FOOTWEAR
Nike to sell on Amazon
Nike Inc reached an agreement to sell a limited number of items directly on Amazon.com Inc’s Web site, executives said on Thursday, in a sign of the growing importance of the e-commerce platform. Nike executives described the venture as a “pilot” project to sell some shoes, apparel and accessories, confirming earlier reports about a deal. Nike executives said that the Amazon venture was just one part of a strategy that also includes more direct-selling presence through Nike’s own Web site and mobile application. The announcement came as Nike reported fourth-quarter net income of US$1.0 billion, up 19 percent from the same period a year earlier. Revenue rose 13 percent to US$4.2 billion. Nike shares jumped 8.1 percent to US$57.49 in after-hours trading.
MINING
Mine restart unlikely: BHP
Operations at a Brazilian mine where 19 people died in a dam collapse are unlikely to restart this year, commodities giant BHP said yesterday, as it offered US$250 million toward clean-up and compensation programs. The incident in November 2015 was the nation’s worst environmental disaster, with operator Samarco facing billions of dollars in legal claims for clean-up costs and damages. BHP — which co-owns Samarco with Brazil’s Vale SA — cited the need for government and regulatory approvals, state licences, safety and economic considerations as well as a restructuring of the operator’s debt before the mine could be reopened. BHP said that about US$174 million of the US$250 million would be used to fund remediation and compensation schemes, while the rest would be made available to Samarco for its environmental programs.
BANKING
Deutsche resists Democrats
Deutsche Bank AG intensified its fight with Democrats over their requests for information related to loans to US President Donald Trump, saying the German lender cannot legally turn over the documents. In a letter on Thursday, lawyers for Deutsche Bank wrote that confidential financial information cannot be turned over to individual members of the US Congress, but could potentially be turned over in response to a formal congressional committee request. The information had been requested by five Democratic lawmakers, including US Representative Maxine Waters, the top Democrat on the Financial Services Committee. The letter was part of back-and-forth correspondence with lawmakers over what can be turned over under the law.
EGYPT
Fuel prices to rise
The nation on Thursday raised the prices of fuel by up to 55 percent, the second such increase since the local currency was floated seven months ago, as it struggles with an array of economic woes, including a double-digit inflation rate. The move is bound to boost already surging inflation and fan popular discontent over the austerity policies launched by President Abdel-Fattah al-Sisi, who previously pleaded for the public to bear reforms necessary to spur economic recovery. Price hikes have long been a politically sensitive issue that had triggered protests in the past, but analysts believe it is unlikely that similar protests will erupt. The government’s move comes as part of broader economic reforms taken to meet demands by the IMF for a US$12 billion bailout loan.
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
MAJOR DROP: CEO Tim Cook, who is visiting Hanoi, pledged the firm was committed to Vietnam after its smartphone shipments declined 9.6% annually in the first quarter Apple Inc yesterday said it would increase spending on suppliers in Vietnam, a key production hub, as CEO Tim Cook arrived in the country for a two-day visit. The iPhone maker announced the news in a statement on its Web site, but gave no details of how much it would spend or where the money would go. Cook is expected to meet programmers, content creators and students during his visit, online newspaper VnExpress reported. The visit comes as US President Joe Biden’s administration seeks to ramp up Vietnam’s role in the global tech supply chain to reduce the US’ dependence on China. Images on
New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last
US CONSCULTANT: The US Department of Commerce’s Ursula Burns is a rarely seen US government consultant to be put forward to sit on the board, nominated as an independent director Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday nominated 10 candidates for its new board of directors, including Ursula Burns from the US Department of Commerce. It is rare that TSMC has nominated a US government consultant to sit on its board. Burns was nominated as one of seven independent directors. She is vice chair of the department’s Advisory Council on Supply Chain Competitiveness. Burns is to stand for election at TSMC’s annual shareholders’ meeting on June 4 along with the rest of the candidates. TSMC chairman Mark Liu (劉德音) was not on the list after in December last