Wed, Dec 31, 2014 page15

• World Business Quick Take

  • Agencies
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  ECONOMY

  Seoul sets surplus record

  South Korea’s current account surplus rose to a monthly record last month as slumping oil prices slashed the value of imports, South Korean data showed yesterday. The preliminary figure of US$11.4 billion shattered the previous monthly record of US$11.1 billion set in October last year, according to data from the Bank of Korea. The current account — the broadest measure of foreign trade in goods and services — has been in the black for two years and nine months. The nation has racked up a current account surplus of US$81.9 billion this year and is on course to meet or exceed the central bank’s target surplus of US$84 billion for this year — an annual record.

  ECONOMY

  Brazil to miss fiscal target

  After enduring a fourth year of low growth, Brazil will miss its fiscal target for this year by a wide margin, its central bank said on Monday. Last month, the world’s No. 7 economy’s public sector primary fiscal balance — a deficit of 8.1 billion reais (US$3.1 billion) — was worse than forecast and the worst November on record. The nation’s accumulated January-to-November deficit hit 19.642 billion reais, with growth forecast barely to creep above zero this year. Incoming Brazilian Minister of Finance Joaquim Levy on Monday said that the government had targeted a primary fiscal surplus for the year of 0.2 percent of GDP — about 10 billion reais.

  ECONOMY

  Argentine growth declines

  Argentina’s economy contracted 0.8 percent late this year, amid weaker industrial output and weaker exports, authorities said on Monday. The negative growth in the last four months of the year continued a downward trend after a 0.8 percent rise in the first four months, followed by stagnation in the second four, Argentina’s Statistics and Census Office said. The IMF said earlier this month that the nation, censured for failing to meet IMF statistical quality standards, was making progress in improving its data, but more was needed.

  TRADE

  Beijing to speed Gulf talks

  China’s government will speed up free-trade talks with six nations on the Arabian Peninsula and begin trade negotiations with Israel next year, Chinese media outlets said yesterday, as Beijing accelerates efforts to sign such agreements. Beijing and members of the Cooperation Council for the Arab States of the Gulf — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates — started free-trade talks in 2004, and a deal is expected to help China cut costs on energy imports from the region, the China Daily newspaper said. China inked major free-trade agreements with Australia and South Korea this year.

  MERGERS

  Alliance Boots bid backed

  Shareholders in US pharmacy chain Walgreens Co on Monday approved a US$16 billion takeover of European rival Alliance Boots GmbH that creates a global leader in the pharmacy business. Walgreens said that 97 percent of its shareholders approved its acquisition of the remaining 55 percent of Alliance Boots that it does not currently own. Walgreens has more than 8,200 US stores. The combined company is to have more than 11,000 stores in 10 nations. The wholesale operations will have a presence in about 20 countries.
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