TRADE SANCTIONS
Amazon issues Iran warning
Amazon.com Inc on Friday disclosed Iranian business ties that might have violated US sanctions, warning that it might be penalized after a regulatory review of the activities. The company said in a regulatory filing that from 2012 to last year it “processed and delivered orders of consumer products for certain individuals and entities located outside Iran covered by the Iran Threat Reduction and Syria Human Rights Act.” Amazon said it reported the transactions to the US Department of the Treasury’s Office of Foreign Assets Control and the US Department of Commerce’s Bureau of Industry and Security.
ACQUISITIONS
Blackstone to buy Aon assets
Investment firm Blackstone Group LP is buying Aon PLC’s technology-enabled benefits and human-resources assets in a deal valued at up to US$4.8 billion. The transaction includes US$4.3 billion at closing and the potential for up to an additional US$500 million based on future performance. The companies on Friday said that the Aon assets being purchased are the largest benefits administration platform in the US, serving about 15 percent of the US working population across more than 1,400 companies.
MACROECONOMICS
Canada jobless rate falls
Canada’s unemployment rate fell 0.1 percent last month to 6.8 percent, the government said on Friday. About 48,000 new jobs were added, in contrast with forecasts that had predicted a modest loss of 10,000 jobs and a stable unemployment rate. Employment grew by 276,000 jobs year-on-year, with the bulk of hires occurring since August last year. Job growth was strongest in the service sector, but declined in the information, culture and recreation sectors. Employment grew among men and women aged between 25 and 54 and varied little in other population segments, according to Statistics Canada. The private sector saw the bulk of job growth with modest increases in the public and self-employed sectors, it said.
MONGOLIA
Metals to be nationalized
The nation’s parliament approved a resolution to nationalize copper, gold and iron-ore assets in the country following a probe that found a US$400 million transaction with a closely held company was illegal. Parliament’s resolution invalidates a previous government decision that had authorized the sale of 49 percent stakes in both Erdenet Mining Corp and Mongolrostsvetmet LLC to Mongolian Copper Corp. The resolution was approved by a vote of 49 in favor to 12 against, according to a broadcast carried on Bloomberg TV Mongolia.
STEELMAKERS
ArcelorMittal profits rise
ArcelorMittal, the world’s largest steelmaker, reported a 20 percent increase in annual profits on rising steel and iron ore prices, and forecast higher demand this year. The company decided not to reinstate its dividend and stopped providing earnings guidance. Earnings before interest, taxes, depreciation and amortization (EBITDA) last year rose to US$6.26 billion, the Luxembourg-based company said in a statement on Friday. EBITDA in the fourth quarter of last year was US$1.66 billion, 51 percent higher than a year ago.
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
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
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
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