Fri, Mar 15, 2019 - Page 10 News List

World Business Quick Take

Agencies

SOCIAL MEDIA

Instagram back up

Instagram is back up after a partial outage of several hours, the photo-sharing social network platform said in a tweet, but its parent Facebook Inc’s app still seemed to be down for some users across the globe at press time yesterday. Certain users around the world were facing trouble in accessing widely used Instagram, Whatsapp and Facebook apps earlier on Wednesday, in one of the longest outages faced by the company in the recent past. A Facebook spokesman confirmed the partial outage, but did not provide an update.

CHINA

Output growth slows to 5.3%

The nation’s industrial output slowed during the first two months of the year as unemployment rose, official data showed yesterday, while some indicators showed a slowdown in the world’s second-largest economy stabilizing. Output growth at Chinese factories and workshops for the first two months slowed to 5.3 percent year-on-year, from 5.7 percent in December last year, a multiyear low and falling short of forecasts. The normally steady unemployment rate rose to 5.3 percent last month, from 4.9 percent in December, with the National Bureau of Statistics saying it had expected worse numbers.

AUTOMAKERS

VW cancels Traton IPO

Volkswagen AG’s (VW) plans to cancel a stock sale of its Traton SE trucks division, in what could have been the largest initial public offering in Europe this year, have cast a pall on the region’s already shaky market for the sales. The automaker decided to park the sale after a difficult start to this year for the global automotive industry. Chief financial officer Frank Witter on Wednesday said that the company would wait for a “better market environment.”

INVESTMENTS

Naspers eye fintech deals

Naspers Ltd wants to spend about US$1 billion in India this year as it scours the globe for investments that can replicate its blockbuster bet on China’s Tencent Holdings Ltd (騰訊), a person familiar with the matter said. Africa’s largest company by market value is in talks to inject about US$200 million into business loan provider Capital Float and payments security firm Wimbo as a first step, two people with knowledge of the discussions said. A Naspers representative declined to comment.

FINANCE

Network to sell 25% in IPO

Middle Eastern payment processor Network International plans to sell a 25 percent stake in an initial public offering in London. Warburg Pincus and General Atlantic own a combined 49 percent stake in Network International, while Dubai’s biggest bank Emirates NBD PJSC holds the remaining 51 percent. The company could be valued at about US$3 billion in the offering, people familiar with the matter said in November last year.

AIRLINES

Lufthansa profit slips 8%

Lufthansa, Europe’s largest airline group, yesterday said that capacity bumping up against limits at overcrowded airports would hem in growth this year as it reported that its bottom line fell last year. Net profit at the Frankfurt-based group amounted to 2.2 billion euros (US$2.5 billion), down 8 percent year-on-year. Executives said they had cut back their targets for capacity growth, or increasing the number of seats available, as infrastructure bottlenecks at airports and air traffic control make adding new flights a challenge.

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