Trade deficit with China cut
The nation has cut its trade deficit with China by the most in more than a decade, according to people familiar with the data, as it boosted exports amid a US-China trade dispute. Exports to China jumped 31 percent year-on-year to US$17 billion in the financial year ended March 31, the people said, asking not to be identified as the data is not yet public. In the process, it cut the bilateral trade deficit by US$10 billion to US$53 billion. The surge in exports was mainly due to greater demand for marine products, grapes, raw cotton and plastic raw materials: items that were casualties in US President Donald Trump’s trade dispute with Beijing. It was the second consecutive year that the nation’s shipments to China have grown by more than 30 percent. New Delhi has also used the opportunity to push for greater cooperation with China on trade, using talks for a Beijing-backed Regional Comprehensive Economic Partnership as a lever.
Lufthansa posts a loss
Deutsche Lufthansa AG reported a first-quarter loss because of rising fuel costs and downward pressure on fares, sending its shares plunging in a sign of deepening industry woes after the German airline cut its growth plans last month. The shares fell 5 percent in pre-market activity on Tradegate after the nation’s biggest carrier disclosed an adjusted loss before interest and taxes of 336 million euros (US$380 million). The downturn, which compared with earnings of 52 million euros a year earlier, was particularly stark because of strong results for the beginning of last year following the collapse of Air Berlin, Lufthansa said in a statement late on Monday. The loss comes after Lufthansa opted to pare planned capacity increases this summer to bolster prices and focus on profitability. The European airline industry is coming off a tough year, with bad weather and strikes among the factors hurting profit.
Lotus unveils ‘hypercar’
Lotus yesterday announced in Shanghai a concept for the first fully electric British hypercar, the Type 130. Unveiled on the morning of the first day of the Shanghai International Auto Show, the Type 130 would be the first all-new vehicle from the Hethel, England-based automaker in 11 years. The news arrived after word that Lotus parent company Geely Holding Group (吉利控股集團) would begin manufacturing vehicles in China, working from a new US$1.3 billion factory in Wuhan. A spokesman from Lotus declined to say when the factory would open, but said the new vehicle would not be built there, but at company factories in England.
Former VW CEO charged
German prosecutors have charged former Volkswagen AG (VW) chief executive Martin Winterkorn and four others with fraud in the emissions cheating scandal that has helped turn many Europeans against diesel engines and accelerated the push toward electric vehicles. Prosecutors on Monday said that Winterkorn knew about the scheme since at least May 2014 and failed to put a stop to it. That contradicted his claim that he did not learn about it until shortly before US investigators announced it in September 2015. Winterkorn resigned as chief executive five days later. VW has admitted installing software in its diesel vehicles that turned on pollution controls when they were being tested and switched them off during everyday driving.
PLANNED OUT: The government is lifting sale and export restrictions on 60% of the 20 million masks made daily, but people can still make purchases using their NHI cards Twenty thousand boxes of 50 masks each would be on sale at FamilyMart convenience stores starting tomorrow, Taiwan FamilyMart Co Ltd (全家便利商店) said yesterday. A box of 50 masks would cost NT$249 for those with FamilyMart memberships and NT$299 for those without, with no limits placed on how many boxes a person can buy, the company said. Convenience store chain operator Hi-Life International Co Ltd (萊爾富) said that it would also start selling masks from tomorrow. It has yet to announce details about prices and quantity. Hypermarket chain operator Carrefour Taiwan (家樂福) said that it would start selling packs of five
Delta Electronics Inc (台達電), the nation’s leading power management solutions provider, has signed an agreement to acquire Canadian software firm Trihedral Engineering Ltd to bolster its smart production efforts, it said on Saturday. Delta said in a statement that it would acquire Trihedral for C$45 million (US$32.68 million) through its 100 percent-owned subsidiary Delta Electronics (Netherlands) BV. Trihedral specializes in supervisory control and data acquisition (SCADA) and industrial Internet of Things software, which would strengthen Delta’s hardware offerings in fast-growing areas such as automation, artificial intelligence and data analytics, it said. “The collection, monitoring and analyzing of data are critical to Delta’s two
From the customer’s perspective, car rental is a straightforward business. The only uncertainty is whether the hire company will charge you for the scratch they discover when you hand back the vehicle. Hertz Global Holdings Inc’s bankruptcy protection filing on Friday last week was a reminder that today even the simplest business models are underpinned by a lot more financial complexity than meets the eye. The proximate cause of Hertz’s demise was of course the sudden collapse in bookings caused by COVID-19 travel restrictions. The company’s monthly revenue last month fell 73 percent year-on-year, a shortfall that even the most resilient
BOOSTING BUYING: A source said that the idea of pre-ordering vouchers online is being considered, but the preliminary plan is for people to buy them at post offices A stimulus voucher program to be rolled out next month to boost consumption would be available not only to Taiwanese, but also foreign nationals and Chinese spouses who hold residency permits, a source familiar with the matter said yesterday. The government is fine-tuning the details of the program, which involves issuing vouchers for in-store purchases to revive buying amid the COVID-19 pandemic. During a radio interview on Monday last week, National Development Council (NDC) Minister Kung Ming-hsin (龔明鑫) said that the plan is to allow anyone, regardless of age or income level, to buy NT$3,000 (US$99.89) worth of vouchers for