BANKING
HK restricts UnionPay cards
Banks are asking Hong Kong property agents to stop accepting China-issued UnionPay (銀聯) cards, as Chinese authorities escalate their crackdown on capital outflows. Ricacorp Properties Ltd (利嘉閣) stopped accepting China-issued UnionPay cards for home purchases yesterday after receiving a verbal notice from banks, a spokesman said. Centaline Property Agency (中原地產) has also implemented the new rule, people familiar with the matter said. China has clamped down on capital flight out of the country as it seeks to stabilize its currency, tightening rules on everything from overseas insurance purchases to corporate dealmaking.
CANADA
EDC sets up in Singapore
Canada’s export credit agency is launching its first global branch in Singapore as the country steps up efforts to boost business ties with Asia following the withdrawal of the US from the Trans-Pacific Partnership trade deal. Export Development Canada’s (EDC) branch will allow the agency to facilitate structured finance and corporate finance in local currencies, rather than Canadian dollars, while avoiding delays caused by the time difference, regional vice president Bill Brown told reporters.
MINING
BBIG, Chinese firm ink deal
A state-owned Chinese construction giant yesterday sealed a deal to build a A$6 billion (US$4.6 billion) mining infrastructure project to tap into resource-rich northwestern Australia. Sydney-based BBI Group (BBIG) said the agreement with China State Construction Engineering Corp (中國建築工程) to develop the mine, port and rail project would create a new gateway to the Pilbara region for iron ore exporters. About 3,300 jobs are expected to be created during the construction period from next year, BBIG said, with 900 permanent positions on offer when the facilities are operational. BBIG is majority owned by the Todd Corp, one of New Zealand’s largest companies.
MINING
Chile strike ends
Chilean workers have ended a 43-day strike at the world’s biggest copper mine. The stoppage by about 2,500 workers at the Escondida mine began on Feb. 9 over demands for bonus payments, salary increases and other benefits. Workers on Thursday ended the strike after negotiations failed with majority owner BHP Billiton Ltd. The South American nation’s longest-running mining strike caused an estimated US$700 million in losses.
? AUTOMAKERS
Ford issues profit warning
Ford Motor Co said its profit might fall by half in the first quarter, a bigger drop than analysts predicted, as the automaker scales back production amid a declining US market and deals with rising costs. First-quarter adjusted earnings per share might be US$0.30 to US$0.35, chief financial officer Bob Shanks said on Thursday. Full-year pre-tax profit could slip to about US$9 billion from last year’s US$10.4 billion, with most of the drop-off happening this quarter, Shanks said in a telephone interview.
CONFECTIONERY
Haribo to open in Wisconsin
Wisconsin Governor Scott Walker on Thursday said that international candymaker Haribo is to build its first North American plant employing 400 people in the state. The plant in Pleasant Prairie, near Kenosha, is expected to be operational by 2020, Walker said. Germany-based Haribo is known for its gummy candy.
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