Sat, Sep 15, 2018 - Page 10 News List

World Business Quick Take



Investment slows to 5.3%

The economy yesterday showed fresh signs of softness, with the pace of investment slowing to record lows, while retail spending and industrial production stabilized. Fixed-asset investment from January to last month expanded just 5.3 percent compared with the same period last year. That is slower than the 5.5 percent from January to July, which was the lowest level on record. Output at factories and workshops ticked up 6.1 percent last month from 6 percent in July, the National Bureau of Statistics said. Retail sales expanded 9 percent last month, from 8.8 percent in July, beating estimates of 8.8 percent.


Growth forecast cut to 1.6%

The economy is expected to expand 1.6 percent this year, the central bank said yesterday, well short of the 2 percent goal originally set by the government for this year. The slower growth is likely to compound the challenges facing President Emmanuel Macron, who campaigned on a pledge to stimulate the economy with reforms that would make it easier to do business in the country. Minister of Finance Bruno Le Maire this week acknowledged that growth was unlikely to reach that target, forecasting a 1.7 percent rise in GDP.


Uber to expand Toronto lab

US ride-sharing service Uber Technologies Inc on Thursday said it would spend C$200 million (US$154 million) over five years to expand its Toronto lab dedicated to developing artificial intelligence for self-driving cars. The company is also to open a new engineering office in Canada’s largest metropolis early next year, it said in a statement. Uber’s new engineering hub is to join the company’s efforts to roll out new features for its app, and expand into other modes of transportation, such as electric bikes and scooters, as well as partnerships with public transit.


Australia regulator sues ANZ

Australia & New Zealand Banking Group Ltd (ANZ) is being sued by the securities regulator over a controversial 2015 share sale. The Australian Securities & Investments Commission said that the lender breached continuous disclosure responsibilities by not informing the market that the joint lead managers of the sale took up approximately 25.5 million shares in the placement, the bank said yesterday. The A$2.5 billion (US$1.8 billion) placement of 80.8 million shares is already the subject of separate criminal proceedings relating to how the investment banks disposed of the shares they were left with.


Goldman widens reshuffle

Goldman Sachs Group Inc, which is getting a new chief executive officer next month, announced that it is overhauling the rest of it leadership team. The company on Thursday said that insider John Waldron is to become the president and chief operating officer starting next month. Stephen Scherr, CEO of Goldman Sachs Bank USA, is to become the group’s chief financial officer in November, and R. Martin Chavez, another company veteran, is to become the group’s vice chairman and co-head of the securities division. The company in summer announced that chief executive Lloyd Blankfein is stepping aside next month after 12 years at the helm of the investment bank and that David Solomon is to take over.

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