throughout the whole banking system.”

GERMANY

Production dips second month

Industrial production unexpectedly declined for a second month in October as workers took extra days off, interrupting a run that put Europe’s largest economy on track toward its best performance in six years. Output declined 1.4 percent from September, when it fell a revised 0.9 percent, the Ministry for Economic Affairs said yesterday. The reading, which is typically volatile, compares with forecasts for a 0.9 percent gain in a Bloomberg survey. Production was up 2.7 percent from a year earlier.

TECHNOLOGY

Chips hike Broadcom profit

Broadcom Ltd on Wednesday reported better-than-expected quarterly revenue and profit, helped by robust demand for its wireless chips from customers, including Apple Inc and Samsung Electronics Co Ltd. Net income attributable to ordinary shares was US$636 million, or US$1.50 per share, in the fourth quarter ended on Oct. 29, compared with a loss of US$632 million, or US$1.59 per share, a year earlier. Excluding items, the company earned US$4.59 per share. Net revenue rose to US$4.84 billion from US$4.14 billion. Analysts on average had expected earnings of US$4.52 per share on revenue of US$4.83 billion.

START-UPS

Saverin to invest in Mswipe

Facebook Inc cofounder Eduardo Saverin is participating in a US$40 million investment in Mswipe Technologies, his first foray into the India start-up market. Saverin’s B Capital Group and DSG Consumer Partners are leading the funding round, which also includes Ratan Tata’s UC-RNT Fund, Matrix Partners India and Falcon Edge Capital. Saverin will join the company’s board and work with its management on expansion.

INTERNET

Amazon partners with Apple

Amazon.com Inc and Apple Inc have partnered to bring the Amazon Prime Video app to Apple TV in more than 100 countries, the companies said on Wednesday. The news came a day after Alphabet Inc’s Google said it would block its YouTube video streaming application from two of Amazon’s devices and criticized the online retailer for not selling Google hardware. Apple TV, a device for watching movies and television over the Internet, will also start featuring live sports from its own Apple TV app this week.

GAMBLING

Industry to consolidate more

GVC Holdings PLC is in advanced talks to acquire UK bookmaker Ladbrokes Coral Group PLC for as much as £3.9 billion (US$5.2 billion) in a deal that would accelerate the consolidation of the betting industry. The companies said in a statement yesterday that they are in detailed discussions about combining via a scheme of arrangement, a UK merger process under which 75 percent of voting shareholders of the target company must approve a deal.

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