Macau revenues surge
Macau yesterday said gaming revenues rose more than 20 percent year-on-year last month, despite the city being hammered by severe Typhoon Hato, which ripped through the city killing at least 10 people. Gaming revenues still surged 20.4 percent to 22.68 billion patacas (US$2.81 billion) for the month, beating expectations of 18.5 percent in a Bloomberg News survey. Casinos brought in more than US$28 billion last year, representing half of the city’s gross domestic product.
Mexico, Canada to stay in
Mexico and Canada would remain in the North American Free Trade Agreement (NAFTA) even if the Trump administration abandoned the accord, Mexican Secretary of Economy Ildefonso Guajardo said on Thursday. Guajardo spoke a day before US, Mexican and Canadian negotiators met in Mexico City yesterday to work on updating the 23-year-old trade accord. The negotiations in Mexico City are the second round on revamping NAFTA after talks in Washington two weeks ago.
Indian economy slows down
India’s economy lost further steam in the quarter to June as growth slid to its lowest level in more than three years. GDP grew 5.7 percent in the latest quarter, its slowest pace since the January-to-March quarter in 2014, government data showed on Thursday. It was a marked slowdown from a 6.1 percent growth in the first quarter this year and was far worse than the median forecast of 6.6 percent in a Reuters poll. It was in line with the poll’s lowest estimate.
Growth hits 4.5% in Q2
The Canadian economy grew 4.5 percent in the second quarter of this year, the government statistical agency said on Thursday, pushing beyond forecasts to the highest growth rate in 15 years. Analysts were expecting 3.1 percent growth during the quarter from April to June, but strong consumer spending and a surge in exports buoyed the results. This came after growth of 3.7 percent at the start of the year, when the economy roared back to life to jump ahead of Canada’s G7 peers after years of relative stagnation.
Anbang premiums fall 99.6%
Anbang Insurance Group Co’s (安邦保險集團) life unit saw its premium income slump 99.6 percent in July, after an industrywide crackdown restricted sales of short-term investment-type products. The life unit’s premium income fell to 48.8 million yuan (US$7.4 million) in July, according to Bloomberg News calculations based on a statement posted on the China Insurance Regulatory Commission’s Web site yesterday. Sales from investment-type products fell 94.4 percent from a year earlier to 686.3 million yuan.
Tesla under labor inquiry
The US National Labor Relations Board (NLRB) US, which is charged with enforcing labor laws, filed a complaint on Thursday against Tesla Inc, saying it found merit in worker accusations of labor rights infringement. The agency said Tesla had violated rights of workers by requiring them to sign overly broad confidentiality agreements that could bar speaking out over labor conditions and safety issues at the Fremont, California facility. The board also said it was investigating Tesla for allegedly intimidating and harassing workers, charges the car maker denies.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
Nano-X Imaging Ltd, a start-up founded by Israeli investor Ran Poliakine, is joining forces with South Korean chipmaker SK Hynix Inc to build a machine that could disrupt a century-old X-ray industry. Valued at about US$2 billion after listing on the NASDAQ last month, Nano-X is seeking to transform a multibillion-dollar industry that has essentially relied on the same technology since Nobel Prize in Physics winner Wilhelm Roentgen discovered X-rays in the late 19th century. Nano-X’s device uses semiconductors instead of metal filaments to generate X-rays. The backing of SK Hynix, the world’s second-largest maker of memory chips, is a boost for
Continental AG, which makes control units for Daimler AG cars, cannot pursue antitrust claims against a group of patent owners, including Qualcomm Inc, which are seeking royalties on telecommunications technology, a federal judge in Texas ruled. Avanci LLC, a licensing pool formed by Qualcomm, Nokia Oyj, Sharp Corp and other owners of patents on technology standards, is not breaching antitrust laws when it negotiates license agreements with automakers rather than the component makers, Barbara Lynn, chief district judge for the Northern District of Texas, said in dismissing the suit in a decision posted on Friday. The licensing group charges US$15 per vehicle
Sony Corp has cut its estimated Play Station 5 (PS5) production for this fiscal year by 4 million units, down to about 11 million, following production issues with its custom-designed system-on-chip (SOC) for the new console, people familiar with the matter said. The Tokyo-based electronics giant in July boosted orders with suppliers in anticipation of heightened demand for gaming in the holiday season and beyond, as people spend more time at home due to the COVID-19 pandemic. However, the company has come up against manufacturing issues, such as production yields as low as 50 percent for its SOC, which have cut into