AUSTRALIA
Central bank keeps rate
The central bank held the official interest rate steady at 2.75 percent yesterday, with an uptick in the economy expected over time and hopes for a further fall in the mining-powered dollar. The Reserve Bank of Australia (RBA) judged monetary policy as “appropriate for the time being” at its monthly board meeting, keeping rates on hold for a second consecutive month. RBA governor Glenn Stevens said the economy was growing at below-average pace and that was “expected to continue in the near term as the economy adjusts to lower levels of mining investment” with the peak of a decade-long China-led boom.
TECHNOLOGY
Dell debt financing secured
Billionaire investor Carl Icahn said he secured US$5.2 billion in debt financing to support his latest attempt to scuttle the planned leveraged buyout of Dell Inc by founder Michael Dell. Icahn and his affiliates obtained the financing with help from Jefferies Group LLC, which committed US$1.6 billion, he said yesterday in an open letter to Dell shareholders and directors. Icahn also called on the Round Rock, Texas-based company’s special committee handling the proposed buyout to “engage in a direct, face-to-face sit-down meeting” with his group. The disclosure of committed financing comes as Icahn attempts to counter a proposed US$24.4 billion buyout of the struggling PC maker by chief executive officer Dell and private-equity firm Silver Lake Management LLC.
UNITED STATES
Manufacturing rebounds
Manufacturing activity rebounded last month from a contraction in May, but remained lackluster, according to a closely watched report released on Monday. The Institute for Supply Management (ISM) said its purchasing managers index (PMI) for manufacturing rose to 50.9 last month, up 1.9 points from May’s contraction-territory level of 49. A PMI reading above 50 indicates expansion, while one below reflects contraction. Of the 18 manufacturing industries surveyed, 12 reported growth. Manufacturing grew for all but one month in the first half of this year, according to ISM data.
MEDIA
CEO requested to stay on
The Walt Disney Co’s board wants chairman and chief executive officer Robert Iger to stick around a bit longer. The media conglomerate said on Monday that the board extended Iger’s tenure through June 30, 2016, when his contract is due to expire. Disney said that the terms of Iger’s contract were not changed. Prior arrangements had Iger, 62, remaining CEO until April 1, 2015, and then as executive chairman for another 15 months to help in the transition to Disney’s next CEO. The extension suggests Disney’s board has yet to make a decision on Iger’s successor. Iger has been CEO since September 2005.
GAMBLING
Web site’s casino bid denied
An appeals court in the US has rejected a bid by the world’s largest online poker Web site to regain the right to buy an Atlantic City casino. In a decision made public on Monday, the New Jersey court sided with the Atlantic Club in its battle with PokerStars. The ruling upheld a lower court ruling issued last month. The Atlantic Club canceled a deal for the PokerStars Web site to buy the casino when the online giant could not get preliminary ownership approval from state casino regulators in time.
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