China maintains printing ban
Beijing officials have decided against lifting its ban on printing foreign newspapers in China, a Hong Kong newspaper yesterday quoted a senior official as saying. The government studied the possibility of allowing foreign papers to print in China, but decided against doing so for now, an official at the General Administration of Press and Publication told the South China Morning Post. Newspapers such as the Asian Wall Street Journal, International Herald Tribune and Financial Times are sold in Beijing and other Chinese cities, but they must be printed in Hong Kong or elsewhere and shipped to the mainland, reducing their appeal to subscribers. Those sent from Hong Kong usually arrive the evening of the day they are published. The official said, however, that his agency was considering letting Hong Kong companies take a majority stake in Chinese publishing ventures.
Fed head warns lawmakers
US Federal Reserve Chairman Ben Bernanke cautioned lawmakers to avoid the temptation to impose protectionist trade policies as the US grapples with fierce competition from globalization. "Further progress in global economic integration should not be taken for granted," Bernanke told an economics conference that explored the forces of globalization. "Geopolitical concerns, including international tensions and the risks of terrorism, already constrain the pace of worldwide economic integration and may do so even more in the future," he told the gathering organized by the Federal Reserve Bank of Kansas City.
Chavez pledges oil to China
Venezuela will boost its oil output to more than 5 million barrels per day (bpd) in 2012 and will seek new clients to lessen its dependence on the US, Venezuelan President Hugo Chavez said on Friday. "Venezuela has the biggest oil reserves in the world. We have begun a new expansion phase in our oil production ... which should bring output to more than five million barrels a day in 2012," Chavez told reporters inn Beijing. "The increase is significant. We're going to nearly double current production in the first few years of the next decade, beyond 2012," he added, noting that a large chunk of the new output would go to China. "Of these new 2.5 million [barrels], a million of them will go to China," he told reporters. "Venezuela has always sent oil to the United States. In fact, Venezuela was an American colony, but that's over. We are free now, though that's been a bit difficult," Chavez said, noting however that exports to the US had not dropped.
■ Airline Industry
Northwest strike blocked
A US federal judge blocked Northwest Airlines flight attendants from going on strike on Friday, handing a victory to the airline just hours before a planned strike action that could have devastated the cash-strapped company. US District Judge Victor Marrero said he would issue an injunction to allow time for him to examine the case. He said Northwest Airlines Corp made a "persuasive case" that a delay in any strike was necessary so that the legal issues could be resolved. He said that while the injury to flight attendants would be to delay their ability to strike, "far greater injuries exist to Northwest and the public by permitting the strike to commence at this point." The flight attendants had planned to launch unannounced, sporadic walkouts yesterday. Northwest, already operating under bankruptcy protection, has said a strike could kill it.
Polytronics Technology Corp (聚鼎科技) yesterday announced that it is buying Henkel AG’s thermal clad dielectric material (TCLAD) business division for US$26 million as the Taiwanese firm aims to improve its technology, product portfolio and revenue performance. Polytronics, headquartered in the Hsinchu Science Park (新竹科學園區), is a supplier of protection components and heat dissipation materials. The firm entered the metallic heat-dissipation substrate market in 2007 and developed a unique solventless production process. Its board of directors approved signing an agreement with Henkel to acquire the German chemical firm’s TCLAD division in the US. The purchase includes all assets and business interests, including equipment,
‘SENSITIVE MARKETS’: The previously unannounced project would involve the company handing over control of data to a third party to sidestep privacy concerns Google has abandoned plans to offer a major new cloud service in China and other politically sensitive countries due in part to concerns over geopolitical tensions and the COVID-19 pandemic, two employees familiar with the matter said, revealing the challenges for US tech giants to secure business in those markets. In May, the search giant shut down the initiative, known as “Isolated Region” and which sought to address nations’ desires to control data within their borders, the employees said. The action was considered a “massive strategy shift,” said one of the employees, who added that Isolated Region had involved hundreds of employees
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday posted monthly revenue that suggested second-quarter sales surpassed analysts’ estimates, underscoring how its technological lead is helping the chipmaker weather the COVID-19 pandemic and US sanctions on its second-biggest customer Huawei Technologies Co (華為). Apple Inc’s main iPhone chipmaker posted sales of NT$120.88 billion (US$4.08 billion) for last month, up 40.8 percent year-on-year and bringing its revenue for the second quarter to NT$310.7 billion, beating the NT$308.8 billion analysts expected on average. TSMC, a barometer for the industry thanks to its heft in the global supply chain, had previously lowered its revenue outlook for this
‘POSITIVE EFFECT’: Phison this year began shipping SSDs to Japan’s largest pachinko maker, which uses the components in its machines featuring high-resolution graphics Phison Electronics Corp (群聯電子), a designer of NAND flash memory controllers and modules, yesterday reported that revenue last quarter grew 11 percent from a year earlier on the back of new orders from Japan’s largest pachinko maker. Revenue last quarter expanded to NT$10.86 billion (US$366.82 million) from NT$9.79 billion a year earlier, Phison said. However, on a quarterly basis, revenue slumped 15.62 percent from NT$12.87 billion, it said. The Miaoli-based company said that it is benefiting from growing demand for solid-state drives (SSDs) used in devices beyond computers, which is stimulating growth for the NAND flash memory industry. Pachinko machines are one