Fri, Jan 11, 2019 - Page 10 News List

World Business Quick Take

Agencies

CHINA

Factory inflation slows

The cost of producing goods in factories slowed sharply last month, a sign that demand remains weak amid the US trade dispute, while consumer inflation also flagged, official data showed yesterday. The producer price index (PPI) rose 0.9 percent year-on-year last month, compared with a 2.7 percent rise the previous month. The reading marks the lowest growth since September 2016 and fell short of forecasts in a Bloomberg News survey. A slowdown in factory gate inflation reflects sluggish demand, while a turn to deflation could dent corporate profits.

AUTOMAKERS

Ghosn reported sick

The lawyer for Nissan Motor Co’s former chairman Carlos Ghosn, who is being held on charges of falsifying financial reports, yesterday said that the 64-year-old businessman had a fever. Ghosn’s lawyer, Motonari Ohtsuru, said that doctors at the Tokyo Detention Center said he should rest after running a fever of 38.8°C late on Wednesday. Visits to Ghosn by consular officials and lawyers were postponed. On Tuesday, in his first public appearance since his arrest on Nov. 19 last year, Ghosn told a Tokyo court that he was innocent.

AUTOMAKERS

Toyota announces recall

Toyota Motor Corp on Wednesday announced a recall of 1.7 million vehicles in North America as part of a general effort to replace defective Takata Corp airbags tied to about 20 deaths worldwide. The sprawling recall concerned 4Runner SUVs from model years 2010 to 2016, Corolla sedans and Matrix hatchbacks from 2010 to 2013, and Sienna minivans from 2011 to 2014. The recall also involves Luxury Lexus models and Scion XB compacts, Toyota said.

WORKSPACE SHARING

WeWork receives funding

Japanese technology giant Softbank Group Corp has invested US$2 billion in shared-office provider WeWork Cos, considerably less than the US start-up was hoping for to fund its expansion. WeWork boss Adam Neumann had earlier spoken of about US$20 billion in investment. The US$2 billion cash injection brings to a total of US$6 billion the amount invested by the Japanese firm and values WeWork at US$47 billion.

MOROCCO

Mine closures announced

Authorities last year closed 2,000 illegal mineshafts in Jerada, an impoverished former coal town that has been the site of a string of deadly mining accidents. The closure of the “abandoned and illicitly exploited shafts” was announced on Wednesday by the Ministry of Energy and Mines, which promised to shut about 1,500 shafts that remained by the end of this year. Eighty-two million euros (US$95 million) would be invested in industry and agriculture projects by 2020, the ministry said.

MEXICO

Inflation reaches 4.83%

The nation registered inflation of 4.83 percent last year, beating the central bank’s target, despite a downward trend for the year, official data released on Wednesday showed. The key interest rate in Latin America’s second-largest economy after Brazil stood at 8.25 percent, a level it also reached during the 2008 financial crisis. Analysts polled by the central bank forecast inflation of 3.89 percent for this year.

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