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.
Google on Thursday restructured its responsible artificial intelligence (AI) efforts to centralize teams under a single executive, Marian Croak, a move by the Internet giant to stabilize groups working on ethics research and products after months of chaos. Croak, a vice president of engineering, would be the lead for the Responsible AI Research and Engineering Center of Expertise, she said in a YouTube video announcing her appointment. The Alphabet Inc unit has sought to defuse employee rancor stemming from the acrimonious departure of a prominent black researcher, Timnit Gebru. Croak, a black Google executive who is currently focused on site-reliability matters, would report
‘LESS DUMB’ LIQUIDITY: If more companies start to speculate in cryptocurrency, ‘we’re going to be in bubble territory before you know it,’ a market analyst said Bitcoin is closing in on a market value of US$1 trillion, a surge that is helping cryptocurrency returns far outstrip the performance of more traditional assets such as stocks and gold. The largest token has added more than US$415 billion of value this year to about US$956 billion, data compiled by Bloomberg showed. The Bloomberg Galaxy Crypto Index, which includes bitcoin and four other coins, has more than doubled. Speculators, corporate treasurers and institutional investors are thought to have stoked bitcoin’s volatile ascent. Crypto believers are dueling with skeptics for the dominant narrative around the climb: The former see an asset being
PUNCTURE-PROOF: Air Fom tires are made of material used in sports shoe soles and offer a comfortable ride, although people are still skeptical about solid tires Getting a flat tire is a nightmare for cyclists, sending home early any rider who had ventured outdoors without a repair kit or spare inner tubes. Although punctured tires have long been a pain point for cyclists, the problem has never been effectively resolved, despite the bicycle industry going back centuries. A few products have been developed to help reduce the likelihood of flat tires: puncture-resistant tires, which are thicker than usual tires or come with a protective layer; anti-puncture tapes, which are placed between the tire and inner tube to offer extra protection; and tubeless systems that use sealant to close
LONG-TERM PLAN: The company expects growth in revenue from its automotive business this year and that it would contribute meaningfully to sales from 2023 Hon Hai Precision Industry Co’s (鴻海精密) new electric vehicle (EV) platform is expected to help launch vehicles later this year, chairman Young Liu (劉揚偉) said on Saturday, signifying major progress in the electronics giant’s push into the automotive industry. Two light vehicles designed using the company’s MIH Open Platform would be unveiled in the fourth quarter, Liu told reporters at the company’s headquarters in New Taipei City’s Tucheng District (土城). Hon Hai might at the same time also help launch an electric bus, he said. Hon Hai has been seeking to expand its automotive capabilities at a time when technology companies including