Sun, Dec 02, 2018 - Page 14 News List

World Business Quick Take

Agencies

ENTERTAINMENT

Casinos beat estimates

Macau’s casino gaming revenue last month was better than expected, exceeding the most bullish estimate in a Bloomberg survey. The city’s gaming revenue rose 8.5 percent from a year earlier to 25 billion patacas (US$3.1 billion) last month, according to data released by the Macau Gaming Inspection and Coordination Bureau. In a Bloomberg poll, the most bullish analysts were forecasting 8 percent growth, while the most bearish predicted a 1 percent decline. Gaming revenue for the first 11 months of the year totaled 276.4 billion patacas, up 13.7 percent, bureau data showed.

INDIA

Banks weigh on economy

Economic growth slowed to 7.1 percent in the July-to-September quarter, official data showed on Friday, as banks endure a liquidity crunch that is hampering investment in Asia’s third-largest economy. Central Statistics Office figures showed GDP growth slowed from 8.2 percent in the previous quarter. Despite the slowdown, the latest figures were up from 6.3 percent for the same period last year and reinforce the nation’s status as one of the world’s fastest-growing economies.

CANADA

Economic growth slows

Economic growth slowed in the third quarter to 2 percent from 2.9 percent, despite a boost in mining and petroleum refining as foreign demand pushed up prices, government data showed on Friday. Statistics Canada said the third quarter was marked by flat domestic demand, falling investment and a small rise in exports volumes.

ITALY

Jobs hit, economy shrinks

The economy shrank in the third quarter, a first since 2014, official data showed on Friday. GDP contracted by 0.1 percent between July and September from the previous quarter, the National Institute of Statistics said, revising down a previous estimate of stagnant or 0 percent growth. Year-on-year, the economy grew 0.7 in the third quarter, statistics agency ISTAT said. Unemployment was up 0.2 percent at 10.6 percent, well above the eurozone average of 8.1 percent, ISTAT said.

AUTOMAKERS

GM boss to visit Capitol Hill

General Motors (GM) co-chief executive officer Mary Barra plans to visit Capitol Hill next week to discuss its plans to halt production at five plants in North America next year and cut up to 15,000 jobs, two US congressional aides said on Friday. Barra is expected to meet in Washington with lawmakers from Michigan and Ohio — where GM plans to shutter three plants — as well as senior leaders in the US Congress.

CHEMICALS

BASF, CVC eye tie-up

BASF SE and private equity firm CVC Capital Partners are exploring the option of combining their construction-chemicals businesses to create a grouts and sealants supplier valued at as much as 6 billion euros (US$6.8 billion), people with knowledge of the situation said. The negotiations for the creation of a joint venture, which is one of the plans under discussion, are at an early stage, the people said, declining to be identified because the matter is confidential. No final decisions have been made, they said.

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