Sat, Jul 28, 2018 - Page 10 News List

World Business Quick Take

Agencies

SEMICONDUCTORS

Intel Q2 tops estimates

Intel Corp, the world’s second-biggest semiconductor maker, reported second-quarter results that topped analysts’ estimates on most measures and raised its full-year outlook. However, the stock slipped as some analysts saw signs that growth might slow at the end of the year. Net income rose to US$5.01 billion, or US$1.05 per share, in the second quarter ended June 30 from US$2.81 billion, or US$0.58 per share, a year earlier. Net revenue rose 14.9 percent to US$16.96 billion. For the current quarter, revenue would be about US$18.1 billion, plus or minus US$500 million, the company said on Thursday. That compares with an average analyst estimate of US$17.6 billion, though it fell short of some of the most bullish projections. For the full year, Intel increased its revenue target to a record US$69.5 billion.

RESTAURANTS

Starbucks China sales slip

Starbucks Corp on Thursday said that a key sales figure in the US rose only modestly last quarter, as it struggles to find drinks other than the Frappuccino to attract customers. The coffee chain said sales grew 1 percent at established US locations. However, in China, the key sales figure declined 2 percent due to competition. For the quarter, the company reported a net income of US$852.5 million.

ENTERTAINMENT

Disney joins straw ban

Walt Disney Co will eliminate single-use plastic straws and stirrers at all of its owned and operated locations by next year. The move would amount to a reduction of more than 175 million straws and 13 million plastic stirrers, the world’s largest entertainment company said on Thursday. Earlier this month, Starbucks Corp, which has plastic straws and stirrers in more than 28,000 coffee shops globally, said it would eliminate their use by 2020.

AUTOMAKERS

Renault net profit plummets

French auto giant Renault SA yesterday said its net profit shrank by nearly a fifth in the first half of the year, as a result of a lower contribution from strategic partner Nissan Motor Co. Earnings in the first six months of the year dropped 18.6 percent to just under 2 billion euros (US$2.3 billion), it said in a statement. Operating margin during the period increased to a record 6.4 percent of sales, the statement said.

GAMING

Improbable gains financing

Improbable Worlds Ltd, a London-based virtual reality start-up, has netted new financing from Chinese gaming giant NetEase Inc (網易科技), in a bid to export its technology to China’s booming video game market. NetEase said it is investing US$50 million into Improbable. The Beijing-based company is also buying a similar amount of stock from shareholders, according to a person familiar with the matter.

TRADE

Brazil asks end to surtax

Brazilian President Michel Temer has asked Chinese President Xi Jinping (習近平) to eliminate Chinese surtaxes on imports of Brazilian sugar and chicken. The two leaders are in Johannesburg attending the annual summit of the group of BRICS emerging economies. At a Thursday press conference Temer said he asked Xi to end the surtaxes so that Brazil could increase its exports. He added that Xi said he would study the possibility of allowing Brazil to also export soybean oil and meal.

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