Sun, Nov 18, 2018 - Page 14 News List

World Business Quick Take

Agencies

UNITED STATES

Defaults hit seven-year high

The total debt shouldered by residents has hit another record high, rising to US$13.5 trillion in the last quarter, while an unusual jump in student-loan delinquencies could provide another signal that the economic expansion is growing old. Flows of student debt into serious delinquency — 90 or more days — increased from 8.6 percent in the second quarter to 9.1 percent in the third quarter, the Federal Reserve Bank of New York reported on Friday. That propelled the biggest jump in the overall delinquency rate in seven years.

CHINA

US bond holdings hit low

Holdings of US Treasuries fell to a more than one-year low as the world’s second-largest economy takes steps to stabilize the yuan, which is under pressure from the trade war. Holdings of US bonds, bills and notes declined for a fourth month to US$1.15 trillion in September, from US$1.17 trillion in August, the US Department of the Treasury said in a statement on Friday. The country remained the biggest foreign creditor to the US, followed by Japan, whose Treasury holdings were little changed at US$1.03 trillion.

FRANCE

Roadblocks protest fuel tax

Drivers were planning to block roads across the country to protest rising fuel taxes, in a new challenge to embattled President Emmanuel Macron. Protesters pledged to target tollbooths, roundabouts and the bypass that rings Paris yesterday. The government prepared to send police to remove protesters and threatened fines. The taxes are part of Macron’s strategy of weaning France off fossil fuels. Many drivers see them as emblematic of a presidency considered to be disconnected from day-to-day economic difficulties.

PHARMACEUTICALS

Tesaro interested in buyout

Tesaro Inc, a drugmaker whose shares tumbled this month after disclosing disappointing clinical trial results, is exploring a sale, people familiar with the matter said. The company is working with financial advisers after receiving takeover interest, the people said, adding that advisers have also begun contacting other potential suitors.

INTERNET

Gett seeks cash to beat rivals

Gett Inc, the ride-hailing app valued at more than US$1 billion and backed by Volkswagen AG, is looking for buyers in a bid to compete with larger rivals, people familiar with the matter said. The Israeli tech company has approached potential bidders including other car-hire firms, the people said. Gett might sell its entire business or offload regional operations outside of its home market, the people said.

ENTERTAINMENT

Minority head to step down

Channing Dungey, the first African-American executive to lead a major broadcast network, is stepping down. Walt Disney Co-owned ABC on Friday said Dungey has decided to exit as ABC Entertainment president. She would be replaced by Karey Burke, a programming development executive at ABC sibling channel Freeform. Dungey’s departure comes as Disney reorganizes in preparation for buying 21st Century Fox Inc.

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