TECHNOLOGY
Hon Hai incentive advances
The Wisconsin Assembly on Thursday sent a US$3 billion incentive package for Hon Hai Precision Industry Co (鴻海精密) — known as Foxconn Technology Group (富士康) outside Taiwan — to Wisconsin Governor Scott Walker, signing off on a deal to lure the electronics giant to the state with the biggest subsidy to a foreign company in US history. The bill, approved on a bipartisan 64-31 vote, would make US$2.85 billion available to Hon Hai in cash payments if it invests US$10 billion and hires 13,000 workers. The Wisconsin State Senate approved the proposal on Tuesday.
TECHNOLOGY
Women sue Google
Three female former employees of Alphabet Inc’s Google on Thursday filed a lawsuit accusing the tech company of discriminating against women in pay and promotions. The proposed class-action lawsuit, filed in California state court in San Francisco, came as Google faces an investigation by the US Department of Labor into sex bias in pay practices. The plaintiffs say Google pays women in California less than men who perform similar work and assigns female workers jobs that are less likely to lead to promotions. Google denied the claims.
BANKING
Credit Agricole eyes Asia
Credit Agricole SA, France’s second-largest bank, would consider expanding its presence in Asia, where there is “huge potential” for growth, deputy chief executive officer Xavier Musca said. The lender has opened a representative office in Indonesia and is increasing its wealth-management footprint through its unit Amundi SA’s purchase of Pioneer Investments, Musca said in a Bloomberg Television interview from Singapore. There is “genuine interest” in Asia for opportunities that European banks can offer, Musca said.
INSURANCE
Axa mulls consolidation
French insurer Axa SA is reviewing options for its European asset management unit amid consolidation in the sector, people familiar with the matter said. Axa is considering a merger or joint venture for the business, the people said. Potential partners could include Natixis SA, the people said. No final decisions have been made and Axa might choose to retain the unit as is, they said. Representatives for Axa and Natixis declined to comment.
FASHION
H&M Q3 turnover capped
Fashion group H&M yesterday said that large markdowns capped its third-quarter turnover at 5 percent, but added that autumn sales had started well. The world’s second-largest clothing retailer reported net sales of 51.2 billion kronor (US$6.4 billion). Local-currency growth was 4 percent, just below forecast. The company said sales in the quarter were affected by a significantly larger summer sale this year than in the corresponding quarter last year.
ECONOMY
TSF rises in China
Total social financing (TSF), a broad measure of credit and liquidity in the economy, last month rose to 1.48 trillion yuan (US$226.02 billion) from 1.22 trillion yuan in July, data from the People’s Bank of China showed yesterday. TSF includes off-balance sheet forms of financing that exist outside the conventional bank lending system, such as initial public offerings, loans from trust companies and bond sales. It can also hints at trends in China’s vast shadow-banking sector.
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