Wed, May 17, 2023 page10

• World Business Quick Take

  • Agencies
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  UNITED KINGDOM

  Unemployment rises further

  Unemployment rose further in the three months to the end of March, official data showed yesterday, as elevated inflation weighs on the jobs market. The rate increased to 3.9 percent from 3.8 percent in the three months to the end of February, the Office for National Statistics said in a statement. Meanwhile, wage growth accelerated in the first quarter, suggesting that there are no convincing signs of an easing in the inflation pressures worrying the Bank of England. Average earnings excluding bonuses rose 6.7 percent in the first three months compared with a year earlier, the statistics office said.

  ARGENTINA

  Central bank raises rates

  The central bank on Monday hiked its base interest rate six points to 97 percent as the government prepares to announce a spate of measures to tackle soaring inflation ahead of October’s general election. It is the second time in less than a month that the bank has ramped up interest rates as year-on-year inflation reached almost 109 percent last month. Inflation hit its highest level in three decades last year, finishing the year at 94.8 percent. However, it has kept on climbing. The cost of living has risen by 31 percent since Jan. 1.

  TECHNOLOGY

  X Corp buys Laskie

  Elon Musk’s X Corp, the parent company of Twitter Inc, has made its first acquisition: a tech talent recruiting service called Laskie, a person familiar with the matter said. The deal, which was part-equity and part-cash, recently closed, the person said. The company matches tech talent with potential employers, saying on its Web site that its tool can “confirm mutual interest, set clear expectations and give visibility into the hiring process.” The acquisition marks one of the billionaire’s first major initiatives since he bought the social media service for US$44 billion in October last year. It is unclear how Musk plans to integrate Laskie into his holding company. As of Monday, its Web site displayed a message that “the Laskie platform is no longer available.”

  METALS

  India gold imports plunge

  India’s gold imports last month plunged 45 percent from a year earlier to a three-month low as a rally in local prices to a record high curtailed demand during a key festival, a government source said yesterday. The country imported 16 tonnes of gold last month, compared with 29 tonnes a year earlier, the source said on condition of anonymity, as he is not authorized to speak to the media. The average monthly imports last month in the past decade were about 71 tonnes.

  CONGLOMERATES

  Philips tests recalled devices

  Royal Philips NV said new tests on its recalled sleep apnea products showed the vast majority of the devices are unlikely to cause considerable health damage to patients. Tests show being exposed to degraded foam in 95 percent of the breathing apparatuses is “unlikely to result in an appreciable harm to health in patients,” the Netherlands-based health company said yesterday. Philips initiated its first recall of potentially faulty sleep apnea products in June 2021, with the US Food and Drug Administration also labeling those as a Class 1 issue, or the most serious type. The company has set aside about 1 billion euros (US$1.11 billion) for the recall of about 5.5 million devices globally and booked additional provisions of 575 million euros as part of a planned settlement in the US to compensate users.
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