Tehran looks to China trade
Official news agency IRNA says President Mahmoud Ahmadinejad has called for a quick increase in trade with China to US$100 billion a year. The agency says current trade between the two countries is worth about US$30 billion. Tehran turned to China after the West imposed economic sanctions over its suspected nuclear weapons program, which it says has a strictly peaceful purpose. Ahmadinejad spoke after a meeting on Saturday with He Guoqiang (賀國強), a member of the Chinese Communist Party’s Politburo Standing Committee. The president said he hoped the new trade goal would be reached quickly, but did not give a time frame. IRNA says the two countries signed agreements worth US$4 billion in mining, energy and other areas.
BSB mulls Murdoch future
British Sky Broadcasting Group Plc, Britain’s largest pay-TV provider, will discuss the future of its chairman James Murdoch with investors, the Sunday Times reported, without saying where it got the information. The company’s independent directors will consult with shareholders over the next 10 days about whether Murdoch should continue as chairman, the newspaper said. Discussions will be led by Nick Ferguson, chairman of SVG Capital, according to the report.
Bailout flexibility needed
The nation’s bailout package should be made more flexible to speed up its recovery and ensure its return to debt markets, Europe’s top economics official said in an opinion piece in a local newspaper. In an article published in the Sunday Business Post, Olli Rehn called for the interest rates on Ireland’s loans and the maturity of the debt to be lengthened. Last week, Moody’s downgraded Ireland’s credit rating to junk status on concerns it would need a second bailout when the current rescue package runs out in 2013 and private investors would likely have to take a “haircut” in a second rescue package.
Gillard upbeat on economy
Prime Minister Julia Gillard said yesterday that she was confident the resources-led economy would remain strong, pointing to solid Asian growth despite uncertainty in the US and Europe. Consumer sentiment has plunged to levels not seen since the heady days of the global financial crisis, while Gillard’s plan to place a price on carbon is also thought to have rattled consumers. “There are some signs of increased risks from Europe and the United States,” Gillard said, adding that Australians were cautious about spending after the global slump and natural disasters in New Zealand and Japan. Gillard, whose center-left Labor government has plunged to record lows in polls, said the Chinese economy was growing strongly and the nation had a good budget position and low unemployment.
‘Deficit under control’: Prodi
Former prime minister Romano Prodi said the deficit “is under control.” Rome’s austerity plan “will calm the markets,” he told Sky News Sunday. “From a macroeconomic point of view there was nothing new in Italy.” The political reaction to rising Italian bond yields was “unexpectedly quick, and the markets’ reaction will take account of this decision,” Prodi said.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion
‘ONE-STOCK SHOW’: Turnover hit an all-time high as TSMC continued to determine the local market’s direction and surpassed Visa in market capitalization The TAIEX early yesterday hit an all-time intraday high on the back of soaring Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) shares, before tumbling back to the previous day’s close as the contract chipmaker could not single-handedly prop up the index. The TAIEX rose more than 400 points in the first 20 minutes of trading to hit a record 13,031.7 points, but later pared its gains to close down 0.01 percent at 12,586.73. Turnover was NT$343.252 billion (US$11.63 billion), the highest in the Taiwan Stock Exchange’s history. TSMC continued to dictate the market’s direction, as its early surge by the daily
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for