UNITED STATES
Foxconn subsidy voted on
The Wisconsin State Senate on Tuesday approved nearly US$3 billion in cash payments to Foxconn Technology Group, while also giving the Taiwanese company a slightly less expedited path to the state’s Supreme Court for certain legal challenges related to its planned massive electronics manufacturing plant. Foxconn plans to invest up to US$10 billion to build a flat-screen production factory that would initially employ 3,000,which the company has said could grow to 13,000. The proposed subsidy — which heads to the state Assembly for a final vote today — would be the largest ever from a US state to a foreign company and 10 times bigger than anything Wisconsin has extended to a private business. The Republican-controlled Senate discounted Democrats’ concerns that there were not enough protections for taxpayers under the unprecedented incentive package. It would take 25 years for taxpayers to see a return on the investment, the nonpartisan Legislative Fiscal Bureau said.
AIRLINES
Malaysia inks Boeing order
Malaysia Airlines Bhd agreed to buy Boeing Co’s 787-9 Dreamliners and 737 Max jets as the nation’s flag carrier looks to boost services on its busiest routes. The airline signed a memorandum of understanding for eight of the carbon-composite Dreamliners and eight 737 Max 8s, Boeing said in an e-mailed statement on Tuesday. The agreement marks a victory for Boeing in a competition that had been viewed as favoring rival Airbus SE. Malaysia Airlines might double an order of 25 of the single-aisle 737 Max 10 over the next five years, Malaysian Prime Minister Najib Razak Najib said on Tuesday at a meeting with US President Donald Trump at the White House before the announcement.
PROPERTY
WeWork sues UrWork in US
WeWork Cos is escalating a legal fight against UrWork (優客工廠) with a US lawsuit, accusing the rapidly expanding Chinese rival of infringing on its trademarks. The US start-up, which has been valued at about US$20 billion, on Tuesday filed a lawsuit against UrWork in New York, saying it copied parts of its name and logo. That follows a separate legal action taken against the Chinese company in London, with WeWork accusing it of “passing off,” which can take place when one business misrepresents their services as being the product of another. Shared offices are gaining in popularity as bootstrapped start-ups seek to lower costs and collaborate with peers.
PHILIPPINES
Infrastructure plan passed
An interagency panel chaired by President Rodrigo Duterte has approved four major infrastructure projects worth 386.3 billion pesos (US$7.58 billion), including bridges, roads and the country’s first metro system. The Philippines, one of the world’s fastest growing economies, is overhauling its aging infrastructure to boost its competitiveness, create jobs and attract foreign firms hesitant about power costs, logistics headaches and supply chain challenges. The approval and completion of these projects “will pave the way for us to achieve our mid-term and long-term goals” as a nation, Socioeconomic Planning Secretary Ernesto Pernia said. The latest bundle brings the total number of approved projects to 35 worth 1.2 trillion pesos since Duterte took office in July last year. The biggest plan approved on Tuesday was the 355.6 billion pesos Metro Manila Subway Project, the first of its kind in the Philippines, and seen as an urgently needed solution to the sprawling capital’s notorious gridlock.
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