TECHNOLOGY
Google workers urge action
Google employees are demanding that the company issue a climate plan that commits it to zero emissions by 2030. An online petition posted on Monday bears signatures from more than 1,000 Google employees. It also calls on Google to decline contracts that would support the extraction of fossil fuels and to avoid collaborating with organizations involved with the oppression of refugees. Amazon.com Inc and Microsoft Corp employees have similarly called on their employers to take steps for climate change action. Workers from both companies joined climate marches in September.
STEELMAKERS
ArcelorMittal drops Ilva deal
ArcelorMittal SA, the world’s biggest steelmaker, on Monday said that it is pulling out of a deal to buy struggling Italian firm Ilva after Rome decided not to grant it immunity from prosecution over a heavily polluting plant that was a central part of the acquisition. The company’s decision came under heavy fire across the nation, with trade unions variously blaming the steel giant and the ruling anti-establishment Five Star Movement, which is a foe of big industry, for pulling the rug out from under a deal that would have safeguarded thousands of jobs.
BREWERS
Asahi lowers sales foreacast
Asahi Group Holdings Ltd, Japan’s largest brewer, yesterday lowered its annual sales and profit forecast again, citing currency fluctuations and domestic headwinds. Operating profit will probably be ¥202 billion (US$1.9 billion) for this year, the Tokyo-based company said. That compares with its prior forecast of ¥215.5 billion, and the average analyst estimate of ¥215.9 billion. Asahi also lowered its sales forecast to ¥2.09 trillion, compared with the average estimate for ¥2.12 trillion. Its annual planned dividend was cut to ¥100 per share, from the prior ¥106 per share. The company had previously lowered its forecasts in August.
AUSTRALIA
Rates kept at record low
The central bank yesterday kept interest rates on hold at a record low of 0.75 percent, with Governor Philip Lowe saying the economy was showing signs of life after three cuts this year. Lowe said in a statement following the Reserve Bank of Australia’s monthly policy meeting that there were several positive influencers, including recent tax cuts for low and middle-income earners, an upswing in house prices in Sydney and Melbourne, and a brighter outlook for the resources sector. However, there remain concerns over the impact of lower consumer spending, as well as the flow-on effect of a prolonged drought gripping much of the east.
MALAYSIA
Bank stays pat on rate
The central bank yesterday kept its benchmark interest rate unchanged, giving itself policy space to act in coming months if the global economy worsens. Bank Negara Malaysia held its overnight rate at 3 percent at its final meeting for the year, as predicted by 16 of the 25 economists surveyed by Bloomberg. At the current rate “the stance of monetary policy remains accommodative and supportive of economic activity,” the central bank said in a statement. Growth “is expected to be within projections in 2019 and the pace sustained going into 2020,” underpinned by private sector investment, it said.
purpose: Tesla’s CEO sought to meet senior Chinese officials to discuss the rollout of its ‘full self-driving’ software in China and approval to transfer data they had collected Tesla Inc CEO Elon Musk arrived in Beijing yesterday on an unannounced visit, where he is expected to meet senior officials to discuss the rollout of "full self-driving" (FSD) software and permission to transfer data overseas, according to a person with knowledge of the matter. Chinese state media reported that he met Premier Li Qiang (李強) in Beijing, during which Li told Musk that Tesla's development in China could be regarded as a successful example of US-China economic and trade cooperation. Musk confirmed his meeting with the premier yesterday with a post on social media platform X. "Honored to meet with Premier Li
ARTIFICIAL INTELLIGENCE: The chipmaker last month raised its capital spending by 28 percent for this year to NT$32 billion from a previous estimate of NT$25 billion Contract chipmaker Powerchip Semiconductor Manufacturing Corp (力積電子) yesterday launched a new 12-inch fab, tapping into advanced chip-on-wafer-on-substrate (CoWoS) packaging technology to support rising demand for artificial intelligence (AI) devices. Powerchip is to offer interposers, one of three parts in CoWoS packaging technology, with shipments scheduled for the second half of this year, Powerchip chairman Frank Huang (黃崇仁) told reporters on the sidelines of a fab inauguration ceremony in the Tongluo Science Park (銅鑼科學園區) in Miaoli County yesterday. “We are working with customers to supply CoWoS-related business, utilizing part of this new fab’s capacity,” Huang said, adding that Powerchip intended to bridge
Dutch brewing company Heineken NV on Friday announced an investment of NT$13.5 billion (US$414.62 million) over the next five years in Taiwan. The first multinational brewing company to operate in Taiwan, Heineken made the statement at a ceremony held at its brewery in Pingtung County. It also outlined its efforts to make the brewery “net zero” by 2030. Heineken has been in the Taiwanese market for 20 years, Heineken Taiwan managing director Jeff Wu (吳建甫) said. With strong support from local consumers, the Dutch brewery decided to transition from sales to manufacturing in the country, Wu said. Heineken assumed majority ownership and management rights
Microsoft Corp yesterday said that it would create Thailand’s first data center region to boost cloud and artificial intelligence (AI) infrastructure, promising AI training to more than 100,000 people to develop tech. Bangkok is a key economic player in Southeast Asia, but it has lagged behind Indonesia and Singapore when it comes to the tech industry. Thailand has an “incredible opportunity to build a digital-first, AI-powered future,” Microsoft chairman and chief executive officer Satya Nadella said at an event in Bangkok. Data center regions are physical locations that store computing infrastructure, allowing secure and reliable access to cloud platforms. The global embrace of AI