Fri, Apr 25, 2014 page15

• World Business Quick Take

  • Agencies
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  ECONOMY

  Shanghai to allow exchanges

  Shanghai will allow exchanges for iron ore, metals and energy in its free-trade zone as China pushes for more influence in pricing of raw materials and developing the yuan as an international currency. Baosteel Group Corp (寶鋼集團) and Shanghai Ganglian E-Commerce Holdings Co (上海鋼聯電子商務), owner of China’s largest steel researcher Mysteel.com, are among eight companies with approval to set up exchanges in the zone, Shanghai Ganglian board secretary Hu Xiaochun (胡曉純) said. Baosteel is working with the Shanghai government and its partners to set up an iron ore exchange in the zone, spokesman Alex He said.

  NEW ZEALAND

  Interest rates lifted again

  The central bank lifted interest rates for the second time in as many months yesterday, saying it was necessary to contain inflation as an economic recovery gains momentum. The Reserve Bank of New Zealand raised the official cash rate 0.25 points to 3 percent in a move that was widely anticipated by market watchers, who predict rates will hit 4.5 percent by the end of next year.

  SPAIN

  Fast growth rate reported

  The economy grew at the fastest pace in six years in the first quarter of this year, the central bank said yesterday in a preliminary estimate. Available data indicated that economic output climbed by 0.4 percent on a quarterly basis in the first quarter, the largest expansion since a decade-long property boom imploded in 2008, the Bank of Spain said.

  GERMANY

  Confidence rebounds

  Business confidence has rebounded after dipping amid fears about the possible economic impact of the crisis in Ukraine. The Ifo institute yesterday said that its closely watched monthly confidence survey increased to 111.2 points this month from 110.7 last month. The rise was prompted by an improvement in companies’ outlook for the next six months.

  CUBA

  Moody’s cuts credit rating

  Moody’s on Wednesday cut the nation’s credit rating by one notch, citing its vulnerability to a shock rise in fuel costs arising from turmoil in supplier Venezuela. Moody’s also cited the risk of a rocky political transition in the Caribbean island in the wake of the Castro regime as it cut the rating to “Caa2” from “Caa1,” well into “speculative” territory for debt.

  PHARMACEUTICALS

  Novartis posts profit rise

  Swiss pharmaceutical company Novartis AG has reported a 24 percent increase in profit for the first quarter, helped by selling parts of its business that were less profitable. The Basel, Switzerland-based company says its net profit rose to nearly US$2.97 billion, up from US$2.42 billion in the period last year, driven by strong sales, key drug approvals and growth in emerging markets.

  GAMING

  Zynga founder steps down

  Online game maker Zynga’s founder, Mark Pincus, is stepping down as chief product officer, less than a year after he was replaced as the company’s CEO, as the company’s sales slide. Zynga said on Wednesday that Pincus will remain chairman of the company he founded in 2007. Including charges connected to job cuts and the closure of some data centers, Zynga said it lost US$61.2 million, or US$0.7 per share, in the first quarter. Revenue continued to decline, dropping 36 percent to US$168 million.
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