Sat, Oct 20, 2018 - Page 10 News List

World Business Quick Take

Agencies

JAPAN

Inflation edges up 1 percent

Japanese consumer prices inched up by 1 percent last month, government data published yesterday showed. The latest inflation figure was in line with market consensus and slightly higher than the 0.9 percent registered in August, but still only halfway to the Bank of Japan’s 2 percent target. With fresh food and energy stripped out, prices rose by even less — just 0.4 percent year-on-year, unchanged from August, the Ministry of Internal Affairs and Communications said.

TRANSPORTATION

Niu ADS raise US$63m

Niu Technologies (牛電科技), the Chinese maker of smart electric scooters, raised US$63 million after downsizing its US initial public offering. The Beijing-based company sold 7 million American depositary shares (ADS) at US$9 apiece, it said in a statement on Thursday. Niu had been marketing a sale of 8.3 million shares at US$9 to US$10 apiece, after initially offering them at US$10.50 to US$12.50 each. Credit Suisse Group AG, Citigroup Inc and Needham & Co arranged Niu’s share sale.

TECHNOLOGY

Apple event on Oct. 30

Apple Inc said it would hold a product announcement Oct. 30 in Brooklyn, New York, likely to unveil new iPads and Mac computers. The invitation to media reads: “There’s more in the making,” without specifying what would be introduced. On its Web site, Apple said the event would be live streamed. Apple last month released the iPhone XS, iPhone XS Max and a new Apple Watch. The iPhone XR, a lower-cost iPhone with a nearly all-screen front, goes on sale on Friday next week.

FINANCE

AmEx Q3 profit up 22%

American Express Co (AmEx) on Thursday said its third-quarter profit jumped 22 percent from a year earlier, as the credit card giant benefited from a lower tax rate and increased spending. The New York-based company said it earned a profit of US$1.65 billion, or US$1.88 a share, up from US$1.36 billion, or US$1.51 a share, in the same period a year ago. The results beat analysts’ expectations, who were looking for AmEx to earn US$1.77 a share, according to FactSet.

FINANCE

PayPal beats profit forecasts

PayPal Holdings Inc exceeded analysts’ earnings estimates and said it is making progress toward monetizing Venmo, the popular mobile-payments service. The San Jose, California-based company reported adjusted earnings per share of US$0.58 in the three months ending in September, above analysts’ estimates of US$0.54. Third-quarter revenue rose 14 percent to US$3.68 billion. Analysts had projected US$3.67 billion on average. PayPal boosted its outlook for fourth-quarter revenue to a range of US$4.2 billion to US$4.28 billion.

FINANCE

Goldman investing in BitGo

Goldman Sachs Group Inc and a venture founded by one of its former partners, billionaire Mike Novogratz, are investing in cryptocurrency custodian BitGo Holdings Inc, as the bank’s deep-pocketed clients keep asking about secure ways to hold those assets. Combined, Goldman Sachs and Novogratz’s Galaxy Digital Ventures contributed about US$15 million to BitGo’s Series B fundraising, which brought in a total of US$57.5 million, the start-up said on Thursday.

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