PM eyes sustained growth
Vietnam seeks to sustain economic growth next year at about 6.8 percent amid a projected 7 percent rise in exports, Prime Minister Nguyen Xuan Phuc said. Inflation should stay below 4 percent next year, Phuc told legislators in a speech in Hanoi aired live on television. Overseas sales are set to gain 7.9 percent this year, while inflation will likely average 2.7 to 3 percent this year, he said. Growth in the Southeast Asian economy accelerated to 7.31 percent in the third quarter from a year earlier, surpassing expectations to reach the fastest pace since the start of last year. Vietnam is benefiting from rising foreign investment in manufacturing as businesses shift production from China to bypass higher tariffs.
Oil exports resume
Ecuador on Sunday said it had resumed crude oil exports curbed by violent protests that forced several wells in the Amazon to halt operations. The country was hit by 12 days of demonstrations, led by indigenous groups, against fuel price hikes until President Lenin Moreno reached a deal with protest leaders on Oct. 13. “Oil production has recovered, so the operation of the Trans-Ecuadorian Oil Pipeline System has been standardized,” Petroecuador, the national oil company, said in a statement. “All suspended exports will be rescheduled in the coming days.”
Gojek announces new CEOs
Indonesian ride-hailing and payments company Gojek said two senior officials would jointly take over running operations of the US$10 billion firm after chief executive officer and cofounder Nadiem Makarim resigned to join Indonesia’s Cabinet. Gojek president Andre Soelistyo and the other cofounder, Kevin Aluwi, would be the joint CEOs, the company said. It had “planned for this possibility and there would no disruption to its business,” it said in a statement. Soelistyo has been at the firm since 2016 and previously headed Singaporean private equity firm Northstar Group, while Aluwi runs the company’s data science and analytics teams.
Temasek plans takeover
Singapore’s Temasek Holdings Pte plans to take control of Keppel Corp for about S$4 billion (US$3 billion) and undertake a review of the oil-rig builder’s business that could involve a board shakeup. The state-backed investor, which already owns about one-fifth of Keppel, offered to buy an additional 30.6 percent stake at S$7.35 a share, according to a statement yesterday. That is 26 percent higher than what Singapore-based Keppel traded at before its shares were halted. Temasek said it plans to keep Keppel traded on the Singapore stock exchange. Keppel also has businesses involved in real estate and infrastructure.
Strike cancels flights
Cabin crew at four Lufthansa subsidiary airlines staged a day-long strike on Sunday, causing dozens of cancelations at German airports in a battle for better pay and conditions. The walkout, called by the UFO cabin crew union, at Eurowings, Germanwings, SunExpress and Lufthansa CityLine led to more than 100 flight cancelations, mainly hitting short-haul journeys at Hamburg airport, Munich, Berlin-Tegel, Cologne and Stuttgart, the Deutsche Presse-Agentur reported. Frankfurt airport, the country’s busiest, reported “only a few” cancelations, affecting CityLine flights.
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
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
Taiwan High Speed Rail Corp (THSRC, 台灣高鐵) is expected to recover quickly from the effects of COVID-19, as life returns to normal and thanks to the government’s domestic travel incentives, Yuanta Securities Investment Consulting Co (元大投顧) said in a note on Friday. THSRC’s business might have bottomed out after revenue fell 49.83 percent year-on-year to NT$2.03 billion (US$67.59 million) in April, the lowest in nearly 10 years, while combined revenue in the first four months dropped 26.44 percent to NT$11.63 billion, as the COVID-19 outbreak reduced ridership, the investment consultancy said. “The worst should be over in April as domestic tourism
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