Sat, Jun 09, 2018 - Page 10 News List

World Business Quick Take

Agencies

CHINA

Export growth remains stable

The nation maintained solid export growth of 12.6 percent last month, slightly slower than in April, but still providing good news for Beijing’s policymakers as they deal with tough trade negotiations with Washington. Imports grew 26 percent last month, the General Administration of Customs said, beating analysts’ forecast of 18.7 percent growth and compared with a 21.5 percent rebound in April. The nation posted a trade surplus of US$24.92 billion for the month, down from US$28.38 billion in April.

JAPAN

Economy back to contraction

The economy slid into negative territory for the first time in two years at the beginning of the year, official data showed yesterday, confirming preliminary figures issued last month. The world’s third-largest economy contracted by 0.2 percent quarter-on-quarter in the January-to-March period, unchanged from the preliminary figure, after growth of 0.1 percent at the end of last year, the Cabinet Office said. The contraction brings an end to a series of eight consecutive quarters of growth.

UNITED KINGDOM

Economy to lag behind peers

The economy is on course to lag behind its international peers again this year as it nears its departure from the EU, according to forecasts from the Confederation of British Industry (CBI), an employers’ group. The world’s fifth-largest economy looks likely to grow by 1.4 percent this year, the CBI said, weaker than projected growth in the eurozone of 2.2 percent and in the US of 2.8 percent. Growth looks set to slow to 1.3 percent next year, when it would again lag behind the eurozone and the US, the CBI said.

FINANCE

Ant is largest fintech firm

Chinese digital payments giant Ant Financial Services Group (螞蟻金服) yesterday said that it has raised US$14 billion in its latest financing round, making it the world’s largest fintech company ahead of an expected mammoth initial public offering. The cash infusion for Ant Financial, an affiliate of e-commerce heavyweight Alibaba Group Holding Ltd (阿里巴巴), said in a statement that the funds would be invested in new technologies and to accelerate Alipay’s (支付寶) expansion abroad and into new sectors.

TOURISM

Carnival to acquire railroad

One of the world’s largest cruise companies plans to buy a railroad used to carry summer tourists between the Alaskan community of Skagway and Carcross in Canada’s Yukon. Carnival Corp on Thursday said that it plans to buy the White Pass and Yukon Route rail and port operations from Ontario-based TWC Enterprises Ltd. TWC said the deal is worth US$290 million, with debt, taxes and other liabilities to be deducted. The deal is expected to close on July 31.

CHINA

Brazil faces dumping duties

Beijing is to impose anti-dumping duties on purchases of broiler-chicken products from Brazil, its top supplier, after an almost 10-month investigation found that surging imports damage the domestic breeding industry. Importers are to pay a deposit of as much as 38.4 percent to customs on purchases from June 9, the Ministry of Commerce said in a preliminary ruling, citing initial findings from an investigation that started in August last year.

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