JAPAN
Trade deficit reported
The Ministry of Finance yesterday reported a ¥1.3 trillion (US$11.8 billion) trade deficit for last month, the third consecutive deficit, as exports declined amid worries about the spread of COVID-19 that could deaden regional economic growth. Both exports and imports to China and the US fell, ministry data showed.
CYBERTECH
Dell sells RSA for US$2bn
Dell Technologies Inc on Tuesday announced a US$2.08 billion cash deal to sell cybersecurity unit RSA to a consortium led by Symphony Technology Group. RSA specializes in defending computer systems and runs cybersecurity conferences. The deal is expected to close by the end of this year, the companies said. The consortium includes the Ontario Teachers’ Pension Plan Board and AlpInvest Partners NV. “This is the right long-term strategy for Dell, RSA and our collective customers and partners,” Dell chief operating officer and vice chairman Jeff Clarke said in a statement. “The transaction will further simplify our business and product portfolio.”
CHIPMAKERS
Intel in talks to sell unit
Intel Corp is in talks to sell a unit that makes chips for home Internet access gear to MaxLinear Inc, people familiar with the matter said. No final decision has been made and Intel could keep the connected home division, they said, and it is unclear how much the potential deal is worth. The chipmaker is looking at reducing its footprint in areas where it is not competitive, chief executive Bob Swan has said. Intel’s connected home business makes chips that enable Wi-Fi and manage data traffic for consumers. MaxLinear, based in Carlsbad, California, provides broadband and networking semiconductors.
SPAIN
Cabinet approves new taxes
The government on Tuesday approved the introduction of new taxes on digital business and stock market transactions, but the measures still require parliamentary approval. The Cabinet agreed at its weekly meeting to adopt the so-called Google tax and Tobin tax. Minister of Finance Mara Jesus Montero said that the Google tax, which has angered US authorities and brought a threat of tariffs from US President Donald Trump’s administration, would be levied only from the end of the year. By then, the government hopes an international agreement on digital business taxes would be in place.
INTERNET
Order concerns Facebook
Facebook Inc said it was “deeply concerned” about a Singaporean government order from to block access to a blog page on its social media Web site under the controversial Protection from Online Falsehoods and Manipulation Act. The government on Monday ordered Facebook to block the States Times Review’s (STR) page in Singapore, saying it had repeatedly conveyed falsehoods and had not complied with directions it had been served with under the act. The online STR, run by Australia-based Singaporean political activist Alex Tan (陳智祥), is known for its anti-establishment articles.
INTERNET
Binance seeks license
Binance Holdings Ltd (幣安), operator of one of the world’s largest cryptocurrency exchanges, is applying for an operating license in Singapore under its new payments legislation. The company said it had already submitted a letter of intent to apply.
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
MAJOR DROP: CEO Tim Cook, who is visiting Hanoi, pledged the firm was committed to Vietnam after its smartphone shipments declined 9.6% annually in the first quarter Apple Inc yesterday said it would increase spending on suppliers in Vietnam, a key production hub, as CEO Tim Cook arrived in the country for a two-day visit. The iPhone maker announced the news in a statement on its Web site, but gave no details of how much it would spend or where the money would go. Cook is expected to meet programmers, content creators and students during his visit, online newspaper VnExpress reported. The visit comes as US President Joe Biden’s administration seeks to ramp up Vietnam’s role in the global tech supply chain to reduce the US’ dependence on China. Images on
New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last
US CONSCULTANT: The US Department of Commerce’s Ursula Burns is a rarely seen US government consultant to be put forward to sit on the board, nominated as an independent director Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday nominated 10 candidates for its new board of directors, including Ursula Burns from the US Department of Commerce. It is rare that TSMC has nominated a US government consultant to sit on its board. Burns was nominated as one of seven independent directors. She is vice chair of the department’s Advisory Council on Supply Chain Competitiveness. Burns is to stand for election at TSMC’s annual shareholders’ meeting on June 4 along with the rest of the candidates. TSMC chairman Mark Liu (劉德音) was not on the list after in December last