World Business Quick Take

Agencies

Thu, Sep 06, 2018 - Page 10

PATENTS

Facebook sues BlackBerry

Facebook Inc is suing BlackBerry Ltd for patent infringement, escalating the legal battle between the two companies over protected technology. In a 118-page complaint filed on Tuesday in San Francisco federal court, Facebook accused BlackBerry of stealing its voice messaging technology, among other patented processes. Facebook is seeking unspecified damages for infringement of six patents, including technology that improves how a mobile device delivers graphics, video and audio, and another that centralizes tracking and analysis of GPS data.

AGRICULTURE

Chinese invest in Russia

JBA Holdings Co Ltd (佳沃北大荒農業控股), a joint venture between Heilongjiang Agriculture Co (黑龍江北大荒農業), Joyvio Group (佳沃集團) and other companies, is to invest US$100 million over three years to build a soybean crusher and grain port in Russia amid a push by Chinese firms to diversify their sources of crop supplies. The venture is to lease 100,000 hectares of farmland in Russia to grow wheat, corn and soybeans, JBA chairman Ren Jianchao (任建超) said in an interview on Tuesday. JBA is also to build storage and a grain port in Zarubino, Russia, that could handle 3 million tonnes of grain a year, he said.

CHEMICALS

Bayer profits down 34.7%

German chemicals and pharmaceuticals giant Bayer AG yesterday reported higher revenues, but lower profits, for the second quarter, in its first financial statement since its mammoth takeover of US-based Monsanto Co. Between April and June — including the weeks between finalizing the Monsanto purchase on June 7 and the end of that month — the group booked net profits of 799 million euros (US$926 million), down 34.7 percent from a year earlier. Revenue increased from 8.7 billion to 9.5 billion euros.

BUSINESS

Theranos to dissolve

The once high flying blood-testing start-up Theranos Inc, accused with cheating investors, will dissolve, the Wall Street Journal reported yesterday. It will seek to pay unsecured creditors its remaining cash in coming months, the Journal said, citing a shareholder e-mail. Theranos founder Elizabeth Holmes settled a shareholder lawsuit in July that was designed to recover whatever can be salvaged from the firm, the paper said.

CHINA

Liquidity reduced by PBOC

The People’s Bank of China (PBOC) last month drained funds from the short-term money market, according to people familiar with the matter, a move that complements efforts to support lending to the real economy. The bank removed 300 billion yuan (US$44 billion) of liquidity in the unannounced repurchase operation, the people said. It also added hundreds of billions of yuan via reverse repurchase agreements and increased the amount of money it lent in the medium-term market.

UNITED KINGDOM

Boom in new car sales

New car registrations last month jumped by an annual 23.1 percent as demand for electric and alternatively fueled vehicles soared by nearly 90 percent, the Society of Motor Manufacturers and Traders (SMMT) said yesterday. Overall new car sales reached 94,094 units last month with a record one in 12 buyers purchasing an electric model, it said. August is typically the second-weakest month for car sales in Britain, the SMMT said.