Sat, Apr 14, 2018 - Page 10 News List

World Business Quick Take

Agencies

INDONESIA

Moody’s upgrades rating

The nation yesterday received a credit rating upgrade from Moody’s, with the agency lauding central bank and government policies for boosting confidence in Southeast Asia’s biggest economy. The upgrade — after similar moves by other ratings agencies — reflects the nation’s efforts at keeping budget deficits and inflation under control. Moody’s raised the sovereign rating to “Baa2” from “Baa3,” with a stable outlook. The country’s economy expanded by 5.1 percent year-on-year last year, up from 5.0 percent growth in 2016.

TECHNOLOGY

Indonesia growth forecast

Goldman Sachs Group Inc says that the next battle for technology companies will be fought in Indonesia, because of the Asian country’s huge population, high economic growth and “untapped market potential.” In a report that the brokerage described as the “first of its kind,” Goldman analysts analyzed the two sectors that they believe offer the biggest opportunities for profits — gaming and e-commerce — and forecast gaming revenue could have a compounded annual growth rate (CAGR) of 22 percent over the next five years, while gross merchandise value in e-commerce could see a CAGR of 61 percent.

TECHNOLOGY

Nintendo scouts start-ups

Nintendo Co is teaming up with San Francisco-based Scrum Ventures to scout start-ups working on new ways to play or use the Japanese company’s hit gaming console, the Switch. The program, run by Scrum, would look for start-ups, teams within larger companies or university researchers developing new tools to improve the Nintendo Switch platform, including components, sensors, chips or other add-ons, the venture capital firm said. Scrum and Nintendo would provide outside developers with assistance to bring products to the market. Neither company plans to invest directly in the start-ups.

COSMETICS

L’Oreal growth not enough

L’Oreal SA’s fastest growth in eight years could not make up for unfavorable exchange rates at the start of the year. Surging demand for its high-end beauty products in China helped lift first-quarter sales by 6.8 percent on a like-for-like basis, the company said in a statement on Thursday, beating analysts’ average estimate of 5.5 percent. However, reported revenue dropped 1 percent because of the euro’s gain against currencies in countries including the US and Brazil.

QATAR

Bond sale raises US$12bn

The nation raised US$12 billion in its first US dollar bond sale in two years, surpassing Saudi Arabia to issue the biggest dollar bond from an emerging-market nation this year. The nation sold US$3 billion of five-year notes, priced to yield 135 basis points over similar-maturity US Treasuries, two people familiar with the matter said. It also placed US$3 billion of 10-year bonds at a spread of 170 basis points and US$6 billion of 30-year securities at 205 basis points, they said.

STOCK EXCHANGE

LSE names new chief

The London Stock Exchange (LSE) Group yesterday announced that it has picked Goldman Sachs banker David Schwimmer as the company’s new chief executive. Schwimmer, 49, would start on Aug. 1 after a 20-year career with US banking giant Goldman Sachs Group Inc, the LSE said in a statement. He is to replace Frenchman Xavier Rolet, who was forced out late last year.

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