VIETNAM
Q2 growth hits 6.17%
The nation’s economy bounced back in the second quarter posting a 6.17 percent growth rate, according to official figures released yesterday, a boost driven by gains in the industrial and services sectors. Growth in the first three months of this year hit a three-year low of 5.15 percent thanks to a slump in exports from Samsung Electronics Co, the country’s leading investor. However, GDP growth rates from April to this month jumped to 6.17 percent, according to the General Statistics Office (GSO). The surge between quarter one and two was the biggest jump since 2011, the state-controlled Vietnamnet news site cited GSO general director Nguyen Bich Lam as saying.
RETAIL
Japan’s growth slows
Japan’s retail sales growth slowed last month compared with May last year, signaling that consumers are still reluctant to open their wallets. Retail sales rose 2 percent last month from a year ago, after rising 3.2 percent in April, according to government data released yesterday. The increase last month was also lower than a market forecast of 2.6 percent growth. Measured month-on-month, sales fell 1.6 percent from April, when they rose 1.4 percent, data showed. A new consumption index rose 3.7 percent last month from a year ago, a slowdown from April, according to the JCB Consumption Now index.
GERMANY
Consumers optimistic: poll
Consumers are expected to remain cheerful through next month, pollsters GfK said yesterday, as the public falls in step with general optimism about Europe’s largest economy. GfK’s forward-looking poll of about 2,000 consumers forecast an increase of 0.2 points to reach 10.6 next month, continuing an upward trend observed over the past two months. This month saw an upturn in all the indices feeding into GfK’s indicator, with consumers expecting a stronger economy and higher incomes, as well as being more prepared to spend money.
MINING
Shareholders back sale plan
Rio Tinto shareholders yesterday overwhelmingly supported the sale of most of the mining giant’s Australian coal assets to China-backed Yancoal Australia Ltd, paving the way for the completion of the deal. Shareholders of the world’s second-largest miner, which is dual-listed in Britain and Australia, voted 97.2 percent in favor of the US$2.45 billion offer at their respective annual general meetings, Rio said in a statement. The decision came days after Rio’s board said it favored Yancoal over two bids for the assets in New South Wales state from Swiss commodities giant Glencore PLC, which were more than US$100 million higher.
PACKAGING
DS Smith to buy US firm
DS Smith PLC, a British maker of corrugated cardboard, recycled paper and plastic packaging, said it has agreed to buy 80 percent of Interstate Resources, a US corrugated packaging business, from Merpas Co for US$920 million. DS Smith, which has the option to buy the remaining 20 percent over five years, agreed to take on US$226 million of the family-owned business’ debt. The deal will immediately add to DS Smith’s earnings, giving it an entry into the US market. DS Smith makes corrugated trays, soft plastic containers, transport packaging and display cases. The company also reported a 31 percent jump in pretax profit to £264 million (US$342 million) for the year ending in April.
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