Tue, Mar 19, 2019 - Page 10 News List

World Business Quick Take



Exports hint at slowdown

Exports declined for the third straight month last month, while imports also fell, government data showed yesterday, indicating a possible slowdown in the world’s third-biggest economy. Exports slipped 1.2 percent from a year earlier to ¥6.38 trillion (US$57 billion) and imports declined even more sharply — by 6.7 percent to ¥6.05 trillion. Overall, the country logged a ¥339 billion trade surplus last month, the first surplus for five months.


Non-oil exports rise

The city-state yesterday said that overall non-oil exports last month rose 4.9 percent compared with a year earlier, after three months of retreat. However, a government report pointed to broader challenges: Electronics exports fell 8 percent from a year earlier after a 15.9 percent fall in January. Compared with the previous month, exports jumped 16 percent in seasonally adjusted terms, reversing a 5.7 percent on month decline in January, government data showed.


Web site eyes IPO

Chinese Web site 36Kr, which tracks start-up fundraisings in the country, is planning an overseas initial public offering (IPO), people with knowledge of the matter said. The Beijing-based company is considering selling shares of its flagship media business in the US as soon as this year, the people said. 36Kr, whose Web site is similar to the TechCrunch portal that chronicles Silicon Valley, is targeting to raise at least US$100 million, the people said.


Huawei revenue up 36%

Huawei Technologies Co (華為) has withstood criminal charges and international scrutiny to post rising growth in the first two months of the year. Revenue climbed 36 percent in January and last month compared with a year earlier, founder Ren Zhengfei (任正非) said in a speech to a group of Russian scientists. The pace is an acceleration from last year’s sales increase of 21 percent and its projection for growth this year of about 15 percent. “The company is more united, working harder and our energy intensity is increasing,” Ren said.


Tax refunds issued twice

Taxpayers in Louisiana got an unexpected windfall when a computer error issued their tax refunds a second time. The state’s Department of Revenue cautioned recipients of the wrongly paid windfall: “Do not spend it.” If they have, they must pay the money back in 30 days. The duplicate refunds totaled more than US$26 million, the department said, adding that the state is working with financial institutions to recover the overpayments directly from recipients’ bank accounts.


London home prices down

Asking prices for London homes fell this month as buyers hesitated on closing deals amid political turmoil over Brexit. Average values declined 1.1 percent from last month to £607,557 (US$806,000), property Web site Rightmove said in a report yesterday. Asking prices in the capital dropped 3.8 percent from a year earlier with the number of sales agreed by real-estate agents 9.6 percent below the same period last year. A separate report by Acadata, which incorporates all housing transactions, showed that home prices nationwide slid 0.5 percent in the 12 months to last month.

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