Wed, Mar 14, 2018 - Page 10 News List

World Business Quick Take

Agencies

TECHNOLOGY

Apple buying Texture

Apple Inc said it is acquiring Texture, a digital magazine service that lets users subscribe to more than 200 magazines for US$9.99 per month. Texture, offered via the app stores of Apple, Google and Amazon.com Inc, bolsters Apple’s efforts in online services and media. The Cupertino, California-based company aims to top US$50 billion in annual services revenue by 2021, and a magazine subscription service would likely contribute to that. The deal might help Apple boost relations with news outlets that have become wary of Facebook Inc and Google. Some publishers reported losing online traffic from Facebook after the social media network recently refocused on content from friends and family. Texture’s magazine catalog includes Entertainment Weekly, Billboard, Vanity Fair, Vogue and Bloomberg Businessweek.

INDIA

Inflation falls to 4.44 percent

Inflation dropped to less than 5 percent for the first time in three months, giving the central bank room to keep interest rates on hold for longer while providing relief to battered bond investors. Government data on Monday showed inflation at 4.44 percent last month, less than the 5.07 percent in January and less than the 4.7 percent estimate of economists polled by Bloomberg News. The easing for the second straight month offers bond investors in the country — the worst-performing market among major Asian economies — something of a temporary cheer. The benchmark 10-year bond yield fell three basis points to 7.6 percent.

UTILITIES

EON to cut up to 5,000 jobs

German utility EON SE on Monday said it plans to cut up to 5,000 jobs as part of its takeover of renewables unit Innogy from rival RWE AG, in a deal that would redraw the country’s energy landscape. In a joint statement, EON and RWE said they planned to complete their asset swap transaction, which surprised investors when it was unveiled this weekend, “by the end of 2019.” EON said it expects the takeover to generate about 600 million to 800 million euros (US$739.7 million to US$986.2 million) in savings annually from 2022, but added that the “integration process” would lead to “a reduction of a maximum of 5,000 jobs” out of a total of about 70,000 jobs. The ultimate goal of the transaction is to allow EON to focus on retail customers and on managing energy networks, essentially buying and selling electricity, while RWE is to specialize in generating power from fossil fuels and renewables.

CRYPTOCURRENCIES

Coincheck refunds US$440m

Japan-based virtual currency exchange Coincheck yesterday said it had refunded more than US$440 million to customers following the hack of its systems, which was one of the largest thefts of its kind. The company said it used its own funds to reimburse about ¥46.6 billion (US$434.8 million) to all 260,000 customers who lost their holdings of NEM, a leading cryptocurrency. “Procedures have been completed with the accounts of all 260,000 customers,” company spokesman Yosuke Imai told reporters. Thieves siphoned 523 million units of the cryptocurrency from Coincheck — then valued at US$547 million — during the Jan. 26 hack, which exceeded the US$480 million in bitcoin stolen in 2014 from another Japanese exchange, Mt. Gox. The 2014 hack prompted Japan to issue regulations requiring exchanges to obtain a license, but Coincheck was allowed to continue operating while the Japanese Financial Services Agency was reviewing its application.

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