Fri, May 11, 2018 - Page 10 News List

World Business Quick Take



ZTE halts operations

Chinese telecom ZTE Corp (中興通訊) said its major operations had “ceased” following last month’s US ban on US sales of critical technology to the company, raising the possibility of its collapse. “Major operating activities of the company have ceased” as a result of the US decision, it said in a filing on Wednesday. ZTE, which makes telecoms equipment and handsets, is still “actively communicating” with the US side “to facilitate the modification or reversal” of the ban and “forge a positive outcome,” the filing said.


Qualcomm’s new buy back

Qualcomm Inc unveiled a new plan to buy back US$10 billion in stock, replacing an earlier repurchase program that was almost exhausted. The San Diego, California-based maker of cellphone chips said the plan authorized by the board has no expiration date. The previous buyback was a US$15 billion program that had US$1.2 billion remaining, it said on Wednesday. CEO Steve Mollenkopf reiterated that the company is still executing on the proposed acquisition of Dutch chipmaker NXP Semiconductors NV before a July 25 deadline.


Uber to test food drones

Uber Technologies Inc plans to deliver food by drone in San Diego as part of a wide-reaching commercial test program approved on Wednesday by the US federal government, chief executive officer Dara Khosrowshahi said. People should expect meal delivery in five to 30 minutes, Khosrowshahi said. The US Department of Transportation said it chose 10 state, local and tribal governments and a handful of companies, including Alphabet Inc, FedEx Corp, Intel Corp, Qualcomm Inc and Uber, to work together on commercial drone testing.


RBS fined US$4.9 billion

Britain’s state-rescued Royal Bank of Scotland PLC (RBS) yesterday said that it has been fined US$4.9 billion by the US Department of Justice over its role in the subprime crisis. RBS said it reached a deal with the department to resolve its investigation into RBS’ issuance and underwriting of US residential mortgage-backed securities between 2005 and 2007. It follows a separate fine of US$5.5 billion agreed in July last year with the US Federal Housing Finance Agency over the same matter.


Seattle enjoys sugar rush

Seattle officials say the city’s sugary beverages tax generated more than US$4 million in revenue in its first three months. Finance and Administrative Services department spokeswoman Julie Moore says the office had received more than US$4 million in first-quarter tax payments as of Friday last week. The Seattle Times reports the department expects the amount will increase because some checks were still in the mail and some businesses file their taxes annually. Seattle began taxing sugary beverages, syrups and concentrates at the beginning of this year.


Lonely Plant CEO leaves

Wunderkind Lonely Planet CEO Daniel Houghton has departed, the company confirmed on Wednesday, amid reports that the travel brand and guidebook publisher is up for sale. Houghton “has stepped away from Lonely Planet to take on a CEO role at another company,” Lonely Planet spokeswoman Natalie Nicolson confirmed by e-mail, adding that “the rest of the leadership team remains in place and will be continuing with business as usual.”

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