Coca-Cola, McDonald's say Fifa's Blatter must resign now

World Cup sponsors Coca-Cola and McDonald's said Friday that Fifa head Sepp Blatter should step aside immediately to restore confidence in the scandal-plagued body. 

PHOTO: AFP

OCT 3, 20156:52 AM

[NEW YORK] World Cup sponsors Coca-Cola and McDonald's said Friday that Fifa head Sepp Blatter should step aside immediately to restore confidence in the scandal-plagued body.

In separate statements issued one week after criminal proceedings were launched against Mr Blatter in Switzerland, Coca-Cola and McDonald's said the 79-year-old's position was now untenable.

"For the benefit of the game, The Coca-Cola Company is calling for Fifa President Joseph Blatter to step down immediately so that a credible and sustainable reform process can begin in earnest," soft-drinks giant Coca-Cola said.

"Every day that passes, the image and reputation of Fifa continues to tarnish. Fifa needs comprehensive and urgent reform, and that can only be accomplished through a truly independent approach." Fast-food giant McDonald's echoed Coca-Cola's stance.

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"The events of recent weeks have continued to diminish the reputation of Fifa and public confidence in its leadership," McDonald's said.

"We believe it would be in the best interest of the game for Fifa President Sepp Blatter to step down immediately so that the reform process can proceed with the credibility that is needed."

AFP

    
 

Drone market to hit US$10 billion by 2024: experts 

An Israeli drone flies over the West Bank city of Hebron in this Jun 14, 2014 file photo. 

PHOTO: REUTERS

OCT 3, 20156:46 AM

[LONDON] The market for military drones is expected to almost double by 2024 to beyond US$10 billion, according to a report published Friday by specialist defence publication IHS Jane's Intelligence Review.

"The global defence and security market for Unmanned Aerial Vehicles (UAVs) will expand at 5.5 per cent per year over this decade, from the current figure of US$6.4 billion," according to the analysis.

"Unmanned systems are here to stay," said Derrick Maple, principal analyst on unmanned systems for the London-based group.

"These systems are well established, combat proven and are an essential and expanding element of future operations across the globe." Israel was the top exporter of UAVs last year, but is set to be overtaken by the United States through sales of General Atomics Predator series and Northrop Grumman Global Hawk, said the report.

Western Europe is forecast to reach US$1.3 billion in sales by 2024 as it seeks to reduce its reliance on US and Israeli imports, it added.

However, it also faces competition from China, Russia, India, South Korea and Japan - whose combined sales are predicted to reach US$3.4 billion by 2024.

The market is being driven by demand for new technology and different ways of using UAVs, according to Jane's.

"Operators are now moving to expand their mission sets beyond visual surveillance and reconnaissance, and are introducing sophisticated intelligence and electronic warfare systems, as well as a wider range of munitions," said Huw Williams, unmanned systems editor for IHS Jane's.

"As technology matures, we are set to see Unmanned Combat Air Vehicles (UCAVs) come in to service," he added.

"These will feature 'stealthy' characteristics and advanced payloads and weaponry. They will operate alongside manned aircraft and eventually even replace them in many roles." Drones were used extensively by the US military during its operations in Afghanistan, but have since been increasingly used in civil applications.

AFP

      

Google morphs into Alphabet as new plan takes shape

Google announced that its new corporate structure was to be effective Friday, with shares of "Alphabet" parent company hitting the stock market on Monday Alphabet - the new parent of the Google search unit and a variety of other separate technology divisions - will trade under the old GOOG and GOOGL symbols on the Nasdaq exchange, according to the California-based firm. 

PHOTO: AFP

OCT 3, 20156:59 AM

[SAN FRANCISCO] Google announced that its new corporate structure was to be effective Friday, with shares of "Alphabet" parent company hitting the stock market on Monday Alphabet - the new parent of the Google search unit and a variety of other separate technology divisions - will trade under the old GOOG and GOOGL symbols on the Nasdaq exchange, according to the California-based firm.

Google in August announced its plan to reshape under newly formed parent.

The move gives the tech giant more ability to focus on its core business, while offering startup-like flexibility to long shot, trailblazing projects.

Alphabet will be the corporate parent, overseeing the Google unit for search and a handful of other operating firms created for projects in health, Internet delivery, investment and research.

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While Google is best known as the dominant player in Internet search, it has launched a variety of projects in recent years that are marginally related at best to its core operation.

The projects include self-driving cars, Google Glass, Internet balloons, drones, health care, Google TV, mobile payments, home automation and its Google+ social network, among others, none of which have become successful.

Chief executive Larry Page will would hold the same position at the new parent group, with executive chairman Eric Schmidt doing the same.

The Google unit, to be headed by current company vice president Sundar Pichai, will include search, ads, maps, YouTube, Android and related technology infrastructure.

AFP

    
 

Oil prices rebound after drop in US rig count

Oil prices reversed losses Friday after a tumble in US drilling raised hopes of lower production to ease the global oversupply, outweighing a badly disappointing US jobs report. 

PHOTO: REUTERS

OCT 3, 20156:55 AM

[NEW YORK] Oil prices reversed losses Friday after a tumble in US drilling raised hopes of lower production to ease the global oversupply, outweighing a badly disappointing US jobs report.

US benchmark West Texas Intermediate for delivery in November delivery rose 80 cents to US$45.54 a barrel on the New York Mercantile Exchange.

Brent North Sea crude for November, the global benchmark, closed at US$48.13 a barrel in London, up 44 cents from Thursday's settlement.

Oil prices had not benefited earlier from the drop in the dollar after an unexpectedly bleak US September jobs report.

Typically, a weaker US currency makes dollar-priced crude oil more attractive to buyers, boosting demand.

But the jobs data suggested the US economy was being impacted by the China-driven global slowdown and market volatility, adding to worries about softer oil demand growth amid the long-running glut.

The market, which had been trading lower after the jobs data, reversed losses on news that explorers in the US had sharply cut back on drilling.

The closely watched Baker Hughes US oil rig count fell by 26 to 614 rigs this week.

"We saw the oil market turn around on that news," said Andy Lipow of Lipow Oil Associates, calling it a "significant decline" in the production indicator.

"The market expects that oil production will continue to decline and as a result demand will eventually catch up with the oversupply situation." But for the months ahead, the outlook was bearish.

"We're going to remain under pressure for quite some time, particularly in the next six months as refiners are entering maintenance season and demand declines," Mr Lipow said.

The disappointing US jobs report only added to the uncertainty hanging over the market.

Fawad Razaqzada, analyst at trading group Gain Capital, said that "investors are clearly now worried about weakening economic growth." "With China already struggling and growth remaining lackluster in Europe, future demand for oil may not be as strong as had been previously anticipated," he told AFP.

AFP

    
 

Gold shines as weak US jobs data dents rate hike hopes

Gold jumped more than 2 per cent on Friday and silver surged over 5 per cent for its best day this year as weaker-than-expected US jobs data dented expectations the US Federal Reserve will raise interest rates this year, triggering short-covering. 

PHOTO: REUTERS

OCT 3, 20157:01 AM

[NEW YORK] Gold jumped more than 2 per cent on Friday and silver surged over 5 per cent for its best day this year as weaker-than-expected US jobs data dented expectations the US Federal Reserve will raise interest rates this year, triggering short-covering.

Investors raced to cover bearish short bets and some put on new longs after US Labor Department data showed payrolls outside of farming rose by 142,000 last month, much lower than the 203,000 expected.

The data lifted prices off two-week lows, fueling concerns that a China-led global economic slowdown is sapping US economic strength and reinvigorating the moribund bullion market that had been rangebound for months.

Traders had braced for a long-expected US rate hike, the first in almost a decade, later this year, which could hurt demand for non-interest-paying gold while boosting the dollar. "Today could be a game-changer, because nobody expected this sort of a jobs report," said George Gero, precious metals strategist for RBC Capital Markets in New York.

Turnover in December futures in the half-hour after the release pierced 4.8 million ounces, worth about US$5.5 billion, the highest for a 30-minute period in over a year.

While much of the volume was likely due to short-covering,"some people are starting to dip their toes in for long positioning too (for a rate hike)," said Bart Melek, head of commodity strategy for TD Securities in Toronto.

Spot gold was up 2.1 per cent at US$1,136.40 an ounce at 2:58 pm EDT (1858 GMT), after rising 2.5 per cent to a session high of US$1,141.50. US December gold futures settled up US$22.90 an ounce, or 2 per cent, at $1,136.60.

Prices were down 0.8 per cent on the week.

Decent volume in November and December put options, which give the holder the right to sell at a strike price of US$1,100 an ounce, suggested investors were protecting their downside risk and hedging their new long futures positions, traders said.

Silver jumped 5.6 per cent to US$15.27 an ounce, hitting two-week highs for its biggest one-day gain since December.

US stock markets rebounded from early losses after the poorer-than-expected US jobs numbers, while the dollar fell to a two-week low against the euro.

Among other precious metals, platinum recovered to US$905.24 an ounce, up 0.6 per cent, after slumping to US$888, its lowest since December 2008.

Palladium was up 3.3 per cent at US$695.97 an ounce, just off three-month highs at US$697.

REUTERS