Thu, Oct 25, 2018 - Page 10 News List

World Business Quick Take

Staff writer, with agencies


Pixar cofounder to retire

Ed Catmull, the president of Walt Disney and Pixar Animation Studios since 2006, is retiring next year. The 73-year-old Pixar cofounder would remain in an advisory role through July next year, Walt Disney Co said on Tuesday. Disney chairman and chief executive officer Robert Iger said in a statement that Catmull’s impact on the entertainment industry was immeasurable. Catmull was a pioneer in computer animation and technology in film. George Lucas hired him in 1979 to head Lucasfilm’s computer division. Catmull in 1986 cofounded Pixar with Steve Jobs and John Lasseter. He has overseen films at Disney from Frozen to Up and has been recognized multiple times by the Academy of Motion Picture Arts and Sciences for advances in technology and computer graphics. No replacement has been named.


Barclays profit up 72 percent

British bank Barclays PLC yesterday reported a 72 percent surge in quarterly net profit as strong performances by its retail and credit card divisions offset weakness at its investment unit. Profit after tax jumped to £1 billion (US$1.3 billion) in the three months to last month, compared with the third quarter of last year, Barclays said in a statement. “In spite of macroeconomic uncertainty, and particularly concerns over Brexit which weigh heavily on market sentiment, 2018 is proving to be a year of delivery ... at Barclays,” chief executive Jes Staley said.”We remain focused on generating improved returns, and on distributing a greater proportion of excess capital to shareholders over time,” he added.


Manufacturing output shrinks

Manufacturing output in the country contracted for the first time in more than two years as automakers scaled back production while growth in services accelerated. A composite purchasing managers’ index rose to 54.3 this month from 54 the previous month, IHS Markit said yesterday. While orders picked up in services, demand for manufacturing goods fell to the lowest in four months. Renault SA on Tuesday reported a bigger-than-expected drop in third-quarter sales, as turmoil in emerging markets from Turkey to Iran cut into its business. This month, job creation accelerated to a six-month high across the private sector, cost pressures continued to build and capacity constraints remained elevated, IHS Markit said.


Garment exports grow

The nation’s garment exports grew 10.73 percent in the first half of this year and are projected to remain strong, despite an EU threat to withdraw duty-free trading access, official data showed yesterday. The country exported US$3.2 billion of garments in the first half of this year, compared with US$2.9 billion in the same period last year, Ministry of Commerce data showed. Garment exports to the EU grew 6.03 percent to US$1.9 billion, while exports to the US increased 16.49 percent to more than US$1 billion, the data showed. The EU this month began a formal procedure to strip the country of its “Everything but Arms” initiative, following July elections that returned Prime Minister Hun Sen to power after 33 years in office and gave his party all the parliamentary seats. The garment industry is the largest employer in the nation and garment exports account for about 40 percent of the Southeast Asian country’s economy.


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