■ Crude oil
Output in Venezuela up
Venezuela's oil output has increased five-fold since the start of the year as additional fields have been activated, striking oil workers said. Output is about 1.08 million barrels, strikers said in a press statement. They estimated output at 190,000 barrels a day on Jan. 1. Venezuela was producing about 3 million barrels a day of oil before the nationwide strike began Dec. 2. Natural gas output was 41 percent of pre-strike levels, strikers said. Oil output has been curtailed since the strike began. Strikers are seeking the ouster of President Hugo Chavez. Petroleos de Venezuela SA President Ali Rodriguez said Friday that production was 1.5 million barrels a day, and will reach 2.5 million barrels a day by mid-March. His forecasts are disputed by oil strikers.
■ Automakers
Nissan pushes Teana cars
Nissan Motor Co, Japan's third-largest automaker, said it plans to sell 100,000 of its new Teana sedans a year worldwide after it releases the model in an effort to lure more customers. The company, 44 percent owned by Renault SA, said it expects to sell about 25,000 units a year in its home market. Nissan starts selling the luxury car in Japan today, priced between Japanese yen 2.25 million (US$18,746) and 3.19 million yen. The automaker will offer it in China and other Asian markets later this year. Nissan, which expects to raise global auto sales by 9.3 percent this business year, is releasing a record 12 new and revamped models globally to spur demand. The world's second-largest automaker by market value expects to report a third straight record annual profit this business year, after posting its largest loss three years ago. The Teana, based on the same platform as the Maxima sedan, will be available with a 2.3-liter or 3.5-liter engine.
■ NTT DoCoMo
Customer spending down
NTT DoCoMo Inc, the world's No. 2 mobile-phone company by sales, said customers spent less on cellular services and it lost market share in the three months ended Dec. 31. Customers of DoCoMo's main cellular services spent an average of Y8,200 (US$68) a month in the quarter, 4 percent less than in the same period a year earlier, the company said in a release at the Tokyo Stock Exchange. DoCoMo said its share of Japan's cellular market, the world's second biggest by value behind the US, slipped to 58.3 percent from 59 percent a year earlier.
■ Platinum
Price surges in Tokyo
Platinum rose in Tokyo to the highest more than 19 years on expectation a US$1.2 billion fuel cell initiative proposed by US President George W. Bush would boost demand for the metal. Platinum for December delivery rose Y80, or 3.4 percent, to 2,437 yen per gram on the Tokyo Commodity Exchange, the highest price since March 20, 1989. "Platinum demand is expected to increase as more of the metal will be used for fuel cells for autos," said Akio Shibata, a commodities analyst at Marubeni Corp. The so-called Freedom Fuel initiative in the US is aimed at reversing "America's growing dependence on foreign oil by developing the technology for commercially viable hydrogen-powered fuel cells to power cars, trucks, homes and businesses with no pollution or greenhouse gases," Bush told the US Congress last week.Agencies
FALLING BEHIND: Samsung shares have declined more than 20 percent this year, as the world’s largest chipmaker struggles in key markets and plays catch-up to rival SK Hynix Samsung Electronics Co is laying off workers in Southeast Asia, Australia and New Zealand as part of a plan to reduce its global headcount by thousands of jobs, sources familiar with the situation said. The layoffs could affect about 10 percent of its workforces in those markets, although the numbers for each subsidiary might vary, said one of the sources, who asked not to be named because the matter is private. Job cuts are planned for other overseas subsidiaries and could reach 10 percent in certain markets, the source said. The South Korean company has about 147,000 in staff overseas, more than half
Taipei is today suspending its US$2.5 trillion stock market as Super Typhoon Krathon approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed-income trading, statements from its stock and currency exchanges said. Yesterday, schools and offices were closed in several cities and counties in southern and eastern Taiwan, including in the key industrial port city of Kaohsiung. Taiwan, which started canceling flights, ship sailings and some train services earlier this week, has wind and rain advisories in place for much of the island. It regularly experiences typhoons, and in July shut offices and schools as
TECH PARTNERSHIP: The deal with Arizona-based Amkor would provide TSMC with advanced packing and test capacities, a requirement to serve US customers Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is collaborating with Amkor Technology Inc to provide local advanced packaging and test capacities in Arizona to address customer requirements for geographical flexibility in chip manufacturing. As part of the agreement, TSMC, the world’s biggest contract chipmaker, would contract turnkey advanced packaging and test services from Amkor at their planned facility in Peoria, Arizona, a joint statement released yesterday said. TSMC would leverage these services to support its customers, particularly those using TSMC’s advanced wafer fabrication facilities in Phoenix, Arizona, it said. The companies would jointly define the specific packaging technologies, such as TSMC’s Integrated
An Indian factory producing iPhone components resumed work yesterday after a fire that halted production — the third blaze to disrupt Apple Inc’s local supply chain since the start of last year. Local industrial behemoth Tata Group’s plant in Tamil Nadu, which was shut down by the unexplained fire on Saturday, is a key linchpin of Apple’s nascent supply chain in the country. A spokesperson for subsidiary Tata Electronics Pvt yesterday said that the company would restart work in “many areas of the facility today.” “We’ve been working diligently since Saturday to support our team and to identify the cause of the fire,”
RSS