Fri, Jun 15, 2018 - Page 10 News List

World Business Quick Take

Agencies

TECHNOLOGY

Apple scales up encryption

Apple Inc on Wednesday said it was strengthening encryption on its iPhones to thwart police efforts to unlock handsets without legitimate authorization. The move by Apple, the latest in an ongoing clash with law enforcement, comes amid reports of growing use of a tool known as GrayKey that can enable police to bypass iPhone security features. The new features are not designed to frustrate law enforcement, but prevent any bypassing of encryption by good or bad actors, Apple said.

AUTOMAKERS

Rolls-Royce to cut UK jobs

Britain’s Rolls-Royce said it would cut 4,600 jobs primarily in the UK as part of a plan to simplify its business and save £400 million (US$538 million) a year by the end of 2020. The engineering company said the job cuts and overhaul of its business would cost it £500 million and be spread between now and the end of 2020, which would be reported as separate one-off costs, allowing it to stick to its targets for free cash flow. Rolls-Royce has 55,000 employees worldwide of which 26,000 are in Britain.

BREWING

Carlsberg plans India IPO

Carlsberg A/S is planning a initial public offering (IPO) of its Indian business, people with knowledge of the matter said, as it seeks to tap India’s growing middle class’s increasing thirst for foreign beer. The Danish brewer is interviewing potential arrangers for the share sale over the next few weeks, said the people, who asked not to be identified because the information is private.

AUTOMAKERS

Volkswagen to accept fine

Volkswagen AG on Wednesday said that it is being fined 1 billion euros (US$1.18 billion) by German authorities in connection with the diesel emissions scandal. Volkswagen said in a statement it would accept the fine imposed by prosecutors in Braunschweig. Prosecutors concluded that Volkswagen failed to properly oversee the activity of its engine development department, resulting in about 10.7 million diesel vehicles with illegal emissions-controlling software being sold worldwide.

REAL ESTATE

Swire discusses HK sale

Swire Properties Ltd is in talks to sell its stakes in two Hong Kong towers to Hengli Investments Holding Group (恆力房地產) for more than HK$14 billion (US$1.78 billion), people familiar with the matter said, adding to a spate of deals in the world’s priciest office market. Hengli is in discussion with banks on getting financing for the purchase of the buildings, known as Cityplaza Three and Cityplaza Four, the people said. Hengli is a Hong Kong-based property investment firm linked to Chen Chang Wei (陳長偉), who is listed as a director of the company, regulatory filings showed.

THAILAND

GDP estimate might improve

The World Bank might boost its projection for economic growth in the nation, where the pace of expansion hit a five-year high last quarter. A stable outlook and signs that companies are investing again domestically are among the positive factors for the second-largest economy in Southeast Asia, said Ulrich Zachau, the world bank’s director for Thailand and regional partnerships. The lender’s estimate is for a 4.1 percent climb in GDP this year. GDP rose 4.8 percent in January through March from a year earlier, exceeding all estimates in a Bloomberg survey.

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