Wed, May 02, 2018 - Page 10 News List

World Business Quick Take

Agencies

SOCIAL MEDIA

Disney to work with Twitter

Walt Disney Co and Twitter Inc said they will work together to create live content and advertising opportunities on the social-media platform using Disney’s properties, bolstering Twitter’s push to become a destination for premium streaming video. Twitter and the Disney-owned ESPN sports network are scheduled to announce specific live shows in development this week at their NewFront presentations in New York, the companies said in an e-mailed statement. The news sent Twitter shares up as much as 6 percent to US$30.74 in New York trading.

TOBACCO

Japan Tobacco profit falls

Japan Tobacco Inc’s spate of acquisitions overseas is helping to stem declines in cigarette sales at home. Operating profit for the maker of Winston and Mevius cigarettes fell 1.5 percent to ¥146.8 billion (US$1.3 billion) in the three months ended on March 31 compared with a year earlier, the Tokyo-based company said in a statement yesterday. Asia’s most valuable cigarette maker has spent more than US$3 billion in the past year to pick up companies in Russia, Indonesia and the Philippines. That has helped ease the increasing pressure it faces as global regulations on smoking tighten and rivals challenged the company at home with competing high-tech smoking devices. Overseas, the company saw earnings gains in several key markets, including Taiwan and Russia, even as demand in its home market waned.

REAL ESTATE

Australian drop continues

Australia’s property prices fell last month for a seventh straight month, as the heat continues to come out of residential markets in its two largest cities. National housing prices fell 0.1 percent from March, CoreLogic Inc data released yesterday showed. The pace of decline in Sydney’s once-sizzling market quickened, with values falling 0.4 percent, down 3.4 percent from a year earlier. Prices in Melbourne also fell 0.4 percent. Prices across the eight state and territory capitals fell 0.3 percent from a year earlier, the first decline since November 2012.

CYBERCURRENCY

Bitcoin jumped 36%

Bitcoin’s value last month jumped 36 percent, the biggest monthly gain since December last year, when it soared to almost US$20,000 before quickly crashing to as low as US$5,922 in January. The rally is leaving advocates optimistic. “The repair process has slowly begun,” said Rich Ross, Evercore ISI’s head of technical analysis in New York. “It’s fairly fragile.” Bitcoin is largely driven by psychology, Ross said, and its ability to break out of its four-month downtrend and reclaim the 50-day moving average are going to be part of the repair process. “The true test of this post-tax date rally will be a sustained move back above US$10,000,” said John Spallanzani, a portfolio manager at Miller Value Partners in Baltimore. “That is the key level for bulls to retake.” Bitcoin last traded at US$9,022.91 according to the tracking site CoinDesk.

SOCIAL MEDIA

Koum leaving Facebook

WhatsApp cofounder Jan Koum on Monday put out word that he is leaving Facebook Inc, which bought the smartphone messaging service four years ago for US$19 billion. US media reports indicated that a disagreement with Facebook over the privacy of user data might have also been a factor in Koum’s decision to quit his position and he is also likely to leave his seat on the firm’s board.

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