STEEL
Tata optimistic despite EU
Tata Steel forecast improving global demand in spite of European woes, as the world’s No.7 steelmaker reported a bigger-than-expected drop in quarterly profit after being squeezed by weak prices, lower volume and higher input costs. The company, whose European operations account for two-thirds of its global capacity of about 28 million tonnes, reported that consolidated net profit for its fiscal fourth quarter plunged 90 percent. In the same period last year, a one-off gain had boosted earnings. “We expect global steel consumption to improve but production may dip again,” finance chief Koushik Chatterjee said. “Steel demand in emerging countries like India and China is growing, but in Europe it is expected to drop.”
TECHNOLOGY
Yahoo mulls Alibaba sale
Yahoo! Inc. may sell half of its 40 percent stake in Alibaba Group Holding Ltd (阿里巴巴集團) back to the Chinese Internet company for US$7 billion and consider a dividend payment, AllThingsD Web site reported. The deal values China’s biggest e-commerce operator at US$35 billion, and the closely held company is in the midst of raising funds to buy back the stake, the technology blog site reported today. Yahoo’s board is meeting today to review the transaction, it said. Alibaba stepped up efforts to repurchase stock held by Yahoo in September, when the US company fired former chief executive officer Carol Bartz, who opposed a transaction. Yahoo board member Daniel Loeb is expected to approve the transaction with Alibaba, according to the AllThingsD report.
FINANCE
EBRD elects UK president
European Bank for Reconstruction and Development (EBRD) shareholders on Friday elected senior civil servant Suma Chakrabarti as the bank’s first British president, in a process lauded for its open selection. Chakrabarti replaces Germany’s Thomas Mirow, president since 2008. Previous EBRD presidents have always been French or German. Chakrabarti, who was elected for a four-year term, is currently permanent secretary — the most senior civil servant — at Britain’s Ministry of Justice. He previously ran Britain’s Department for International Development where he worked closely with economies undergoing substantial reform in eastern Europe, the former Soviet Union and the Middle East and North Africa. “The success of a British candidate to lead this important European institution shows the strength of and support for Britain’s influence in Europe and around the world,” British Chancellor of the Exchequer George Osborne said.
POLITICS
Ireland says no second vote
Ireland’s government denied on Friday that it would stage a second referendum if voters decide this month to reject the EU fiscal treaty, as has happened the last two times the Irish put a complex EU pact to their people. Government leaders scrambled to limit damage to their campaign for a yes vote after Enterprise Minister Richard Bruton appeared to suggest that the treaty must be ratified even if that meant telling uncooperative Irish voters to try again. That is exactly what happened when voters rejected the EU’s previous two treaties in 2001 and 2008, leading to the widely held view that the Irish governments will not take no for an answer when it comes to European accords. Rejecting the treaty in the May 31 referendum could box the country into a cash-flow crisis.
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”
Sales in the retail, and food and beverage sectors last month continued to rise, increasing 0.7 percent and 13.6 percent respectively from a year earlier, setting record highs for the month of March, the Ministry of Economic Affairs said yesterday. Sales in the wholesale sector also grew last month by 4.6 annually, mainly due to the business opportunities for emerging applications related to artificial intelligence (AI) and high-performance computing technologies, the ministry said in a report. The ministry forecast that retail, and food and beverage sales this month would retain their growth momentum as the former would benefit from Tomb Sweeping Day
Thousands of parents in Singapore are furious after a Cordlife Group Ltd (康盛人生集團), a major operator of cord blood banks in Asia, irreparably damaged their children’s samples through improper handling, with some now pursuing legal action. The ongoing case, one of the worst to hit the largely untested industry, has renewed concerns over companies marketing themselves to anxious parents with mostly unproven assurances. This has implications across the region, given Cordlife’s operations in Hong Kong, Macau, Indonesia, the Philippines and India. The parents paid for years to have their infants’ cord blood stored, with the understanding that the stem cells they contained