MACROECONOMICS
China’s Q1 growth stable
China’s growth stabilized in the first quarter thanks to rising investments and a recovery in exports, experts said, although they warned the reprieve might be temporary. According to an AFP survey of 16 economic analysts, the nation’s GDP expanded 6.8 percent in the first three months of this year — the same level of growth as in the last quarter of last year. However, the momentum is not expected to last: According to the poll’s median full-year forecast, China’s GDP growth will fall to 6.6 percent for the whole of this year. The government has targeted 6.5 percent growth for this year, after a 6.7 percent GDP increase last year. The official GDP growth figure is to be released tomorrow.
DISTILLERS
Moutai targets growth
China’s Kweichow Moutai Co (貴州茅台), the world’s most valuable liquor distiller, said it aims to boost revenue by more than 15 percent this year as it benefits from Chinese consumers shifting to pricier spirits. Full-year net income grew 8 percent last year to 16.7 billion yuan (US$2.43 billion), Moutai said in an exchange filing in Shanghai on Friday. Revenue rose 19 percent to 38.9 billion yuan. The Guizhou Province-based distiller, whose fiery liquor is the toast of choice for China’s political leaders, overtook Johnnie Walker-brand owner Diageo PLC this week as the most valuable distiller in the world with a market value of US$72 billion.
AIRLINES
United updates crew policy
United Continental Holdings Inc issued an updated policy to ensure crew traveling on its aircraft are booked at least 60 minutes prior to departure, a United spokeswoman said. The change comes after video showed passenger David Dao being pulled from his seat and dragged down the aisle after refusing to give up his place on the flight. While United is modifying its policy when it comes to booking its own crew, it did not say if its policy of overbooking flights would be changed. It said it is conducting a full review, and is to announce the results by April 30.
AIRLINES
Italy PM backs Alitalia deal
Italian Prime Minister Paolo Gentiloni on Friday urged Alitalia workers to approve a compromise deal to relaunch the nation’s struggling flagship airline that was reached in government-mediated, last-ditch negotiations between unions and Alitalia management. The deal reached early on Friday reduces proposed job and salary cuts and calls for greater investment in the long-range routes that analysts say are critical for Alitalia’s survival. It is to be put to a referendum of Alitalia workers next week. Alitalia, which was losing a reported 2 million euros (US$2.12 million) per day, employs 12,500 people worldwide. The agreement also calls for new long-range flights to boost revenue.
PHARMACEUTICALS
US rejects Olumiant
The US Food and Drug Administration (FDA) on Friday declined to approve a new drug for rheumatoid arthritis made by Eli Lilly & Co and partner Incyte Corp, the companies said on Friday. The FDA indicated that additional clinical data were needed to determine the most appropriate doses of the drug, Olumiant, also known as baricitinib, and to further characterize safety concerns across treatment arms.
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
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”
TRANSFORMATION: Taiwan is now home to the largest Google hardware research and development center outside of the US, thanks to the nation’s economic policies President Tsai Ing-wen (蔡英文) yesterday attended an event marking the opening of Google’s second hardware research and development (R&D) office in Taiwan, which was held at New Taipei City’s Banciao District (板橋). This signals Taiwan’s transformation into the world’s largest Google hardware research and development center outside of the US, validating the nation’s economic policy in the past eight years, she said. The “five plus two” innovative industries policy, “six core strategic industries” initiative and infrastructure projects have grown the national industry and established resilient supply chains that withstood the COVID-19 pandemic, Tsai said. Taiwan has improved investment conditions of the domestic economy
Sales in the retail, and food and beverage sectors last month continued to rise, increasing 0.7 percent and 13.6 percent respectively from a year earlier, setting record highs for the month of March, the Ministry of Economic Affairs said yesterday. Sales in the wholesale sector also grew last month by 4.6 annually, mainly due to the business opportunities for emerging applications related to artificial intelligence (AI) and high-performance computing technologies, the ministry said in a report. The ministry forecast that retail, and food and beverage sales this month would retain their growth momentum as the former would benefit from Tomb Sweeping Day