Sat, Feb 03, 2018 - Page 10 News List

World Business Quick Take



Authorities raid Coincheck

Japanese authorities yesterday raided virtual currency exchange Coincheck Inc, a week after the Tokyo-based firm lost US$530 million in cryptocurrency to hackers. The raid comes as bitcoin dipped to less than US$9,000 for the first time since November last year after India on Thursday said it would take measures to prevent the use of cryptocurrencies. The search of Coincheck’s headquarters in Tokyo’s Shibuya District was carried out by the Japanese Financial Services Agency, which had already slapped the company with an administrative order following the hack. Government officials have suggested Coincheck lacked proper security measures, making itself vulnerable to theft.


SUVs, pickups pad US sales

Automakers reported mixed US car sales for last month, with strong demand for sport utility vehicles (SUVs) and pickup trucks continuing to provide a cushion in a declining overall auto market. Ford Motor Co, Fiat Chrysler Automobiles NV and Honda Motor Co all reported declines in year-on-year sales, while General Motors Co scored a modest increase and Toyota Motor Corp reported a more substantial jump. Overall new car sales totaled 1.15 million, up 1 percent compared with January last year, Autodata Ltd said, adding that last month’s figures mean the market is on track for annual sales of 17.12 million.


Deutsche Bank reports loss

Deutsche Bank AG yesterday said that US President Donald Trump’s tax reforms pushed it into the red last year. The Frankfurt, Germany-based bank said in a statement that its net loss last year totaled 512 million euros (US$640.8 million), narrower than the loss of 1.4 billion euros in 2016. Revenue last year fell to 26.4 billion euros, compared with 30 billion euros in 2016. However, at a pretax level, Deutsche Bank was back in the black, notching up a profit of almost 1.3 billion euros, compared with a loss of 810 million euros in 2016.


CBS mulling Viacom merger

US TV network CBS Corp on Thursday announced that it would explore a possible merger with Viacom Inc amid accelerating consolidation in the media industry. The CBS board “has established a special committee of independent directors to evaluate a potential combination with Viacom,” CBS said in a news release after the stock market closed. The move opens the potential to rejoin two companies that were split in 2006, combining CBS with Viacom’s networks, which include Nickelodeon, MTV, Black Entertainment Television and Comedy Central.


Budget to help farmers, poor

Minister of Finance Arun Jaitley on Thursday announced a federal budget with a string of populist giveaways, from affordable housing to a health plan for millions of the poor, in an attempt to woo voters ahead of national elections next year. Speaking in parliament, Jaitley also announced a liberalization of agricultural exports, which would increase from US$30 billion to US$100 billion per year, to help push up crop prices for farmers. The government is also to help build more than 5 million affordable houses for the poor in the next financial year, which runs from April 1 to March 31 next year.

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