Sun, Aug 26, 2018 - Page 14 News List

World Business Quick Take

Agencies

SWINE FEVER

Trade talks possibly affected

African swine fever, which has been spreading through northeastern China, has the potential to affect trade talks if outbreaks of the deadly disease become widespread, said Brett Stuart, founding partner of Global AgriTrends, a market intelligence firm focused on global agriculture. It is not possible to predict with any certainty how the disease will spread — there could be sporadic outbreaks with an insignificant national effect — but the density of hogs and the scale at which they are raised in China creates a serious risk, Stuart said.

BANKING

Deutsche Bank to cull 1,000

Deutsche Bank AG plans to cut about 1,000 jobs at the headquarters of its retail division, people briefed on the matter said. That would be approximately one in five of the people working at its recently merged German retail unit, split between Frankfurt am Main and Bonn. Most of the cuts would aim to eliminate duplicate back-office and middle-office functions, the people said. The number has yet to be negotiated with the powerful workers’ councils. It is not clear how many of the job cuts at the German retail headquarters would happen by the end of next year.

TECHNOLOGY

Airbnb sues New York City

Airbnb Inc sued the city of New York on Friday, denouncing as “an extraordinary act of government overreach” a new law forcing home-sharing platforms to disclose data about hosts. It was a dramatic escalation in the battle between the US$30 billion company and authorities in the US’ most populous city, amid a global backlash against “sharing economy” start-ups disrupting traditional industries. The rental Web site filed the lawsuit in a federal court in Manhattan, asking for the law to be scrapped and branding it a product of a “multimillion-dollar campaign funded by the city’s powerful hotel lobby.”

BANKING

Ex-trader faces deportation

Kweku Adoboli, a former UBS Group AG trader jailed for causing a US$2.3 billion loss to the bank, is set to be deported to his native Ghana, British Minister of State for Immigration Caroline Nokes said, three years after he was let out of prison. British Member of Parliament Hannah Bardell, of the Scottish constituency where Adoboli lives, told British Prime Minister Theresa May that it is “incredible” that the UK Home Office wants to deport Adoboli to a country that he left as a child. However, Nokes in a letter to Bardell on Friday said that the Home Office was “in no way obliged” to delay deportation proceedings while Adoboli seeks legal representation.

GREEN ENERGY

Exxon puts out Texas tender

Exxon Mobil Corp has been looking to buy renewable energy for delivery in Texas, people familiar with the matter said. The largest US oil company sent out a request for proposals with a June 8 deadline, inviting solar or wind power suppliers to pitch contracts that would last 12, 15 or 20 years, according to a document obtained by Bloomberg and people with knowledge of the matter. Exxon, based in Irving, Texas, is seeking at least 100 megawatts and would consider proposals for more than 250 megawatts.

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