Sun, Dec 31, 2017 - Page 16 News List

World Business Quick Take

Agencies

BANKING

Goldman warns of Q4 loss

US banking giant Goldman Sachs Group Inc on Friday said that the US tax reform bill enacted this month would cut its earnings this year by about US$5 billion, mainly because of a tax targeting earnings held abroad. The tax reform package is expected to “result in a reduction of approximately US$5 billion in earnings for the fourth quarter ... approximately two-thirds of which is due to the repatriation tax,” the company said in a statement. “The one-time hit means a likely loss for the fourth quarter for the banking group. Goldman Sachs reported a net profit of US$2.4 billion in the fourth quarter of last year, while the annual total last year was US$7.4 billion.

SEMICONDUCTORS

AMD worst performer

Advanced Micro Devices Inc (AMD) finished the year dead last in the Philadelphia Semiconductor Index after quadrupling last year. Falling 9.4 percent this year, AMD was one of only four companies in the 30-member semiconductor index to lose value this year. Semiconductor stocks, led by Micron Technology Inc and Nvidia Corp, were among the year’s best performers, with a 38 percent gain. Bears have increased bets against AMD, with nearly a quarter of outstanding shares being utilized by short sellers, a 52-week high, according to Markit data.

AVIATION

EgyptAir buys C Series

Canadian aircraft manufacturer Bombardier Inc on Friday announced the sale of 12 C Series aircraft to EgyptAir in a deal worth US$1.1 billion. The company said that last month it signed a letter of intent for the sale of the 160-seat CS300 planes, with an option for another 12, which was converted into a firm purchase agreement. The deal would be worth nearly US$2.2 billion if EgyptAir buys the additional 12 planes, a statement from Bombardier Commercial Aircraft said. The order came after another for 31 aircraft from an unidentified European company early last month.

AUTOMAKERS

Court backs VW probe

The German Federal Constitutional Court has rejected a bid by Volkswagen AG (VW) for an injunction blocking the deployment of a special auditor sought by DSW, the German shareholders’ association, in its diesel emissions scandal. Last month, a court in Celle backed an independent check on events surrounding the scandal that pushed down VW shares when it erupted in 2015. Volkswagen sought an injunction blocking the new probe, but the court said in a ruling on Friday that VW had not sufficiently proven the urgency of such a decision.

CHINA

Probe recoups US$112m

Chinese authorities have recouped 730 million yuan (US$112.2 million) in misappropriated funds as part of an investigation into the national poverty-reduction scheme, Xinhua news agency reported yesterday. Nearly 450 people have been charged for offenses relating to the misused funds in an inspection of 28 provinces, agency said, citing the Ministry of Finance and the State Council Leading Group Office of Poverty Alleviation and Development. The report gave no details on how the funds were misused. China has spent 196.1 billion yuan on poverty relief over the past four years, Xinhua said.

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