World Business Quick Take

Agencies

Sat, Oct 07, 2017 - Page 10

BANKING

Fed governor approved

The US Senate on Thursday approved the nomination of investor Randal Quarles as a US Federal Reserve Board governor in charge of banking oversight. Quarles, 60, who served as undersecretary of the US Department of the Treasury under former US president George W. Bush and previously worked in private equity, was confirmed by a vote of 65 to 32. As a Fed governor, he will also sit on the US Federal Open Market Committee.

FRANCE

Growth forecast up to 1.8%

The National Institute of Statistics and Economic Studies on Thursday hiked its forecast for economic growth this year to 1.8 percent, which would be the fastest expansion in six years. The agency now expects the economy to expand by 0.5 percent quarter-on-quarter in both the third and fourth quarters of the year. Business investment is expected to accelerate by 3.9 percent this year, up from 3.4 percent last year, while households are also expected to increase their investments by 5 percent this year, the highest rate since 2006, the agency said.

INDUSTRY

‘German-made’ in demand

Industrial orders in Germany jumped in August, driven by strong overseas demand for German-made goods, data showed yesterday. German industrial orders climbed by 3.6 percent from July, after falling by 0.4 percent the previous month, the German Federal Statistical Office said in a statement. While domestic demand was robust, with orders from German customers rising by 2.7 percent, export demand was even stronger, with overseas orders expanding by as much as 4.3 percent, it said.

AUTOMAKERS

Renault raises targets

Renault SA raised mid-term sales and earnings targets as part of the French carmaker’s plan to protect its leadership in battery-powered autos and keep pace with rivals in driverless models. Renault is to boost its annual revenue through 2022 to more than a previous target of 70 billion euros (US$82 billion) and the operating margin will exceed an earlier prediction of 7 percent of sales as efficiency measures generate savings of 4.2 billion euros. With investments of 18 billion euros, the company will bring out eight pure-electric and 12 hybrid models in the period, and develop 15 vehicles with autonomous features.

ENTERTAINMENT

Netflix prices to rise

Netflix Inc on Thursday said it is bumping up subscription prices in the US and a handful of European countries including France, Britain and Germany, as the leading online streaming service invests in more shows and features. Shares of the Silicon Valley-based company jumped more than 4 percent to US$192.44 in trading following news of the relatively small price hike. The company in July reported that ranks of subscribers to its streaming service grew in the second quarter of this year to 103.95 million.

MANUFACTURING

Siemens pulls out of lighting

Siemens AG’s complete withdrawal from the lighting industry further scales back the once sprawling German conglomerate. Munich-based Siemens on Wednesday completed the sale of its remaining 17 percent stake in light manufacturer Osram Licht AG, raising about 1.2 billion euros and exiting a business in which it was involved for the better part of a century. Siemens sold 18.1 million shares that were offered to institutional investors, the company said.