World Business Quick Take


Sat, Mar 16, 2013 - Page 15


Kuroda vote weakens yen

The yen weakened in Asia yesterday after the Japanese parliament approved a new management team for the central bank, which is expected to launch aggressive easing aimed at fixing the limp economy. The upper house gave the green light to Haruhiko Kuroda as Bank of Japan governor. It also gave the green light to Kikuo Iwata and Hiroshi Nakaso as Kuroda’s deputies. In Tokyo afternoon trade, the US dollar fetched ¥96.14, from ¥96.08 in New York on Thursday afternoon. The euro also firmed to ¥125.23 from ¥124.91, while it bought US$1.3019, up from US$1.3000 in New York.


No bubble forming: Lew

US Secretary of the Treasury Jack Lew said on Thursday that he was not worried about a potential financial bubble forming as Wall Street stocks racked up record highs. “The analysis that I’ve seen doesn’t give me reason to be worried right now,” Lew said in an interview on US business news channel CNBC. Lew nevertheless called for monitoring of the situation in order to avoid another crisis like the 2008 crash. Lew is set to travel to China next week for talks with the new leadership on his first international trip since taking office, the US Department of the Treasury said on Thursday.


Boeing upbeat on 787 flights

Boeing Co said yesterday that it sees commercial flights of its grounded 787 jets resuming “within weeks,” even though it has not pinpointed the cause of battery overheating. Boeing chief project engineer Michael Sinnett outlined a fix centered on a new design for the lithium-ion battery system that has many layers of safeguards to prevent overheating. It also has measures to contain any problems if malfunctions do occur. “We could be back up and going in weeks and not months,” Sinnett told reporters at a Tokyo hotel. A third of safety tests have already been completed. A Japanese official said it was possible flights could resume next month.


Samsung to have three CEOs

Samsung Electronics Co announced on Thursday that the heads of its consumer electronics and mobile divisions had been promoted to become joint chief executives of the South Korean giant. The reshuffle, announced at an annual general shareholders’ meeting, leaves the company with three joint chief executives. Yoon Boo-keun, head of the huge television unit, and mobile division chief J.K. Shin will become co-chief executives with Kwon Oh-hyun, who will also retain his position as chairman. A company statement said that under Yoon, Samsung’s TV business retained its global leadership position, while Shin oversaw the mobile division’s surge to the top of the world rankings in the smartphone and overall mobile phone sectors.


Reader cull ignites brouhaha

Outrage over Google Inc’s decision to pull the plug on Reader flooded the Internet on Thursday as lovers of the RSS service for tracking Web site updates lobbied to keep it alive. A “Keep Google Reader Running” petition at had racked up more than 70,000 signatures by midday. The pending demise of Reader also jumped to the top of Twitter’s list of hot topics. Ironically, it was Twitter that helped make Reader obsolete by letting people get rapid-fire updates from anyone in real time on desktop or mobile devices, instead of needing to check RSS feeds in Web browsing software.