World Business Quick Take

Agencies

Sun, Jun 11, 2017 - Page 14

STEEL

EU accused of foul-play

China has condemned the European Commission for imposing new anti-dumping duties on its steel products, accusing the EU’s executive of making China an industrial scapegoat. The 28-nation bloc on Friday said that it would levy duties of up to 35.9 percent on Chinese hot-rolled flat steel in an attempt to create a level playing field with China as it broadens its campaign to protect Europe’s struggling steel manufacturers. The EU alleged China, which makes more than half the world’s steel, has flooded global markets in violation of international trade agreements.

INVESTMENT

Moody’s downgrades S Africa

Credit ratings agency Moody’s on Friday said it had downgraded South Africa a notch over gloomy growth prospects and the political instability unleashed by corruption scandals engulfing South African President Jacob Zuma. Africa’s most advanced economy was knocked down from “Baa2” to “Baa3” — one notch above junk status — with a negative outlook, Moody’s said in a statement. Fitch and Standard & Poor’s, the other two main global ratings agencies, already downgraded South Africa to junk status after Zuma’s shock purge of critical ministers in March, including respected former South African minister of finance Pravin Gordhan.

TECHNOLOGY

Pandora to take on Spotify

Pandora Media Inc is raising cash to help it take on Spotify Ltd and other streaming music services. The online music service is selling a 19 percent stake in its business to satellite radio company Sirius XM Holdings Inc for US$480 million. Pandora is to pay a US$22.5 million break-up fee to private equity firm KKR for breaking up a previously agreed US$150 million deal. Pandora, which is based in Oakland, California, is to raise another US$200 million selling its Ticketfly ticket service to Eventbrite — a service Pandora bought for US$450 million in 2015. Sirius will be able to pick three people for Pandora’s board, one of whom is to be chairman.

ENERGY

Oil workers reach deal

Norwegian oil and gas firms yesterday secured a wage agreement with workers, ending the threat of a strike that would have cut output at five fields, employers said. The Norwegian Oil and Gas Association, which negotiated on behalf of energy firms, had warned that a strike by the Lederne trade union would have cut oil and gas output by 443,500 barrels of oil equivalent per day. The five fields that were under threat of strike are operated by Statoil ASA, Royal Dutch Shell PLC and Eni SpA.

ENERGY

Toshiba to build US reactors

Money-losing Japanese nuclear and electronics company Toshiba Corp is to pay US$3.68 billion toward the construction of two reactors in Vogtle, Georgia, by its US unit Westinghouse, which has filed for bankruptcy protection. Tokyo-based Toshiba yesterday said the payment, under agreement with the operator of the US plant, are to be made from October through January 2021. Toshiba said the expense has already been figured in its earnings. Toshiba reported a ¥950 billion (US$8.6 billion) loss for the fiscal year ended in March. Toshiba is still in similar talks over a South Carolina plant about such payments.