Tue, Mar 28, 2023 page10

• World Business Quick Take

  • Agencies
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  UNITED STATES

  Recession likely: survey

  The country would likely enter a recession this year and face high inflation well into next year, a majority of economists predicted in their response to a semiannual survey. More than two-thirds of respondents to the National Association for Business Economics (NABE) Policy Survey also said they expect inflation to remain above 4 percent at the end of this year. Five percent of respondents said they believe the country is currently in the midst of a recession, “far fewer” than the 19 percent in its previous economic survey, it said. The survey summarized the responses of 217 NABE members, and was conducted between March 2 and March 10, the organization said in a statement.

  SOUTH KOREA

  Construction deals plummet

  Construction deals fell by a record margin last quarter as the property market cooled with rising interest rates weakening demand and inflation fueling costs. The value of contracts nationwide slid 18.4 percent from a year earlier to 66.7 trillion won (US$51.25 billion) with most of the falls in the private sector, the Ministry of Land, Infrastructure and Transport said yesterday in a statement. The year-on-year drop was the biggest for comparable data back to 2015. The lack of construction activity adds to factors weighing on the outlook for the economy after GDP contracted last quarter.

  MANUFACTURING

  Invest Plus to buy IKEA plant

  Russian company Invest Plus yesterday said it had completed a deal to buy IKEA’s largest Russian production asset, its Novgorod factory, more than a year after the Swedish furniture giant first paused its activities in Russia over the war in Ukraine. “The process of concluding the deal was not easy and quite lengthy,” Invest Plus owner Vadim Osipov said in a statement. Brand owner Inter IKEA Group could not be reached for comment before working hours. It has previously said it was selling its four factories in Russia, in Tikhvin, Novgorod and Vyatka.

  PHARMACEUTICALS

  Sun Pharma forecasts drop

  Sun Pharmaceutical Industries Ltd expects revenue to fall as measures taken by India’s top drugmaker to contain an information technology security breach earlier this month affected operations. A ransomware group has claimed responsibility for the incident, which included a breach of some file systems and theft of certain company and personal data, Sun Pharma said in a statement to stock exchanges late on Sunday. It first reported the incident on March 2. While the drugmaker is unable to determine other effects of the breach, including cost to maintain insurance coverage and possibility of litigation, it said there would be expenses linked to the incident.

  CRYPTOCURRENCIES

  A&T partner resigns

  Crypto venture fund A&T Capital said that founding partner Yu Jun (于雋) has resigned, with the company starting an investigation into his behavior in the workplace. Yu, who worked in the firm’s Shanghai office, is under investigation for “personal issues” and he is no longer involved with A&T Capital’s operations, the company said in a statement on Sunday. The company is to conduct a probe into Yu’s behavior and would cooperate with the relevant authorities on the matter, it added. Sexual harassment allegations against Yu emerged online over the past week, sparking widespread conversations among Chinese crypto investors and developers.
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