SPAIN
Services activity surges
Growth in services surged last month as the economy proved the “star performer” in the eurozone, according to Markit Economics. An index of services activity jumped to 59.7 from 56.1 in June, Markit said yesterday. That is close to the highest level since 2006. The gauge for the eurozone slipped to 54 from 54.4, though that is above an initial estimate of 53.8 published on July 24.
TECHNOLOGY
GE eyes cloud computing
General Electric (GE) Co is to spend US$500 million this year to promote and sell tools that link factories, equipment and computer systems, seeking to become a one-stop technology provider for industrial companies. The initiative is called Predix Cloud, a global network of data centers, computers and telecommunication facilities tied together with software to analyze the vast amounts of data being generated by machines. By using its cloud-based computing systems, customers would be able to keep their information secure and comply with stringent data regulations, the Fairfield, Connecticut-based company said.
RETAILERS
Neiman Marcus plans IPO
Luxury retailer Neiman Marcus Group Inc has filed for an initial public offering (IPO) for the second time in a little more than two years. For the purpose of calculating a filing fee, the company said it expects to raise US$100 million from the offering. The Dallas-based company has 41 Neiman Marcus locations and two Bergdorf Goodman stores on New York’s Fifth Avenue. Its MyTheresa brand has one store in Germany and targets a younger clientele. Neiman Marcus says it posted US$4.84 billion in revenue in its last fiscal year.
PHARMACEUTICALS
3D-printed drug approved
The US Food and Drug Administration on Tuesday said it has approved the first drug made with a 3D printer — pills for treating epilepsy. Ohio-based Aprecia Pharmaceuticals Co said its system can produce doses of up to 1,000mg per tablet. It said the product is a “porous formulation” that dissolves with just a sip of liquid, making it convenient for people who have trouble swallowing pills or for getting children to take medication. Aprecia, which is not listed, plans to start distributing the medication in the first quarter of next year.
MEDIA
Netflix to launch in Japan
Netflix Inc is to launch its streaming television service in Japan on Sept. 2, the latest stop in its mission to be a global entertainment powerhouse. The company on Tuesday confirmed the launch date in an e-mail after a report in the news blog Venture Beat. With about 65 million subscribers in more than 50 nations, Netflix has set an ambitious goal to be in 200 markets by the end of next year.
RETAILERS
Alibaba appoints president
Alibaba Group Holding Ltd (阿里巴巴) has named former Goldman Sachs Group Inc partner Michael Evans as president, putting him in charge of the Chinese e-commerce company’s global expansion. Evans is to report to chief executive Daniel Zhang (張勇), as he works to make Alibaba a cross-border commerce platform that connects 350 million Chinese shoppers with vendors from around the world. Evans, 57, is to retain his seat on the company’s board, which he took in September last year when Alibaba went public, the company said on Tuesday in a statement.
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
RECORD-BREAKING: TSMC’s net profit last quarter beat market expectations by expanding 8.9% and it was the best first-quarter profit in the chipmaker’s history Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which counts Nvidia Corp as a key customer, yesterday said that artificial intelligence (AI) server chip revenue is set to more than double this year from last year amid rising demand. The chipmaker expects the growth momentum to continue in the next five years with an annual compound growth rate of 50 percent, TSMC chief executive officer C.C. Wei (魏哲家) told investors yesterday. By 2028, AI chips’ contribution to revenue would climb to about 20 percent from a percentage in the low teens, Wei said. “Almost all the AI innovators are working with TSMC to address the
FUTURE PLANS: Although the electric vehicle market is getting more competitive, Hon Hai would stick to its goal of seizing a 5 percent share globally, Young Liu said Hon Hai Precision Industry Co (鴻海精密), a major iPhone assembler and supplier of artificial intelligence (AI) servers powered by Nvidia Corp’s chips, yesterday said it has introduced a rotating chief executive structure as part of the company’s efforts to cultivate future leaders and to enhance corporate governance. The 50-year-old contract electronics maker reported sizable revenue of NT$6.16 trillion (US$189.67 billion) last year. Hon Hai, also known as Foxconn Technology Group (富士康科技集團), has been under the control of one man almost since its inception. A rotating CEO system is a rarity among Taiwanese businesses. Hon Hai has given leaders of the company’s six