Sat, Oct 06, 2018 - Page 10 News List

World Business Quick Take

Agencies

TRADE

Indonesia ready for war

Indonesia stands ready to respond to global risks brought about by an intensifying trade war and rising US interest rates that have driven the nation’s currency to a two-decade low, officials said. The government would coordinate its policy response with the central bank and the financial services authority, Minister of Finance Sri Mulyani Indrawati told reporters in Jakarta yesterday. Bank Indonesia will take steps to stabilize the currency and ease volatility, central bank Governor Perry Warjiyo said. The rupiah was headed for a 1.8 percent loss this week.

INDUSTRY

German orders rebound

New orders for industrial firms booked a strong rebound in August from a slip in July, official data showed yesterday, brightening the outlook for the second half of the year. Companies reported a 2 percent month-on-month increase in new business, adjusting for price, seasonal and calendar effects, federal statistics authority Destatis said in a statement. That was well above the 0.6 percent boost forecast by analysts.

PHILIPPINES

Inflation near decade high

Inflation jumped to an almost 10-year high last month, data showed yesterday, putting pressure on President Rodrigo Duterte to act as the cost of food and fuel hits the country’s poor in the pocket. Consumer price increases accelerated to 6.7 percent, from 6.4 percent in August, in the steepest climb since February 2009, the Philippine Statistics Authority said. That compared with a 6.8 percent median forecast of economists in a Bloomberg survey.

MEXICO

Central bank maintains rate

The central bank kept its key rate unchanged, saying that while it expects faster inflation to be transitory, the board would take the necessary actions to ensure its goal for prices is reached. Policymakers at Banco de Mexico, led by Governor Alejandro Diaz de Leon, kept borrowing rates at 7.75 percent on Thursday, the highest in almost 10 years, as forecast by 26 of 28 economist surveyed by Bloomberg.

AUTOMAKERS

Toyota recalls 2.4m hybrids

Japanese car giant Toyota Motor Corp yesterday said that it is recalling more than 2.4 million hybrid cars over a fault that could cause crashes, just a month after an another recall affecting hybrids. The firm last month said it was recalling more than 1 million hybrid cars globally after uncovering a technical problem that could cause fires. The latest recall affects several models of Toyota’s Prius and Auris hybrid vehicles produced between October 2008 and November 2014, with more than 1 million of the affected cars in Japan.

CONGLOMERATES

KRR sells Vietnam stake

KKR & Co raised about US$209 million selling its stake in Vietnamese conglomerate Masan Group Corp, people with knowledge of the matter said, after its shares doubled since the private equity firm invested. KKR sold 54.8 million Masan shares at 89,200 dong apiece, the midpoint of a marketed range, the people said. The price represents a 5 percent discount to Masan’s last close. The shares were offered at 87,800 dong to 90,600 dong each, according to terms for the deal obtained by Bloomberg earlier.

This story has been viewed 1128 times.

Comments will be moderated. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned.

TOP top