Sat, Jan 26, 2019 - Page 10 News List

World Business Quick Take

Agencies

CHIPMAKERS

Fujian Jinhua plans appeal

Fujian Jinhua Integrated Circuit Co (晉華集成電路), a Chinese chipmaker accused of stealing US trade secrets, plans to appeal a US block on technology exports that has frozen its business. The state-owned memorychip maker was charged in November last year along with Taiwanese partner United Microelectronics Corp (聯電) of conspiring to steal intellectual property from Micron Technology Inc. Both companies have since denied the allegations. Jinhua yesterday challenged US authorities to produce proof of the allegations.

UNITED STATES

Tax increase mooted

Senator Elizabeth Warren is proposing a so-called ultra-millionaire tax as she vies for the 2020 Democratic presidential nomination. According to two economists advising her presidential campaign on the plan, the tax would hit an estimated 75,000 of the wealthiest US households. The new tax plan released on Thursday by the Massachusetts Democrat would impose a new 2 percent fee annually on US households’ net worth greater than US$50 million. The overall new tax bill would rise to 3 percent for households on their net worth above US$1 billion under her plan.

UNITED STATES

Mnuchin touts trade progress

Secretary of the Treasury Steven Mnuchin on Thursday said he thought that Washington and Beijing were “making a lot of progress” in trade talks, with currency issues also on the agenda. Mnuchin was not specific on the areas where he saw progress. “Currency has always been part of the discussions, it’s on a list, it’s one of the important issues, we’ve talked about it all the time, so it’ll continue to be on it,” Mnuchin said.

ARGENTINA

GDP shows large drop

The economy experienced its worst shrinkage during the tenure of President Mauricio Macri, as GDP dropped 7.5 percent in November last year compared with the same period in 2017, the state statistics bureau said on Thursday. It was the fourth month in a row that the economy dwindled following falls last year of 4.2 percent in October and 6.1 percent in September. For the period last year from January to November, the economy shrank 2.2 percent annually. The worst-hit sectors were commerce, industrial manufacturing and construction.

BANKING

Malayan closing researcher

Malayan Banking Bhd, Malaysia’s biggest lender, is closing its Hong Kong and China institutional equity research business to focus on Southeast Asian operations, according to people with knowledge of the matter. Kim Eng, the investment banking arm of Maybank, has cut seven to eight Hong Kong-based research positions, the people said. The changes were announced internally on Thursday, the people said. New European regulations requiring securities firms to separate research fees from trading commissions have shaken up the industry globally.

BEVERAGES

Starbucks slump ends

Starbucks Corp has put its recent sales slump behind it, beating analysts’ estimates in the key Americas and Asia-Pacific regions in the first quarter. Comparable sales rose 4 percent in the Americas. Same-store sales in China, where Starbucks has about 3,700 stores and is opening a new one roughly every 15 hours, gained 1 percent, marking the second straight quarter of growth after a rare decline last spring.

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