Thu, Mar 08, 2018 - Page 10 News List

World Business Quick Take

Agencies

WEALTH

Bezos named world’s richest

Amazon.com Inc chief Jeff Bezos is now the world’s richest person, having snatched the top spot from Microsoft Corp founder Bill Gates who slips to second place, according to Forbes magazine’s annual billionaires list published on Tuesday. US President Donald Trump’s ranking on the list fell to 766th place from 544th in the last edition, his wealth now being estimated at US$3.1 billion, US$400 million less than a year ago. Bezos’ fortune shot up to US$112 billion, Forbes said, way ahead of the US$90 billion listed for Gates.

SEMICONDUCTORS

Broadcom deal opposed

Broadcom Ltd’s hostile takeover attempt of Qualcomm Inc could pose a national security risk because of Qualcomm’s leadership in developing critical semiconductor technology, the US Department of the Treasury said, setting up a potentially insurmountable hurdle to getting a deal done. Qualcomm’s sale to Singapore-based Broadcom could hurt the chipmaker’s competitiveness by reducing research and development, which would threaten US security, the Treasury said in a letter on Monday, which Qualcomm released the following day. Harm to Qualcomm’s innovation would allow China to expand its influence in key wireless technology, the US government said.

TELECOMS

Blackberry sues Facebook

Canadian telecom firm BlackBerry Ltd on Tuesday sued Facebook Inc, accusing the US social media company of infringing on its patents for messaging apps. BlackBerry is claiming infringement on patents it holds for message encryption and notifications, and is seeking an injunction as well as damages for lost profits, although no figure was given. Facebook and its wholly owned services Instagram and WhatsApp are named as defendants in the lawsuit.

LOGISTICS

Deutsche Post makes targets

German logistics group Deutsche Post DHL Group yesterday said it had hit its targets for last year and remained confident for this year, buoyed by continuing growth in online shopping. Net profit at the Bonn-based firm increased 2.8 percent to 2.7 billion euros (US$3.3 billion) last year, slightly short of forecasts from analysts surveyed by Factset. Operating profit grew 7.2 percent to 3.7 billion euros, while revenue added 5.4 percent to reach 60.4 billion euros.

TOYS

Lego sales, profit contract

Danish toy maker Lego saw profits shrink last year, as the company struggled in major markets, posting its first drop in revenue since 2004. The company’s revenue fell 7.7 percent from a year earlier to 35 billion kroner (US$5.82 billion), weighing down net profit, which plunged 17.2 percent to 7.8 billion kroner. Operating profit decreased 16.8 percent to 10.4 billion kroner.

? INTERNET

WeChat users hit 1 billion

China’s WeChat (微信) social media platform has crossed the 1 billion accounts mark, as its messaging, game and shopping services attract more users. The symbolic threshold was announced on Monday by Ma Huateng (馬化騰), chief executive of its parent company, Tencent Holdings Ltd (騰訊), on the sidelines of China’s National People’s Congress session. The all-in-one app is a daily necessity for most Chinese, bringing together messaging, social media, mobile payment, games, news and other services.

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