Sat, Apr 21, 2018 - Page 10 News List

World Business Quick Take



Bonds fall under pressure

Bonds tumbled as unexpectedly hawkish central bank minutes added to the pressure of higher oil prices, boosting bets policymakers would raise interest rates. The rupee fell to its weakest in more than a year. The 10-year yield was up seven basis points at 7.70 percent as of 1:36pm in Mumbai, after jumping as much as 17 basis points earlier. Minutes of the April 4 and 5 meeting released on Thursday showed most monetary policy committee members were optimistic the economy would rebound this year and actual output would move closer to its potential. Deputy Reserve Bank Governor Viral Acharya said he would vote for the start of the “withdrawal of accommodation” at the next meeting in June.


Inflation still below target

Consumer prices edged up 0.9 percent last month, government data showed yesterday, but inflation was slightly weaker than the previous month and still far below a longstanding target. The core inflation rate, which excludes volatile fresh food prices, stood at 0.9 percent, down from 1 percent the previous month, government data showed. With fresh food and energy stripped out, prices rose by even less — just 0.5 percent, data showed.


UK risks missing out

The UK is at risk of missing out on the EU’s booming digital market that spans robotics, battery-powered vehicles and 3D printing. That is the stark assessment of Austrian Minister of Finance Margarete Schramboeck, who is preparing for the country to take over the EU’s rotating presidency. A new framework for the digital single market should be completed during Austria’s leadership of the 28-nation bloc in the second half of this year, Schramboeck said in an interview in Vienna on Wednesday, but UK companies might be frozen out if Brexit negotiations go poorly.


Barclays chief to keep job

Barclays PLC chief executive officer Jes Staley is to keep his job after UK regulators said they had concluded their investigation into his attempts to unmask a whistle-blower. While the UK’s Financial Conduct Authority and Prudential Regulation Authority proposed that Staley pay a financial penalty, they “are not alleging that he acted with a lack of integrity or that he lacks fitness and propriety to continue to perform his role as group chief executive officer,” the bank said in a statement yesterday. The Barclays board has “unanimous confidence” in Staley and continues to recommend that he be re-elected at the annual general meeting on May 1, the company said.


Ericsson clawing back

Ericsson AB is making progress in a protracted effort to reverse its fortunes, as the Swedish maker of wireless networks posted first-quarter results that were stronger than analysts had expected. Ericsson’s closely watched gross margin — the share of sales remaining after production costs — rose to 35.9 percent on an adjusted basis, from 18.7 percent a year earlier. That was higher than the 32.7 percent analysts had predicted. “Our efforts to improve efficiency in service delivery and common costs are starting to pay off,” chief executive officer Borje Ekholm said in a statement yesterday. “The improvements in the quarter are encouraging.”

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