Sun, Feb 11, 2018 - Page 15 News List

World Business Quick Take



Fidelity bars ‘fear gauge’

Fidelity Investments on Friday told clients they could not buy shares in an exchange-traded fund that bets on the direction of Wall Street’s “fear gauge,” after the product was sideswiped by a sell-off in stocks and lost 90 percent of its value this week. The company placed restrictions on investor purchases of ProShares Short VIX Short-Term Futures ETF, the latest investment product profiting from market calm to fall victim to the recent upsurge in volatility. On Tuesday, Credit Suisse Group AG said it would terminate the second-largest publicly traded product betting on future swings in the S&P 500.


Facebook to train leaders

Facebook Inc on Friday said that it would issue up to US$10 million in grants to help support and train community leaders around the world. The tech giant unveiled its new initiative at a London summit of more than 300 community leaders from across Europe. The Facebook Community Leadership Program is to offer residency, fellowship and training opportunities, as well as community leadership circles and specialized assistance on the social networking platform.


Alibaba plans for Olympics

Alibaba Group Holding Ltd (阿里巴巴) is to launch a project to create a “smarter” and more connected athletes’ village and stadiums, and make all Olympics stakeholders “more money,” its executives said yesterday. International Olympic Committee president Thomas Bach said some of Alibaba’s plans “can become operational pretty soon,” while Alibaba founder Jack Ma (馬雲) said they are expected to be realized at the next Winter Games in Beijing in 2022.


BMPS loss beats expectation

Italy’s troubled bank, Monte dei Paschi di Siena (BMPS), suffered an even deeper loss last year, despite being bailed out, according to information released on Friday. The net loss of 3.5 billion euros (US$4.3 billion) was worse than the 3.2 billion euro loss it registered last year, and worse than the average of 3.2 billion euros expected by analysts, analytics firm Factset Estimates said.


Airbus agrees to fine

European aircraft manufacturer Airbus SE on Friday said it had agreed to pay a fine of 81.25 million euros to end a German corruption probe into the 2003 sale of Eurofighter jets to Austria. Prosecutors in Munich said in a statement that their investigation did not find evidence of bribery to secure the lucrative contract. However, they said Airbus management had failed in its supervisory duty by allowing employees to make multimillion-euro payments linked to the deal for “unclear purposes.”


Mercedes mulls Detroit

Mercedes-Benz might pull out of the annual North American International Auto Show in Detroit next year, according to people familiar with the matter, as carmakers increasingly choose to unveil new products at tech shows or their own special events. Daimler AG, Mercedes’s parent, is moving toward standalone presentations of new models and technology summits like CES in Las Vegas, the sources said. A final decision has not yet been made, they said.

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