AUTOMAKERS
GM stock up on job cuts
Shares of General Motors (GM) surged on Wednesday after the company announced big job cuts in Europe and reported third-quarter earnings that were far better than analysts expected. The Detroit company said it has cut 2,300 jobs in Europe this year and wants to trim 300 more, part of a larger plan to reduce costs and raise revenue in the struggling region with new vehicles that are more appealing to buyers. Despite the moves, GM’s net profit fell 14 percent as European losses widened and North American earnings dropped due to falling pension income and higher warranty costs.
ENGINEERING
Samsung wins Mideast deal
South Korea’s Samsung Engineering yesterday said it had won a US$2.48 billion order to build plants in Abu Dhabi. Under the deal signed on Wednesday with the state-owned Abu Dhabi Oil Refining Co, a subsidiary of Abu Dhabi National Oil Co, Samsung will build a carbon black unit and a delayed coker unit in Ruwais, west of Abu Dhabi, by January 2016. When completed, the facilities will be able to produce 40,000 tonnes of carbon black per year and process 30,000 barrels of crude oil a day, Samsung Engineering said.
INDIA
PMI reading steady: HSBC
India’s manufacturing activity held steady last month, as a rise in new export orders offset the impact of power shortages, a private business index said yesterday. The purchasing managers’ index (PMI) from HSBC India Manufacturing stood at 52.9 last month, compared with 52.8 in September. A figure of over 50 indicates growth, while below 50 points to contraction.
INTERNET
Netflix rises on Icahn stake
Netflix shares surged on Wednesday on news that corporate raider Carl Icahn had acquired a stake of nearly 10 percent in the online video giant. A filing with the US Securities and Exchange Commission showed Icahn had acquired about 5.5 million shares, or 9.9 percent, through various investment firms he controls, starting in September. Netflix closed up 13.8 percent at US$79.17.
ENERGY
LNG lifts Shell Q3 earnings
Royal Dutch Shell PLC’s third-quarter profit expanded 2.3 percent after Europe’s biggest oil company generated increased earnings from liquefied natural gas (LNG). Net income rose to US$7.14 billion from US$6.98 billion a year earlier, Shell said in a statement yesterday. Excluding one-time items and inventory changes, profit was US$6.6 billion, beating the US$6.3 billion average estimate of 13 analysts surveyed by Bloomberg. The company said LNG sales gained 4 percent to 4.97 million tonnes from a year ago, mainly reflecting the contribution from the Pluto project in Australia.
TECHNOLOGY
Court taps Micron for Elpida
The Tokyo District Court picked Micron Technology Inc as a buyer for Elpida Memory Inc to revive the bankrupt Japanese chipmaker, dismissing an alternative plan put forward by bondholders. The court said creditors must vote on a reorganization plan that includes the Micron offer by Feb. 26, Elpida said in a statement yesterday. US-based Micron offered ¥200 billion (US$2.5 billion) in July to take over Elpida. Bondholders challenged the deal, calling it “severely detrimental.” The transaction, which is subject to approval by creditors, courts and regulators, is expected to close in the first half of next year, Elpida said.
purpose: Tesla’s CEO sought to meet senior Chinese officials to discuss the rollout of its ‘full self-driving’ software in China and approval to transfer data they had collected Tesla Inc CEO Elon Musk arrived in Beijing yesterday on an unannounced visit, where he is expected to meet senior officials to discuss the rollout of "full self-driving" (FSD) software and permission to transfer data overseas, according to a person with knowledge of the matter. Chinese state media reported that he met Premier Li Qiang (李強) in Beijing, during which Li told Musk that Tesla's development in China could be regarded as a successful example of US-China economic and trade cooperation. Musk confirmed his meeting with the premier yesterday with a post on social media platform X. "Honored to meet with Premier Li
Dutch brewing company Heineken NV on Friday announced an investment of NT$13.5 billion (US$414.62 million) over the next five years in Taiwan. The first multinational brewing company to operate in Taiwan, Heineken made the statement at a ceremony held at its brewery in Pingtung County. It also outlined its efforts to make the brewery “net zero” by 2030. Heineken has been in the Taiwanese market for 20 years, Heineken Taiwan managing director Jeff Wu (吳建甫) said. With strong support from local consumers, the Dutch brewery decided to transition from sales to manufacturing in the country, Wu said. Heineken assumed majority ownership and management rights
ARTIFICIAL INTELLIGENCE: The chipmaker last month raised its capital spending by 28 percent for this year to NT$32 billion from a previous estimate of NT$25 billion Contract chipmaker Powerchip Semiconductor Manufacturing Corp (力積電子) yesterday launched a new 12-inch fab, tapping into advanced chip-on-wafer-on-substrate (CoWoS) packaging technology to support rising demand for artificial intelligence (AI) devices. Powerchip is to offer interposers, one of three parts in CoWoS packaging technology, with shipments scheduled for the second half of this year, Powerchip chairman Frank Huang (黃崇仁) told reporters on the sidelines of a fab inauguration ceremony in the Tongluo Science Park (銅鑼科學園區) in Miaoli County yesterday. “We are working with customers to supply CoWoS-related business, utilizing part of this new fab’s capacity,” Huang said, adding that Powerchip intended to bridge
Microsoft Corp yesterday said that it would create Thailand’s first data center region to boost cloud and artificial intelligence (AI) infrastructure, promising AI training to more than 100,000 people to develop tech. Bangkok is a key economic player in Southeast Asia, but it has lagged behind Indonesia and Singapore when it comes to the tech industry. Thailand has an “incredible opportunity to build a digital-first, AI-powered future,” Microsoft chairman and chief executive officer Satya Nadella said at an event in Bangkok. Data center regions are physical locations that store computing infrastructure, allowing secure and reliable access to cloud platforms. The global embrace of AI