Sun, Feb 17, 2019 - Page 16 News List

World Business Quick Take

Agencies

TECHNOLOGY

Uber loss shrinks in Q4

Uber Technologies Inc on Friday released earnings figures showing that its loss narrowed in the final quarter of last year, while revenue growth slowed. The loss in the final three months of the year amounted to US$865 million, compared with US$1.1 billion in the same period a year earlier. The San Francisco-based ride-sharing giant reported revenue of US$3 billion, a 25 percent increase from a year earlier. Revenue for the full year rose 43 percent to US$11.3 billion, with Uber’s annual loss shrinking 15 percent to US$1.8 billion, it said.

AUTOMAKERS

Amazon leads Rivian funding

Electric vehicle (EV) start-up Rivian on Friday announced a US$700 million investment round led by Amazon.com Inc, which recently pumped money into a young self-driving car technology firm. Details of Amazon’s stake in US-based Rivian were not disclosed, but the company said that it would remain independent. Rivian has a team of more than 750 people and development centers in the US and England, it said.

PHILIPPINES

Duterte passes reforms

President Rodrigo Duterte signed into law key economic measures that are seen to help lower rice prices, strengthen the central bank and bolster state revenues. Duterte signed a bill that would remove caps on rice imports and boost supply of the staple grain, Executive Secretary Salvador Medialdea said. The president approved amendments to the central bank charter that would expand its powers and pave the way for the injection of additional government capital. The measures are to take effect 15 days from their publication in newspapers.

AVIATION

Indonesia drops fuel prices

State-owned energy company PT Pertamina reduced the price of jet fuel sold at airports, after President Joko Widodo ordered a review following complaints about high air fares blamed on soaring fuel costs. The company lowered the price of fuel sold at Jakarta’s Soekarno-Hatta International Airport by 3 percent to 7,960 rupiah (US$0.56) per liter from yesterday, it said in a statement. The price of aviation fuel in Jakarta is about 26 percent lower than at Singapore’s Changi Airport, Pertamina said.

INDIA

Regulator slams Yes Bank

Yes Bank Ltd came under fire from the Reserve Bank of India, which said that its selective disclosures from an audit report by the regulator was a “deliberate attempt” to mislead the public. The risk assessment report on Yes Bank prepared by the central bank identified several lapses and regulatory breaches in various areas of functioning, the company said in a stock exchange filing on Friday. Yes Bank also breached confidentiality rules and contravened regulatory guidelines by releasing the information from the risk assessment report, the central bank said.

BANKING

JPMorgan has virtual coin

JPMorgan Chase on Thursday unveiled a prototype for a digital coin system using blockchain, a first among major banks. The system, called JPM Coin, which for now is only at the prototype stage and for business-to-business deals, would permit institutional clients to make instantaneous payments to other bank clients.

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