SOUTH KOREA
Industrial output inches up
Industrial output showed a minor expansion for the second month running in October, inching up 0.6 percent from a month earlier, government data showed yesterday. October’s growth in production in the mining, manufacturing, gas and electricity industries was slightly slower than the revised 0.7 percent rise in September, according to Statistics Korea. The back-to-back growth came after Asia’s fourth-largest economy logged three consecutive months of declines in factory output from June-August. On a year-on-year basis, the October reading was down 0.8 percent, compared with a 0.7 percent rise in September.
UNITED STATES
Growth likely to fade
The economy grew at a 2.7 percent annual rate from July through September, much faster than first thought. The strength is expected to fade by the end of the year due to the the impact of superstorm Sandy and uncertainty over tax increases and government spending cuts. The US Department of Commerce said on Thursday that growth in the third quarter was significantly better than the 2 percent rate forecast a month ago, and was more than twice the 1.3 percent rate reported for the June quarter.
GERMANY
Retail sales contract 2.8%
Retail sales fell more sharply than expected in October, official data showed yesterday. Retail sales contracted by 2.8 percent compared with September in price, seasonal and calendar-adjusted terms, according to provisional figures from the federal statistics office Destatis. On a 12-month basis retail sales were down by just 0.8 percent in October, when there was one shopping day more than in the same month last year.
CANADA
Airline increases Asia flights
Canada’s flagship airline on Thursday announced a “major international expansion” of flights to Asia starting mid next year. Air Canada said it will offer 11 daily departures on 14 wide-body aircraft from Canadian cities to Asia — a total of more than 43,000 seats a week. The company described it as “the most far-reaching international expansion of its schedule in its 75-year history.” The new flights will include non-stop trips between Toronto and Seoul, and between Vancouver and Beijing, as well as an upgrade to daily services between Calgary and Tokyo.
SHIPPING
UPS makes TNT concessions
United Parcel Service Inc (UPS) says it has offered the EU’s regulatory watchdog concessions in its proposed 5.16 million euro (US$6.8 billion) takeover of TNT Express NV. UPS said the remedies involve the small package delivery sector and “comprise the sale of business activities and assets, in combination with granting access to air capabilities,” but did not release information as to how this could affect the deal financially. UPS offered to buy struggling TNT, Europe’s second-largest delivery company, in May as it hopes to compete with Deutsche Post and its DHL arm.
AUTOMAKERS
Ford car wins ‘green’ award
Ford Motor Co, which has emphasized boosting the fuel economy of its lineup to attract car buyers, won a top “green car” award for its Fusion midsize sedan, making it the least expensive model yet to earn the title. The Fusion, which starts at US$21,700 for the gas-powered base model, won because it is offered in a wide range of powertrains, said Ron Cogan, editor of Green Car Journal, which gives out the annual award to recognize leadership in cutting emissions.
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
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
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
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