Fri, Sep 06, 2019 - Page 10 News List

World Business Quick Take

Agencies

SWITZERLAND

GDP increases 0.3%

Economic growth slowed in the second quarter, with investment suffering amid fallout from the US-China trade dispute and a slump in Germany. GDP rose 0.3 percent, with equipment investment down 1 percent, which the State Secretariat for Economic Affairs blamed on an “uncertain environment.”

TRADE

US announces steel tariffs

Washington on Wednesday announced new import duties on more than US$1 billion in imported structural steel from China and Mexico, saying that manufacturers in those countries dumped products in the US market. The US Department of Commerce’s findings, which are preliminary and could be reversed, follow a similar decision in June concerning Chinese alloy aluminum imports valued at nearly US$1 billion. Chinese and Mexican producers allegedly dumped fabricated structural steel — such as I-beams, rods and joists — at margins of between 0 percent and 141.4 percent, the department said.

ELECTRONICS

Galaxy Fold hits stores

Samsung Electronics Co yesterday announced that its Galaxy Fold would go on sale today in its home market of South Korea following a months-long delay caused by the discovery of a defect in the original design. The Galaxy Fold, a US$1,980 luxury Android device that opens like a book, is expected to arrive in the US on Sept. 27, people familiar with Samsung’s plans said. Samsung itself lists the US market as one of its expansion geographies after the South Korean launch, alongside France, Germany, Singapore and the UK.

TRANSPORTATION

Grab to focus on AI

Southeast Asian ride-hailing start-up Grab Holdings Inc intends to invest US$150 million in artificial intelligence (AI) research in the next year, accelerating the expansion of a business that now includes food delivery, digital payments and digital content. Grab would build on the US$100 million it has previously invested in AI technology, and improve its fraud prevention and natural language processing tech, company cofounder Tan Hooi Ling (陳慧玲) said on Wednesday. “We want to go from AI-powered to AI everywhere,” Tan said.

INTERNET

Facebook records exposed

Phone numbers linked to more than 400 million Facebook Inc accounts were listed online in a privacy lapse for the social media giant, US media reported on Wednesday. An exposed server stored 419 million records on users across several databases — including 133 million US accounts, more than 50 million in Vietnam and 18 million in Britain, news site TechCruch reported. The databases listed Facebook user IDs, the profiles’ telephone numbers, as well as the gender listed by some accounts and their geographical locations, TechCrunch said.

ELECTRONICS

Apple sells US$7bn of debt

Apple Inc on Wednesday borrowed US$7 billion in its first bond sale in nearly two years, as cheap funding costs tempt even companies flush with cash. Apple, which has more than US$200 billion in cash and securities on its books, sold senior unsecured bonds in five parts. The longest portion of the offering, a US$1.5 billion 30-year security, would yield 1.03 percentage points above Treasuries, after an initially discussed spread of about 1.25 percentage points, a person with knowledge of the matter said.

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