CHINA
Rapid market building eyed
Chinese Premier Li Keqiang (李克強) vowed to further cut taxes, administrative fees and red tape in an effort to support the real economy, a government statement said on Friday. Li called for speedy efforts to build a “market-oriented, legalized and internationalized” business environment. The premier made the remarks at a meeting with entrepreneurs in Zhejiang Province. Private and state-owned enterprises are “important components” of the economy, Li added.
JAPAN
Cabinet reshuffle imminent
Prime Minister Shinzo Abe would likely reappoint Minister of Economy, Trade and Industry Hiroshige Seko in a Cabinet reshuffle next week, the Nikkei Shimbun reported yesterday. Other key ministers such as Chief Cabinet Secretary Yoshihide Suga would also retain their posts, the paper reported. Abe is to reshuffle his Cabinet on Tuesday after winning a ruling party leadership vote last week, paving the way to become Japan’s longest-serving prime minister.
CHILE
Escondida output rises 45%
The world’s biggest copper mine by output, Chile’s Escondida, on Friday announced profits of US$1.086 billion for the first semester, just over a month after avoiding a strike by workers. Production increased by 45 percent from January to June, thus recuperating lost revenue over the same period last year that was provoked by a 44-day strike. Mine president Mauro Neves described the results as “positive,” and said owner BHP Billiton Ltd had paid the government US$524 million in taxes.
GERMANY
Frankfurt unveils ‘new’ city
The financial capital of Frankfurt has unveiled its new “Old City” — 35 buildings that reproduce in part an area that was destroyed during World War II bombings. On Friday, Mayor Peter Feldmann officially opened the 200 million euro (US$232.43 million) project, saying that “we are giving the city its heart and soul back.” Fifteen of the new buildings are replicas of predecessors that were destroyed in bombings in 1944.
COLOMBIA
Migrants need 0.5% of GDP
An influx of Venezuelan immigrants fleeing economic hardship costs Colombia about 0.5 percent of its GDP per year, equivalent to about US$1.5 billion, President Ivan Duque said on Friday. Nearly 1 million Venezuelan immigrants are living in Colombia, Duque said after a meeting with World Bank vice president Jorge Familiar. The World Bank is to release a report on the fiscal and social effects of the crisis on Colombia in the coming weeks, Familiar said.
REAL ESTATE
AIG seeks to sell NYC hotel
AIG Global Real Estate is seeking buyers for a Manhattan hotel that could fetch more than US$200 million, a person familiar with the matter said. AIG has tapped Eastdil Secured LLC to find prospective buyers for the 310-room Embassy Suites by Hilton New York Midtown Manhattan on West 37th Street, according to the person and marketing documents obtained by Bloomberg. The newly developed 39-story hotel opened in January and has been fully operational since July.
purpose: Tesla’s CEO sought to meet senior Chinese officials to discuss the rollout of its ‘full self-driving’ software in China and approval to transfer data they had collected Tesla Inc CEO Elon Musk arrived in Beijing yesterday on an unannounced visit, where he is expected to meet senior officials to discuss the rollout of "full self-driving" (FSD) software and permission to transfer data overseas, according to a person with knowledge of the matter. Chinese state media reported that he met Premier Li Qiang (李強) in Beijing, during which Li told Musk that Tesla's development in China could be regarded as a successful example of US-China economic and trade cooperation. Musk confirmed his meeting with the premier yesterday with a post on social media platform X. "Honored to meet with Premier Li
Dutch brewing company Heineken NV on Friday announced an investment of NT$13.5 billion (US$414.62 million) over the next five years in Taiwan. The first multinational brewing company to operate in Taiwan, Heineken made the statement at a ceremony held at its brewery in Pingtung County. It also outlined its efforts to make the brewery “net zero” by 2030. Heineken has been in the Taiwanese market for 20 years, Heineken Taiwan managing director Jeff Wu (吳建甫) said. With strong support from local consumers, the Dutch brewery decided to transition from sales to manufacturing in the country, Wu said. Heineken assumed majority ownership and management rights
ARTIFICIAL INTELLIGENCE: The chipmaker last month raised its capital spending by 28 percent for this year to NT$32 billion from a previous estimate of NT$25 billion Contract chipmaker Powerchip Semiconductor Manufacturing Corp (力積電子) yesterday launched a new 12-inch fab, tapping into advanced chip-on-wafer-on-substrate (CoWoS) packaging technology to support rising demand for artificial intelligence (AI) devices. Powerchip is to offer interposers, one of three parts in CoWoS packaging technology, with shipments scheduled for the second half of this year, Powerchip chairman Frank Huang (黃崇仁) told reporters on the sidelines of a fab inauguration ceremony in the Tongluo Science Park (銅鑼科學園區) in Miaoli County yesterday. “We are working with customers to supply CoWoS-related business, utilizing part of this new fab’s capacity,” Huang said, adding that Powerchip intended to bridge
Microsoft Corp yesterday said that it would create Thailand’s first data center region to boost cloud and artificial intelligence (AI) infrastructure, promising AI training to more than 100,000 people to develop tech. Bangkok is a key economic player in Southeast Asia, but it has lagged behind Indonesia and Singapore when it comes to the tech industry. Thailand has an “incredible opportunity to build a digital-first, AI-powered future,” Microsoft chairman and chief executive officer Satya Nadella said at an event in Bangkok. Data center regions are physical locations that store computing infrastructure, allowing secure and reliable access to cloud platforms. The global embrace of AI