Fri, Nov 09, 2018 - Page 10 News List

World Business Quick Take

Agencies

NEW ZEALAND

Central bank maintains rate

The central bank’s freeze on its benchmark interest rate extended to two years yesterday, with the Reserve Bank of New Zealand saying that there was little prospect of it moving from record lows until 2020. The official cash rate has been unchanged at 1.75 percent since November 2016 as the bank takes a hands-off approach to maintaining economic growth. Bank Governor Adrian Orr indicated there was no compelling reason for change.

GERMANY

Exports decline

Exports unexpectedly declined in September, a weak end to a quarter that could see the economy stagnate for the first time in more than three years. Exports fell 0.8 percent from August, missing forecasts for a 0.4 percent jump. Imports slipped 0.4 percent and the trade surplus widened to 18.4 billion euros (US$21 billion), the most since June, the Federal Statistics Office said yesterday.

UNITED STATES

China, India dumped pipes

The Department of Commerce on Wednesday said that it had found that China and India unfairly subsidized and dumped large-diameter welded pipes in the US. The department said it found that the two countries had sold the pipes at less than fair value, at rates ranging from 50.55 to 132.63 percent. It also said it found that the two countries had subsidized the products at rates of 198.49 to 541.15 percent.

AUTOMAKERS

BMW Q3 profit drops 24%

German luxury automaker BMW AG on Wednesday said that its net profit fell 24 percent in the third quarter of the year as the company spent more on new technology and faced market disruptions related to new EU emissions tests. Net profit fell to 1.4 billion euros from 1.84 billion euros in the same period last year, while revenue rose 4.7 percent to 24.74 billion euros.

FASHION

Burberry revenue slips 3%

Burberry Group PLC said it had seen an “exceptional response” to the creative vision of its new designer, Riccardo Tisci, after it reported a slight dip in first-half revenue and operating profit. Revenue was ¥1.22 billion (US$1.6 billion), down 3 percent, but ahead of analyst forecasts, and adjusted operating profit reached ¥178 million, down 4 percent. Burberry said its outlook for the full year was unchanged.

MEDIA

Papers boost News Corp

Profits rose in the past quarter at Rupert Murdoch’s News Corp, led by gains in digital subscriptions at the Wall Street Journal, as well as newspapers in Britain and Australia, the company said on Wednesday. Net profit in the most recent quarter jumped 47 percent from a year ago to US$128 million on revenue that grew 23 percent to US$2.5 billion.

TECHNOLOGY

Lenovo posts one-off gains

Lenovo Group Ltd’s (聯想) net income beat analysts’ expectations by US$53 million, or 45 percent. While that upside surprise was helped by slightly stronger revenue and a slimmer operating-expense margin — from a reduction in sales and distribution costs — operating income benefited a lot from one-time accounting items. A fall in gross margin by 0.3 percentage points from a year earlier to 13.4 percent is a hint that profitability is not as solid as it looks.

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