World Business Quick Take


Mon, Nov 16, 2015 - Page 15


US backs spending plan

US Treasury Secretary Jack Lew is “very encouraged” by Canada’s infrastructure spending plan and expects it to draw positive reviews at the G20 meeting in Turkey that began yesterday, Finance Minister Bill Morneau said. Morneau spoke to reporters in Antalya, Turkey, Saturday evening ahead of the G20 summit, with leaders due to discuss ways to encourage global growth. Morneau said he spoke to Lew a few days earlier. “One of the things he said to me was that he was very encouraged by our infrastructure spending plan,” Morneau said. “He appreciated our focus on fiscal stimulus and felt that that was something that was going to be reacted to positively by our colleagues here at the G20.”


Gmail ramps up security

Google plans to ramp up security at its free e-mail service by letting users know when messages arrive via unencrypted connections that could be prone to snooping or tampering. “These warnings would begin to roll out in the coming months,” Elie Bursztein and Nicolas Lidzborski of the Gmail security team said in a blog post this week. “While these threats do not affect Gmail to Gmail communication, they might affect messaging between providers.” The announcement came with study results indicating that e-mail encryption is on the rise, along with measures to thwart spam and fraud by better authenticating messages. However, Google said that it found regions of the Internet where e-mail encryption was being covertly thwarted and also uncovered malicious servers programmed to essentially hijack Gmail messages by giving them bogus routing information.


VW finds new faulty cars

Volkswagen AG said 430,000 of its new cars had “implausible” carbon dioxide ratings as it continues talks with regulators in an attempt to address the emissions cheating crisis. The figure means more than half of the roughly 800,000 affected vehicles were from the 2016 model year. Volkswagen is still investigating previous model years and what the correct carbon dioxide ratings should be, the Wolfsburg-based company said in a statement late Friday. Meanwhile, the automaker is to present German authorities today with a fix for 1.6-liter diesel engines fitted with software to cheat tests for polluting nitrogen oxides, according to a person familiar with the plans, who asked not to be named. The proposal is not as complex or expensive as Volkswagen initially feared and could be used across Europe if it is approved in Germany, the person said.


Government seeks help

The government is to seek up to US$12 billion in assistance for infrastructure development during a two-day meeting with funding partners that began yesterday, a senior finance ministry official said. The nation spends only 2 to 3 percent of GDP on such investment, but needs to invest up to 12 percent to achieve the target of becoming a middle-income country, senior finance ministry official Mohammad Mejbahuddin said. “We are to place our requirements to them to ensure infrastructure development to become a middle-income country by 2021,” he told reporters on Saturday. Bangladesh wants to boost investment in infrastructure development by up to six times from current figures in its quest for annual economic growth of 8 percent.