TECHNOLOGY
Apple hires top battery man
Apple Inc has hired Soonho Ahn, an executive from Samsung SDI Co, the battery making affiliate of Samsung Electronics Co, to help lead its own battery work. Ahn joined Apple last month as global head of battery development, after working as a senior vice president at Samsung SDI since 2015, according to his LinkedIn profile. At Samsung SDI, Ahn led development of lithium battery packs and worked on “next-generation” battery technology, the profile says. Apple and Ahn did not respond to requests for comment. The iPhone maker has been trying to reduce reliance on third-party components and the notable battery technology hire suggests it might be doing the same for batteries.
VENEZUELA
Bonds hit six-month high
Bond prices jumped to the highest in six months as large anti-government protests throughout the country spurred speculation that President Nicolas Maduro’s regime could be coming closer to an end. The country’s US$4 billion of defaulted notes due in 2027 surged US$0.024 to US$0.307 on the dollar, the highest price since June. The hope among investors is that dissatisfaction with Maduro would eventually lead to his removal from office and the ascension of a new government that would be able to boost oil production and get the economy back on track, paving the way for a restructuring deal after US$9 billion of defaults.
RESTAURANTS
Lines welcome Taco Bell
Lines stretched around the block yesterday as Thailand’s first Taco Bell opened its doors to fast-food fanatics sporting taco-shaped hats and punters keen to discover the corn-based snack. Taco Bell regional managing director Ankush Tuli said that the company is planning to open 40 outlets in the country over the next three years as part of a broader global expansion plan relying heavily on the Asia-Pacific region.
PHILIPPINES
GDP up less than predicted
Economic growth last quarter was slower than economists estimated, as expansion in investment and manufacturing weakened. GDP rose 6.1 percent annually in the fourth quarter of last year, compared with the 6.3 percent median estimate in a Bloomberg survey. Growth was 6 percent in the previous three months. The economy expanded 6.2 percent last year, the weakest in three years. The peso pared its gain and was little changed after the data, after rising as much as 0.2 percent earlier.
UNITED STATES
Zero growth possible
White House Council of Economic Advisers Chairman Kevin Hassett said that if the partial government shutdown extends through March, there is a chance of zero economic expansion this quarter, although “humongous” growth would follow once federal agencies reopen. Asked in a CNN interview on Wednesday if the US could see zero growth with the shutdown, Hassett said: “Yes, we could, if it extended for the whole quarter.” Growth could rebound to “4 or 5 percent” in the second quarter if the government reopens, he said. Analysts surveyed last week said that if the shutdown lasts through the end of March, it would subtract 0.8 percentage points from first-quarter growth, which would end up at 1.5 percent, based on median responses. Estimates for GDP, based on an annualized pace, ranged from a contraction of 2 percent to growth of 3.3 percent.
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