Car registrations rise
New car registrations in Germany, a key measure of demand in one of the most important sectors of Europe’s top economy, rose sharply last month, marking a strong year as a whole for the industry, data showed yesterday. A total of 247,300 new cars were registered last month, an increase of 8 percent compared with the figure for the same month in 2014, according to data compiled by the automakers’ federation VDA. Taking the year as a whole, new car registrations advanced by 6 percent to 3.2 million vehicles, the statement added.
AirAsia targets funds
AirAsia Bhd, Southeast Asia’s biggest budget carrier, plans to raise as much as US$1 billion under a multicurrency medium-term note program to refinance debt and buy airplanes after last year’s plunge in the Malaysian ringgit pushed the carrier to a third-quarter net loss. The airline’s AirAsia Global Notes Ltd unit would issue bonds under the program in US dollars or other currencies, AirAsia said yesterday in an exchange filing in Kuala Lumpur. Deal managers Barclays Bank PLC, CIMB Group Holdings Bhd and RHB Investment Bank Bhd are to start arranging investor meetings in Singapore, Hong Kong and London from today, the airline said.
Pound falls before report
The pound fell to a nine-month low against the US dollar before a report economists said would show growth in UK services slowed last month. The pound fell 0.3 percent to US$1.4639 as of 8:55am in London after reaching US$1.4620, its lowest level since April 14 last year. It was little changed at ￡0.7331 per euro. An uneven recovery has cast doubts on the probability of an interest rate increase this year by the Bank of England, sending sterling tumbling almost 7 percent since the middle of last year. The Markit Economics purchasing managers’ index for services fell to 55.6 last month, from 55.9 in November last year, analysts in a Bloomberg survey predicted before the report was due yesterday morning.
Netflix extends deal
Netflix Inc’s online video service is to feature more series and movies from DreamWorks Animation SKG Inc as part of a contract extension with the studio. Netflix secured the rights to DreamWorks programming everywhere in the world, but China. Financial terms were not disclosed. The deal will give Netflix more video likely to appeal to children, an audience segment that has played an important role in its service more than doubling in size to 69 million subscribers over the past three years.
Twitter mulls lifting limit
Twitter Inc appears ready to loosen its decade-old restriction on the length of messages in a bid to make its service more appealing to a wider audience accustomed to the greater freedom offered by Facebook and other forums. CEO and cofounder Jack Dorsey on Tuesday telegraphed Twitter’s intentions in a tweet after technology news site Re/Code reported the company is exploring increasing its limits on text from 140 characters to as many as 10,000. In his message, Dorsey wrote that Twitter has already noticed that many of its about 300 million users have already been including screenshots of lengthy texts in their tweets. He indicated Twitter is examining ways to give people more room to express themselves without polluting the service with gasbags.
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
CORPORATE SCANDAL: Cathay Life has invested NT$13.3 billion in Bank Mayapada since 2015, but the latest loss of NT$8.8 billion has completely written off its investment Cathay Life Insurance Co (國泰人壽) yesterday said it would recognize an investment loss of NT$8.8 billion (US$298.1 million) in Indonesia’s Bank Mayapada Internasional Tbk PT due to concerns about the lender’s operations amid a corporate scandal. The company said it would revise its earnings result for June, from a net profit of NT$6.52 billion to a net loss of NT$520 million, its first monthly loss over the past 17 months. After booking an investment loss of NT$5.2 billion in Bank Mayapada earlier this year, Cathay Life has so far recognized total investment losses of NT$14 billion in the lender, executive vice president
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported that revenue last month expanded 25 percent annually, but fell 12.8 percent month-on-month to NT$105.96 billion (US$3.59 billion). In the first seven months of this year, the chipmaker’s revenue surged 33.6 percent to NT$727.26 billion, compared with NT$544.46 billion a year earlier. TSMC has said it aims to grow its revenue by more than 20 percent this year. The company has since May 15 stopped taking new orders from Huawei Technologies Co (華為), its second-biggest customer after Apple Inc, due to the US’ restrictions on exports containing US technologies. TSMC has no plans to