■SHIPPING
Eergreen staying in south
Evergreen Marine Corp (長榮海運), Asia’s largest container shipper, last night denied a report that it would not renew a lease for a dock at Kaohsiung Port. The Chinese-language Commercial Times said yesterday that Evergreen was planning to follow Danish shipper AP Moeller-Maersk A/S, which earlier this month decided to stop leasing a dock in Kaohsiung a year earlier than scheduled. The report also said Evergreen might halt operations in Kaohsiung and instead launch services at a container wharf at Taipei Port, which is partly invested by the container shipping firm.
■STOCK EXCHANGES
Taiwan to host global meet
Taiwan Stock Exchange Corp (TWSE, 台灣證交所) has won the right to host the 52nd World Federation of Exchanges (WFE) Annual Conference in 2012 to promote cooperation among regulated exchanges worldwide, a TWSE executive said on Friday. To boost its international profile, TWSE will invite leaders from 103 stock, futures and options exchanges around the world with connections to the WFE to attend the meeting, the executive said.
■CURRENCY
Japan to limit margin trade
Japan’s Financial Services Agency said it planned to limit foreign exchange margin trades to 25 times the amount of cash used for transactions by 2011. An initial limit of 50-to-1 will be set as early as next year and lowered to 25 the next year, the agency said on its Web site on Friday.
■HONG KONG
Economy to recover: official
Hong Kong Financial Secretary John Tsang (曾俊華) said in an e-mailed statement yesterday that the territory’s economy could recover this year, reversing a forecast of a 6.5 percent contraction. Hong Kong announced US$2.2 billion in tax cuts, fee waivers and spending to shield the public from a recession.
■TRADE
Guangdong trade plunges
Guangdong Province, a manufacturing hub heavily dependent on exports, reported an 18.1 percent year-on-year drop in foreign trade last month, China’s Xinhua News Agency said, citing the provincial statistics bureau. However, the total of US$47.14 billion represented a 5.2 percent rise from March, indicating signs of a recovery, Xinhua said. The province attracted US$1.64 billion in foreign direct investment, up 7.2 percent from a year earlier, it said.
■TELECOMS
Judge rules against Qwest
A federal judge has approved a class-action settlement of Qwest shareholders’ claims against former executives of the telecommunications company. An order signed on Wednesday approves a US$45 million settlement of claims against former Qwest Communications International Inc CEO Joe Nacchio and former chief financial officer Robert Woodruff. The order makes effective an earlier US$400 million settlement with Qwest.
■NETWORKING
Cisco warns on earnings
US computer networking gear maker Cisco Systems Inc said on Friday that earnings per share in the current quarter would be US$0.02 to US$0.03 lower owing to a tax-related charge. Cisco said in a Securities and Exchange Commission filing that the US Court of Appeals for the Ninth Circuit changes the company’s tax treatment of certain stock option expenses before 2005. In the filing, Cisco said it would record a charge of US$130 million in the quarter.
Jensen Huang (黃仁勳), founder and CEO of US-based artificial intelligence chip designer Nvidia Corp and Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) on Friday celebrated the first Nvidia Blackwell wafer produced on US soil. Huang visited TSMC’s advanced wafer fab in the US state of Arizona and joined the Taiwanese chipmaker’s executives to witness the efforts to “build the infrastructure that powers the world’s AI factories, right here in America,” Nvidia said in a statement. At the event, Huang joined Y.L. Wang (王英郎), vice president of operations at TSMC, in signing their names on the Blackwell wafer to
France cannot afford to ignore the third credit-rating reduction in less than a year, French Minister of Finance Roland Lescure said. “Three agencies have downgraded us and we can’t ignore this cloud,” he told Franceinfo on Saturday, speaking just hours after S&P lowered his country’s credit rating to “A+” from “AA-” in an unscheduled move. “Fundamentally, it’s an additional cloud to a weather forecast that was already pretty gray. It’s a call for lucidity and responsibility,” he said, adding that this is “a call to be serious.” The credit assessor’s move means France has lost its double-A rating at two of the
AI BOOST: Although Taiwan’s reliance on Chinese rare earth elements is limited, it could face indirect impacts from supply issues and price volatility, an economist said DBS Bank Ltd (星展銀行) has sharply raised its forecast for Taiwan’s economic growth this year to 5.6 percent, citing stronger-than-expected exports and investment linked to artificial intelligence (AI), as it said that the current momentum could peak soon. The acceleration of the global AI race has fueled a surge in Taiwan’s AI-related capital spending and exports of information and communications technology (ICT) products, which have been key drivers of growth this year. “We have revised our GDP forecast for Taiwan upward to 5.6 percent from 4 percent, an upgrade that mainly reflects stronger-than-expected AI-related exports and investment in the third
RARE EARTHS: The call between the US Treasury Secretary and his Chinese counterpart came as Washington sought to rally G7 partners in response to China’s export controls China and the US on Saturday agreed to conduct another round of trade negotiations in the coming week, as the world’s two biggest economies seek to avoid another damaging tit-for-tat tariff battle. Beijing last week announced sweeping controls on the critical rare earths industry, prompting US President Donald Trump to threaten 100 percent tariffs on imports from China in retaliation. Trump had also threatened to cancel his expected meeting with Chinese President Xi Jinping (習近平) in South Korea later this month on the sidelines of the APEC summit. In the latest indication of efforts to resolve their dispute, Chinese state media reported that
RSS