GERMANY
More fretting about inflation
Consumers will be slightly less cheerful next month as they fret about inflation, a closely watched survey said yesterday. Market research firm GfK said the index from its forward-looking poll of about 2,000 people dipped for a second consecutive month, shaving off 0.1 points to reach 10.7 next month. The survey found that Germans are heading into the final stretch of this year with more confidence in the economy and a greater willingness to make large purchases, buoyed by strong domestic and foreign demand. However, wage expectations fell for the second month in a row, GfK said.
SPAIN
Growth forecast for 2018 cut
Minister of Economy, Industry and Competitiveness Luis De Guindos yesterday said he sees economic growth of just above 3 percent this year despite a secession bid by Catalonia. The government forecasts the economy to grow 3 percent this year, but the standoff with Catalonia over its ambitions has prompted Madrid to slash growth projections for next year. De Guindos told Cadena Ser radio that if the government’s plan to impose direct rule in Catalonia went well, he hoped to return to debate and pass next year’s budget in the next few weeks. Meanwhile, the unemployment rate fell in the third quarter as seasonal work boomed over the summer. The National Statistics Institute said unemployment from July to last month stood at 16.4 percent, down from 17.2 percent in the previous quarter.
SAUDI ARABIA
Nomu to be opened up
Foreigners are to be allowed to trade shares directly on the market for smaller companies as the kingdom gradually opens its market amid a wider drive to diversify its economy. The platform, known as Nomu, will be open to foreigners starting in January next year, Capital Market Authority Chairman Mohammed Elkuwaiz said yesterday. Qualification requirements for foreign investors that apply to the main stock market are to be waived for those trading on the Nomu, he said. The decision is the latest effort by the kingdom to turn its bourse into a gateway for increased investment from abroad.
BANKING
Trump praises Yellen … but
US President Donald Trump on Wednesday offered praise for US Federal Reserve Chair Janet Yellen, calling her “terrific,” but also acknowledged his desire to make his own mark on the Fed. Trump said in an interview with the Fox Business Network that when he met with Yellen last week, she was “very impressive. I like her a lot.” However, “you like to make your own mark which is maybe one of the things she’s got a little bit against her, but I think she is terrific,” he said. “We’ve had a great talk and we are obviously doing great together. You look at the markets.” On Monday, Trump said that he was “very close” to deciding who should lead the Fed once Yellen’s term expires in February next year.
COMMUNICATIONS
Line’s Q3 beats expectations
Messaging app Line Corp yesterday surged in Tokyo trade, posting its biggest gain since it was first traded on Japan’s premier stock exchange last year as it reported better-than-expected earnings. Shares in the company best known for its cartoon stickers soared nearly 17 percent to close at ¥4,880. The jump came as Line said third-quarter operating profit rose to ¥5.85 billion (US$51.5 million), handily beating market forecasts of a ¥4.3 billion profit and prompting Deutsche Bank AG to upgrade its view on the stock.
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