Page 9 - The Economist20171214

The Economist December 16th 2017 The world this week 9

Business Cobalt price which it promised to beefup company pulled most ofits
its compliance with anti-
business from China in 2010
money-launderinglaws and ratherthan bow to the authori-
$’000 per tonne
The Federal Reserve lifted the sanctions. Prosecutors will ties on censorship and privacy
80
range forits benchmarkin- drop charges that were de- issues. The government has
terest rate by a quarterof a 60 ferred in a case relatingto made backingAI technologies
percentage point to between 40 Mexican drugmoney laun- a national priority to ensure
1.25% and 1.5%, the third rise dered through the bank, which China becomes a world leader
this year. Data showingthat 20 was fined $1.9bn. in the field.
228,000 jobs had been created 0
in November, which was more 2016 2017 Disney agreed to buy the People flyingdrones forfun in
than had been expected, Source: Thomson Reuters entertainment assets ofRupert America will have to register
underlined the robustness of Glencore is to double its pro- Murdoch’s 21st CenturyFox theirtoys with the Federal
the American economy, seal- duction ofcobalt, an impor- for$66bn. Those include the Aviation Administration after
ingthe decision. The rate- tant element in the batteries film studio behind “Avatar” as all. Ajudge had thrown out the
setters’ median forecast was that are poweringthe electric- well as TV businesses such as requirement, findingthat the
foranotherthree quarter-point carrevolution. The mining Sky in Britain. MrMurdoch still FAA didn’t have the authority
rises in 2018. It was Janet firm is increasingoutput from retains control ofhis newspa- to implement it. But the rule
Yellen’s last meetingas chair- its Katanga mine in the Demo- perand publishingempire. was inserted into a defence bill
man ofthe Fed. Jerome Powell cratic Republic ofCongo, to that was signed into law this
takes overwhen Ms Yellen’s over30,000 tonnes a yearby Shopping paradise week. Drones weighingas little
term expires in February. 2019. That will leave it control- There was more consolidation as 250 grammes will have to be
lingabout 40% ofthe world’s in the shopping-mall industry, registered and display an ID.
A red-faced letter day cobalt supplies. as Unibail-Rodamco offered
Inflation in Britain rose to 3.1% to buy Westfield in a deal Perfect harmony
forthe 12 months to Novem- ExxonMobil said it would valued at $24.7bn. Unibail, Shazam, a British startup, was
ber; in the same month last begin publishingestimates of Europe’s largest commercial- bought by Apple, reportedly
yearthe figure was just1.2%. the effects to its business from property company, counts the for$400m. Shazam developed
Increases in the price oftran- climate change and policies Forum des Halles in Paris one ofthe world’s most pop-
sport and food partly ex- meant to fight it, a bigwin for amongits assets. Westfield ularapps, which recognises
plained the jump, which tight- the more than 60% ofshare- owns swanky shoppingmalls music played on any speaker
ens the squeeze on household holders who passed a motion across America and two in and forwards the songtitle and
budgets. Data on the labour in May askingthe company to London. Its brand is building artist to the user, and links the
market were mixed. They disclose the risks it faces from urban malls as destinations for userto Apple Music and other
showed that the unemploy- global warming. Exxon had entertainment and food as streamingsites. It has spawned
ment rate of4.3% was the resisted the move foryears. well as shops. a TV show in America where
lowest since 1975; the number contestants compete with
ofpeople aged 16 to 64 not HSBC fulfilled its commit- Google announced that it Shazam to name that tune.
seekingworkincreased. ments underan agreement would open a centre in Beijing
struckwith America’s Depart- dedicated to research into Other economic data and news
Turkey’s economy grew by ment ofJustice in 2012, under artificial intelligence. The can be found on pages 80-81
11.1% in the third quartercom-
pared with the same quarter
last year, when the country
was reelingfrom the aftermath
ofan attempted coup. The
rebound has been driven by
government stimulus, in-
cludingan expansion ofcredit
to small firms. GDP forthe year
is expected to be around 7%,
which would make Turkey the
best performerin the OECD.

Ahub in Austria that imports
gas forEuropean countries
was shut down afteran explo-
sion. Italy, the hub’s biggest
customer, declared a state of
emergency. Meanwhile the
Forties Pipeline, which pro-
vides Britain with 40% ofits oil
and gas from the North Sea,
was turned offaftera crack
was found. The setbacks to
supplies came as temperatures
plunged below freezing. Gas
prices soared.