Thu, Oct 17, 2019 - Page 10 News List

World Business Quick Take

Agencies

SEMICONDUCTORS

ASML profit beats forecast

Semiconductor equipment maker ASML Holding NV yesterday reported higher-than-expected quarterly profit of 627 million euros (US$691.64 million) and bookings, driven by solid demand for 5G telecom network and artificial intelligence applications. Analysts polled by Refinitiv had forecast that third-quarter net income of ASML, one of the world’s largest equipment suppliers to computer chipmakers, to come in at 609 million euros. The company posted sales of 3 billion euros and forecast that its fourth-quarter sales would come in at 3.8 billion euros.

PHARMACEUTICALS

Roche remains upbeat

Roche Holding AG for the third time this year said sales and profit might be better than expected as its push outside cancer pays off. Sales and core earnings per share would rise by a percentage in the high-single digits this year, the Basel, Switzerland-based drugmaker said in a statement. It previously expected growth in the mid to high-single-digits. The planned acquisition of Spark Therapeutics Inc is still expected to close by the end of this year, it said.

AUTOMAKERS

European vehicle sales jump

European vehicle sales rose sharply last month, but the jump had more to do with the year-ago comparison than any respite from longer-term woes in the industry. Registrations increased by 14 percent to 1.29 million vehicles, the European Automobile Manufacturers Association said yesterday. Sales suffered in the year-ago period after new emissions test rules took effect. Demand for vehicles on the continent has declined 1.6 percent this year through last month to 12.1 million vehicles.

BRAZIL

Country eyes private capital

Central bank Governor Roberto Campos Neto has told the Financial Times that the country wants to “democratize” the financial sector and usher in more private capital. “We need to reinvent ourselves with private money,” he said in an interview published yesterday, adding that public spending was not a solution to the difficulties faced by the country. Commenting on global growth, he said it was not going favorably and that people were showing signs of risk aversion.

TURKEY

Short-selling discouraged

Regulators have advised some local lenders against offering lira liquidity in the offshore money market, according to three people with knowledge of the matter, in an apparent attempt to stand in the way of short-selling of the currency. The advice came from the banking watchdog BDDK, but was not an official directive, the people said. Earlier, the stock exchange “temporarily prohibited” short-selling in seven banks, including Turkiye Halk Bankasi AS, against which the US brought a criminal case for fraud and money laundering.

GERMANY

Berlin to follow budget rules

The government intends to stick to its balanced budget rules for now and boost spending without incurring new debt, Minister of Finance Olaf Scholz told reporters on Tuesday, adding that it would use all fiscal options in a severe economic crisis. The government would lower its forecast for economic growth next year to 1 percent from an earlier estimate of 1.5 percent, a source familiar with the projection said on Tuesday. The government expects this year’s GDP to grow 0.5 percent.

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