Thai growth forecast cut
Thailand cut its growth forecast for the year after the economy expanded less than analysts estimated last quarter and weakening exports damp the outlook for consumption and investment. GDP rose 1.3 percent in the three months through September from the previous quarter, the Thai National Economic & Social Development Board said yesteday. It revised a contraction in the second quarter to “no growth” from the previous three months. GDP grew 2.7 percent from a year earlier, compared to a median estimate of 2.9 percent in a Bloomberg survey.
Yahoo sued over e-mails
Yahoo was accused in a lawsuit of intercepting e-mails sent to users of its mail service and using personal information to profit from related advertisements. The plaintiff seeks damages of US$5,000 for each person whose privacy was allegedly invaded, according to a complaint filed on Friday last week in the US federal court in San Jose, California.
London house prices fall
London asking prices for homes fell this month after a 10 percent jump last month as British government measures to boost demand failed to offset the seasonal pre-Christmas decline, Rightmove PLC said. Values in the UK capital dropped 5 percent, or ￡26,956 (US$43,500), to an average ￡517,276, the property Web site operator said in a report yesterday. Across England and Wales, average prices declined by 2.4 percent. As the economy strengthens and the government ramps up property stimulus measures, Rightmove said the underlying recovery remains in place.
Report says Wal-Mart unsafe
A news report says safety problems have been found in nearly half of 75 audited factories in Bangladesh that are Wal-Mart suppliers. According to a report posted on the Wall Street Journal’s Web site on Sunday, Wal-Mart Stores Inc said most of the factories that failed the audit were able to correct problems or are doing so. The company said it has stopped doing business with two factories, and one had to be closed.
Allianz profits from cyberrisk
Allianz SE, Europe’s biggest insurer, said markets such as Asia, Brazil and eastern Europe, as well as products that protect against cyberrisks will increase revenue at its industrial insurance unit. “New products such as cyberrisk protection and coverage for renewable-energy plants will boost premiums in the mid term,” said Axel Theis, chief executive officer of the Munich-based insurer Allianz Global Corporate & Specialty industrial insurance unit, in an interview. “We will also continue to build our presence in growth markets in Asia, South America, Africa, the Nordic countries and Russia.”
UK FTSE bosses earn more
The directors of companies in the UK’s FTSE 100 Index saw their total earnings rise 14 percent last year to this year, driven by a 58 percent increase in share-based long-term incentive payments, a study by Incomes Data Services found. The median total earnings of a director of a company in the benchmark index were ￡2.1 million (US$3.4 million), up from ￡1.9 million the year before. The median salary was ￡568,500 and the median long-term incentive payment was ￡1.2 million.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
Continental AG, which makes control units for Daimler AG cars, cannot pursue antitrust claims against a group of patent owners, including Qualcomm Inc, which are seeking royalties on telecommunications technology, a federal judge in Texas ruled. Avanci LLC, a licensing pool formed by Qualcomm, Nokia Oyj, Sharp Corp and other owners of patents on technology standards, is not breaching antitrust laws when it negotiates license agreements with automakers rather than the component makers, Barbara Lynn, chief district judge for the Northern District of Texas, said in dismissing the suit in a decision posted on Friday. The licensing group charges US$15 per vehicle
Sony Corp has cut its estimated Play Station 5 (PS5) production for this fiscal year by 4 million units, down to about 11 million, following production issues with its custom-designed system-on-chip (SOC) for the new console, people familiar with the matter said. The Tokyo-based electronics giant in July boosted orders with suppliers in anticipation of heightened demand for gaming in the holiday season and beyond, as people spend more time at home due to the COVID-19 pandemic. However, the company has come up against manufacturing issues, such as production yields as low as 50 percent for its SOC, which have cut into
HEAVY INVESTMENT: Moody’s affirmed the firm’s ‘Aa3’ rating with a ‘stable’ outlook due to its leading position in the industry and ability to match customer requirements Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue this year is expected to increase about 21 percent to NT$1.29 trillion (US$44.01 billion) from NT$1.07 trillion last year, driven by strong demand for advanced 5-nanometer and 7-nanometer chips mainly used in smartphones and high-performance computing devices, a Moody’s Investors Service report on Wednesday said. TSMC’s rate of revenue growth next year is to increase to 7.5 percent, the ratings agency said. The company, which supplies 5-nanometer chips for Apple Inc’s new iPad series, has introduced the advanced chips ahead of its competitors and gained a significant share of the market for the foundry industry’s