Fri, Aug 31, 2018 - Page 10 News List

World Business Quick Take

Agencies

RETAIL

Slower sales growth tipped

The world’s top luggage maker, Samsonite International SA, says the trade war between the US and China is damping sentiment among Chinese consumers and will play into slower sales growth in its second-biggest market. The luggage giant expects to see overall tariffs on its luggage and travel products rise an additional 10 percent — effectively increasing levies on its products to 30 percent — if the US enacts the next round of tariffs on up to US$200 billion worth of Chinese goods.

UNITED STATES

Q2 growth upgraded

The roaring growth of the economy in the second quarter was even faster than first reported, with new numbers showing a bigger boost in corporate spending, the government reported on Wednesday. GDP advanced at an annual rate of 4.2 percent in the second quarter, one-10th of a point faster than initial estimates last month and the fastest growth in almost four years, according to the Department of Commerce. The rate also was nearly twice the pace of first quarter growth. Analysts had been expecting a slight downward revision.

AIRLINES

More Etihad losses forecast

Etihad Airways will continue losing money through 2022, Fitch Ratings forecast, citing the “high execution risk” in the state-owned carrier’s turnaround plan. The credit ratings company affirmed the airline’s long-term rating at “A” with a stable outlook, given the support provided by the government of Abu Dhabi, Etihad’s owner. Fitch expects Etihad to remain the smallest among the three Persian Gulf carriers, compared with Emirates Airline and Qatar Airways.

SOUTH AFRICA

Utility, unions ink deal

Eskom Holdings SOC Ltd, the state-owned power utility, which generates most of the nation’s electricity, reached a pay deal with labor unions after strikes that crippled the grid. The National Union of Mineworkers and National Union of Metalworkers of South Africa signed a three-year wage agreement backdated to July 1. Pay is to increase 7.5 percent in the first year and 7 percent in each subsequent year, and employees will get a one-time cash payment of 10,000 rand (US$685) after tax, the unions said.

AUTOMAKERS

Tesla official takes leave

Tesla Inc’s head of human resources and facilities has been on a leave of absence as the electric-car maker has dealt with a period of intense tumult spurred by chief executive officer Elon Musk. Gabrielle Toledano, who joined Tesla as chief people officer in May last year from Electronic Arts Inc, confirmed that she was on leave when reached by telephone on Wednesday. A Tesla spokesman said the leave was prompted by Toledano’s request and her duties are being handled by other members of the human resources team.

ELECTRONICS

Apple acquires AR start-up

Apple Inc has acquired Akonia Holographics LLC, a six-year-old maker of displays for augmented-reality (AR) glasses, as the iPhone-maker explores a foray into the burgeoning field. Apple is said to be prepping to ship an augmented-reality headset or device as early as 2020. Akonia’s “HoloMirror” technology is designed to project full-color images onto the transparent glass lenses of its headsets, according to its Web site. Apple confirmed the deal via the typical statement it uses to verify acquisitions of smaller start-ups.

Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. Final decision will be at the discretion of the Taipei Times.

TOP top