Sat, Sep 08, 2018 - Page 10 News List

World Business Quick Take



BA to pay hack victims

British Airways (BA) is to pay compensation to customers whose data were stolen by a “sophisticated” and “malicious” hacking attack, chief executive Alex Cruz said yesterday. The carrier had revealed overnight that the personal and financial details of customers making bookings on its Web site and mobile phone app between Aug. 21 and Wednesday had been stolen. The airline has launched an urgent investigation into the data breach, which involved 380,000 bank cards.


Governor signals rate hike

Central bank Governor Nestor Espenilla yesterday flagged another interest rate hike after inflation exceeded 6 percent last month for the first time in nine years. “We’re dealing with multiple shocks from different origins, so we’ll need both strong non-monetary and monetary policy responses to quell inflation concerns decisively,” Espenilla said in a mobile phone message. Espenilla has already delivered 100 basis points of rate increases since May, including a 50 basis-point hike last month. The central bank is to next meet to decide on interest rates on Sept. 27.


Trump could target Japan

US President Donald Trump remains focused on reducing US trade deficits with key economic partners, and Japan might be the next target, the Wall Street Journal reported on Thursday. With trade disputes in full swing with China and as yet unresolved with the EU, Canada and Mexico, Trump now seems focused on making Japan “pay,” the column said. The US last year had a deficit of US$56.6 billion with Japan, but a surplus in services of US$13.4 billion.


HNA to exit Deutsche Bank

Deutsche Bank AG’s largest investor, HNA Group Co (海航集團), plans to exit its entire stake in the German lender, people briefed on the plan said yesterday. The cash-strapped conglomerate, which still held almost 8 percent of the voting rights, has started the disposal process as part of a government demand to focus on its airline business, the people said. It is not clear how and over what time period HNA would sell the stake, which it controls through a series of complex derivatives. Dow Jones earlier yesterday reported that Beijing had told HNA to exit the stake.


Broadcom predicts strong Q4

Chipmaker Broadcom Inc gave a quarterly sales forecast that topped analysts’ estimates on strong demand for data-center semiconductors. Revenue is to be about US$5.4 billion, plus or minus US$75 million, in the fiscal fourth quarter, which ends next month, the San Jose, California-based company said on Thursday. Broadcom’s net income was US$1.2 billion, or US$2.71 a share, in the third quarter, compared with US$507 million, or US$1.14 a share, during the same period a year earlier. Revenue rose 13 percent to US$5.06 billion.


EU approves Shazam bid

The EU has approved Apple Inc’s acquisition of song-recognition app Shazam after a months-long investigation found it would not hurt competition in the music streaming market. The EU’s Antitrust Commission on Thursday said that competing providers would not be shut out of the market following the acquisition. Apple last year announced that it was going to buy Shazam, which had been a competitor to its digital assistant Siri.

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