Sat, Feb 10, 2018 - Page 10 News List

World Business Quick Take



Factory inflation eases

Factory inflation last month eased to a 14-month low, while consumer prices grew at their slowest rate in the past six months, official government data showed yesterday. The producer price index — an important barometer of the industrial sector that measures the cost of goods at the factory gate — came in at 4.3 percent year-on-year last month, the Chinese National Bureau of Statistics said. The consumer price index — a main gauge of retail inflation — rose 1.5 percent year-on-year, down from 1.8 percent in December last year and in line with government forecasts.


Central bank freezes rates

The Bank of England on Thursday froze interest rates at 0.5 percent, but warned that borrowing costs could rise more quickly than expected to bring down inflation, sparking fresh turmoil on the markets. On a brighter note, the central bank ramped up its economic outlook, despite Brexit uncertainty. The central bank said in its latest quarterly forecast that British GDP is expected to grow by 1.8 percent this year.


Fed faces challenge: Dudley

Mounting sovereign debt could drive up borrowing costs and complicate matters for the US Federal Reserve, which faces a challenging environment this year, a senior policymaker said on Thursday. Federal Reserve Bank of New York President William Dudley said rising rates on US Treasury bills could make the Fed’s job “a little more difficult.” Dudley also reiterated his position that this week’s correction on Wall Street was not a threat to the economy.


Watchdog fines Google

The Indian antitrust watchdog on Thursday said that Google abused its position as the dominant search engine in the nation to create a search bias in favor of its own services and those of its partners. The Competition Commission of India said in a statement that it was imposing a fine of 1.36 billion rupees (US$21 million) on Google along with a warning to desist from unfair practices. The regulator has been investigating Google since 2012.


Demand boosts Nvidia

Nvidia Corp said demand for graphics chips from its main video gaming market, cryptocurrency miners and data-center owners propelled sales higher than forecast this quarter. Revenue in the fiscal first quarter would be US$2.9 billion, plus or minus-2 percent, the Santa Clara, California-based company said in a statement on Thursday. Net income rose to US$1.12 billion, or earnings per share of US$1.78, in the quarter ended Jan. 28, from US$655 million, or US$0.99, the previous year, the company said. Sales increased 34 percent to US$2.91 billion.


Earnings disappoint

A.P. Moller-Maersk A/S forecast its profit for this year would grow as much as 43 percent after the owners of the world’s biggest shipping company fell short of meeting expectations for last year. Earnings before interest, tax, depreciation and amortization would be in the range of US$4 billion to US$5 billion this year, the company said yesterday. That compares with the US$3.5 billion it booked last year. The company proposed paying a dividend of US$24 a share.

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