Extreme poverty rises
The number of people living in extreme poverty rose slightly last year after a decade of strong progress on the issue, a government-run research body said on Wednesday. After 10 years of constant reductions in extreme poverty, the number was up 3.7 percent between 2012 and last year to 10.5 million people, the Institute for Economic Research said. In 2003, 26 million Brazilians lived in conditions of extreme deprivation.
Australia jobless rate steady
Australia’s jobless rate remained stable at an almost 12-year high of 6.2 percent last month, reflecting a soft labor market as the economy adjusts away from mining-driven growth, official data showed yesterday. About 24,100 jobs were added to the economy in the month, with full-time positions jumping by 33,400, while part-time roles slipped by 9,400, figures from the Australian Bureau of Statistics showed.
UK service growth slows
Growth at UK service companies slowed to the least in 17 months last month as demand cooled, preventing companies from raising prices. Markit Economics said its Purchasing Managers’ Index dropped to 56.2, the lowest since May last year, from 58.7 in September. A reading above 50 indicates expansion. The survey signals the domestic demand that has driven the recovery is losing momentum at a time when Britain’s main export markets are weakening.
Siemens hits profit targets
German engineering giant Siemens said yesterday that it reached its full-year profit targets in the 12 months to September, thanks to a solid final quarter. Siemens, which runs its business year from October to September, said its net profit rose by 25 percent to 5.50 billion euros (US$6.9 billion) in the year ended Sept. 30. Underlying or operating profit rose by 26 percent to 7.33 billion euros. Full-year revenues fell by 2 percent to 78.35 billion euros and orders were also down 2 percent at 71.92 billion euros.
Lenovo profit rises 19%
Lenovo Group Ltd (聯想), the world’s biggest PC maker, yesterday said its latest quarterly profit rose 19 percent, driven by sales growth outside its home China market. Profit rose to US$262 million, or US$0.02 per share, in the three months ended Sept. 30, the company said. Revenue rose 7 percent to US$10.5 billion. Quarterly sales in China declined 2 percent from the same quarter last year, offset by a 33 percent rise in Europe, the Middle East and Africa and a 3 percent rise in the Asia-Pacific region. Sales in North America were flat.
Adidas profit tops estimates
Adidas AG reported third-quarter profit that beat analysts’ reduced estimates, as the company made strides in soccer and running sales, helping offset declining revenue of its golf business. Net income fell to 282 million euros (US$353 million), the Germany sporting-goods maker said in a statement yesterday. Sales next year are forecast to increase at a mid-single-digit rate, while net income is set to grow at a higher rate than group sales, the company said. Chief executive officer Herbert Hainer is scheduled to present a new strategic plan in March.
Polytronics Technology Corp (聚鼎科技) yesterday announced that it is buying Henkel AG’s thermal clad dielectric material (TCLAD) business division for US$26 million as the Taiwanese firm aims to improve its technology, product portfolio and revenue performance. Polytronics, headquartered in the Hsinchu Science Park (新竹科學園區), is a supplier of protection components and heat dissipation materials. The firm entered the metallic heat-dissipation substrate market in 2007 and developed a unique solventless production process. Its board of directors approved signing an agreement with Henkel to acquire the German chemical firm’s TCLAD division in the US. The purchase includes all assets and business interests, including equipment,
SIZE MATTERS: Medium-sized hotels that do not have the support of parent groups are more vulnerable and are forced to take action, a REPro Knight Frank researcher said About 50 hotels across Taiwan are seeking to exit the market as they succumb to the bleak business outlook amid international travel restrictions imposed to combat the COVID-19 pandemic. Yomi Hotel (優美飯店) on Minsheng E Road, Sec 1, in Taipei is seeking to transfer ownership with an asking price of NT$950 million (US$32.15 million) and a pledge for a lease contract that guarantees a 3 percent return. The budget hotel, with room rates that start from NT$1,400 per night, maintains normal operations, but has been struggling since March, when the government placed restrictions on inbound and outbound travel. Occupancy rates for hotels in
With the US dollar expected to weaken in the next 12 months due to near-zero interest rates, investors should consider purchasing US corporate bonds, Standard Chartered Bank Taiwan Ltd (渣打台灣銀行) said on Thursday. The bank said that the US Federal Reserve since last month has been buying bonds issued by US companies to curb default rates. The US dollar is forecast to be weaker against the pound, the euro and the yen, as well as the Canadian dollar, the Swedish krona and the Swiss franc, as the greenback lacks high investment returns after the Fed in March slashed the benchmark interest rate
‘SENSITIVE MARKETS’: The previously unannounced project would involve the company handing over control of data to a third party to sidestep privacy concerns Google has abandoned plans to offer a major new cloud service in China and other politically sensitive countries due in part to concerns over geopolitical tensions and the COVID-19 pandemic, two employees familiar with the matter said, revealing the challenges for US tech giants to secure business in those markets. In May, the search giant shut down the initiative, known as “Isolated Region” and which sought to address nations’ desires to control data within their borders, the employees said. The action was considered a “massive strategy shift,” said one of the employees, who added that Isolated Region had involved hundreds of employees