Sat, Oct 26, 2019 - Page 10 News List

World Business Quick Take

Agencies

SOUTH KOREA

WTO status to change

The government would no longer seek special treatment reserved for developing nations by the WTO in negotiations given its enhanced global economic status, its finance minister said yesterday. US President Donald Trump in July put pressure on the WTO to change how it designates developing nations, singling out China, with which the US is engaged in a trade dispute, for unfairly getting preferential treatment. South Korea’s developing-nation status was self-designated. “The government decided not to seek special treatment as a developing country from future negotiations at the WTO,” Minister of Economy and Finance Hong Nam-ki said. The decision is “not to forgo developing-country status, but to not seek any special treatment from the negotiations going forward,” he said.

CHIP DESIGNERS

Huawei to get ARM tech

Chip designer ARM Holdings PLC is to continue to supply Huawei Technologies Co (華為) after the British company’s legal team ruled that its chip technology is of UK origin and would not breach US restrictions on supplying the firm. “ARM’s v8 and v9 are UK-origin technologies,” a spokeswoman said via e-mail yesterday. Huawei, the world’s No. 2 smartphone manufacturer, uses ARM blueprints to design processors that power its smartphones. Its proprietary chips, such as Kirin 990 mobile processors and the Ascend 910 AI chipset, are built on ARM’s design architecture and considered a major hallmark of the Chinese firm’s attempts to reduce its reliance on US technologies. While Huawei was granted a reprieve until next month, it remains set to lose access to some US technology.

MINING

Glencore revises forecast

Glencore PLC, the world’s biggest commodity trader, said it is to produce slightly less copper and zinc this year than previously forecast. Glencore now expects to produce about 1.01 million tonnes of copper from its non-African business, compared with an earlier forecast of about 1.025 million tonnes. It will aim to mine 1.11 million tonnes of zinc, down 7 percent. Crucially, Glencore’s African copper business, where it is implementing a turnaround plan, is on pace to achieve its latest annual production goal. Hitting the target in African copper is an important first step toward convincing the market that it can make the assets profitable. Glencore cited minor operational updates across its portfolio for the reduced copper target. Zinc was lowered because of a delayed restart of a Peruvian mine, the shuttering of a small Peruvian mine and poor ground conditions at its Tishinsky mine in Kazakhstan.

BANKING

HSBC Holdings to cut jobs

HSBC Holdings PLC is embarking on a fresh round of job cuts, targeting hundreds of employees in the Middle East, North Africa and Turkey as the latest part of the lender’s cost-reduction program. The global banking and markets, and commercial banking units might bear the brunt of the reductions, which are due to start next month, people with knowledge of the firm’s plans said. HSBC employs 4 percent of its workforce in the region, or about 9,600 full-time staff. Acting HSBC chief executive Noel Quinn has planned a series of retrenchments as he has signaled he wants the top job on a permanent basis. The bank might partially exit stock trading in some developed markets and is attempting to sell its French retail bank, a move that could remove as many as 8,000 staff from the payroll.

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