ARGENTINA
No big central bank changes
The government said on Thursday it would make no sweeping changes at its central bank after director Juan Carlos Fabrega resigned amid an economic slide. Stocks were 7.26 percent lower in afternoon trading in Buenos Aires, after falling 8.22 percent on Wednesday. Cabinet head Jorge Capitanich told journalists the new central bank governor, Alejandro Vanoli, had the exact same job description as his hastily departed predecessor — to shepherd the country’s struggling economy.
ECONOMY
France predicts slow growth
The French economy is headed for growth of only 0.4 percent this year, according to official data published late on Thursday by the national statistics office INSEE. The French economy was “unlikely to see a real upturn” this year, INSEE said. However, the agency made no mention of its outlook for next year, which has become the focus of attention after Finance Minister Michel Sapin on Wednesday predicted 1 percent growth next year.
CANADA
Budget deficit revised down
Canada’s fiscal 2013-2014 budget deficit was less than one-third of an original estimate announced in February, Canadian Prime Minister Stephen Harper said on Thursday. The prime minister told a business audience in Brampton, Ontario, that the figure has been revised down to C$5.2 billion (US$4.7 billion). Thus Canada is likely to also beat its budget projections for this year and next. However, Harper did not specify how much bigger this year’s much-anticipated surplus could be.
SOUTH AFRICA
US$493m bank deal signed
South Africa’s Nedbank has acquired a 20 percent share of the pan-African Ecobank Transnational Inc, the latest large-scale investment in the much sought-after institution. Nedbank and Ecobank announced the deal on Thursday, worth around US$493 million, just weeks after Qatar National Bank bumped its holding to 23.5 percent. Togo-headquartered Ecobank has a leading presence in Africa, with more than 1,200 branches in 36 African nations.
AUTOMAKERS
Tesla to unveil new model
Tesla Motors founder Elon Musk on Thursday teased fans via Twitter, hinting that the electric carmaker would unveil a new model next week. The message included a photo of a partially open garage door with the letter “D” and the silhouette of an automobile. Underneath was written “October 9, 2014.”
ENTERTAINMENT
Disney CEO to stay on
US media-entertainment group Disney said on Thursday it has extended the contract of chief executive Robert Iger through to June 2018. Iger, 63, took the reins at Walt Disney Co in 2005 and added the title of chairman in 2012. Disney’s market value has grown from US$48 billion when he took over to around US$150 billion today.
INSURANCE
Allianz appoints new CEO
German insurer Allianz SE says board member Oliver Baete is to take over as chief executive in May, when current CEO Michael Diekmann steps down after more than a decade in charge. Allianz said on Thursday that its supervisory board accepted Diekmann’s request not to remain as CEO beyond the company’s standard age limit of 60. Diekmann has been in charge since April 2003.Baete will succeed him on May 7, with a contract that runs until September 2019.
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