Sun, Apr 08, 2018 - Page 16 News List

World Business Quick Take

Agencies

INTERNET

Backpage.com faces seizure

US federal law enforcement authorities are in the process of seizing Backpage.com and its affiliated Web sites, a notice that appeared on Friday afternoon on Backpage.com said. The notice did not characterize or provide any details on the nature of the enforcement action. Backpage.com lets users create posts to sell items, seek a roommate, participate in forums, list upcoming events or post job openings. However, Backpage.com also has listings for adult escorts and other sexual services, and authorities have said advertising related to those services has been extremely lucrative.

AUTOMAKERS

Nissan plans Kenya plant

Nissan Motor Co Ltd plans to start assembling vehicles in Kenya, said Jim Dando, director of Nissan’s Africa operations. The company would initially put together pickup trucks from semi-knocked-down kits, if the government agrees to waive a 25 percent import tax, Dando said. Nissan would submit a proposal to the government once market studies and due diligence assessments are complete, and might have an operational assembly line by the end of next year if it receives a green light, he said. The company would work at an established plant, which would cost it about US$20 million, rather than setting up its own facility, he added.

PHILIPPINES

SM Prime lands Ikea deal

SM Prime Holdings Inc, the largest Philippine shopping mall developer, is to build Ikea’s first store in the country in its retail complex, with plans for similar arrangement with the Swedish furniture company at its other properties. The store would be built in SM Prime’s Mall of Asia complex in Manila, located between its convention center and sports arena, SM Prime vice president Alex Pomento said. Ikea would lease the property for the long-term, he said. Ikea would be draw big crowds for Mall of Asia, which has foot traffic of at least 200,000 per day, AP Securities Mia Respicio said. SM Prime’s malls attract 3.5 million customers nationwide per day, she said.

RETAIL

Data breach hits Best Buy

Best Buy Co warned that some of its customers’ payment information might have been compromised in a data breach. The retailer is the latest company, along with Delta Air Lines Inc and Sears Holdings Corp, to report the cyberattack last fall against a third-party operator of its chat services. Best Buy said a “small fraction” of its online customer population might have been affected, whether or not chat services were used. The software company, (24)7.ai, said it discovered and fixed the breach in October last year. The attack might have exposed customers’ names, addresses, credit card numbers, card security codes and expiration dates.

LATVIA

EU court to rule on bank ban

The European Central Bank (ECB) has asked the European Court of Justice to decide whether Latvian authorities breached the law by preventing Bank of Latvia Governor Ilmars Rimsevics from doing his job while he is investigated for corruption. The ECB on Friday said the referral is not meant to interfere with the criminal investigation by Latvia’s anti-corruption authority. Rimsevics sits on the ECB’s policymaking council. He denies any wrongdoing.

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