SOUTH KOREA
Foreign reserves grow
Foreign currency reserves swelled to their third record high in four months amid strength in the Japanese yen and the euro, the central bank said yesterday. The reserves totaled US$293.35 billion at the end of last month, up US$3.57 billion from US$289.78 billion in September, the Bank of Korea said in a statement. Last month’s figure bested the previous all-time high set in September, when South Korea’s reserves were the world’s sixth-largest behind those of China, Japan, Russia, Taiwan and India, according to central bank data. The statement did not provide a global ranking for last month.
GREEN ENERGY
S Korea plans wind farm
South Korea said yesterday it would build a massive offshore wind farm off the west coast by 2019 to develop new sources of renewable energy and help wind turbine exporters. Under the 9.2 trillion won (US$8.2 billion) project, companies such as Hyundai Heavy Industries and Daewoo Shipbuilding and Marine Engineering plan to build 500 turbines, the Knowledge Economy Ministry said in a statement. The wind farm, to be built near the southwestern counties of Buan and Yeonggwang, will generate about 2,500 megawatts of electricity, it said. The government will coordinate the project and provide 29 billion won, while private investors will finance the rest.
TECHNOLOGY
Hitachi returns to profit
Japanese high-tech firm Hitachi said yesterday it swung back to the black in the three months to September, boosted by robust demand for el electronic components and systems for automobiles. Hitachi reported a group net profit of ￥71.9 billion (US$890 million) despite the yen’s advance against other major currencies. It reversed a loss of ￥50.5 billion in the same period last year. Operating profit made a five-fold jump to ￥129.5 billion from ￥25.8 billion a year earlier as sales rose 5 percent to ￥2.35 trillion. Hitachi, which makes several products from household appliances to nuclear reactors, also returned to a net profit of ￥158 billion in the April-to-September first half of the current business year.
COMPUTERS
Apple takes 95% of tablets
Apple Inc increased its market share in tablet computers to 95 percent in the third quarter, while Google Inc’s Android operating system slipped, according to researcher Strategy Analytics. Global tablet sales rose 26 percent from the previous period to 4.4 million units, with Apple selling 4.19 million iPads, the company said in a statement. Android’s share of the market declined to 2.3 percent from 2.9 percent. Android’s market share will rise in the fourth quarter as devices using Google’s platform enter the market, Strategy Analytics said.
AUTOMOBILES
Leafs sold out in US
US consumers looking to get Nissan’s all-electric Leaf will have to wait another year, after dealers sold this year’s entire shipment before the zippy sedan even hit showrooms, the Japanese automaker said on Monday. Nissan dealers have collected more than 20,000 orders for the Leaf, and the bulk are wealthy “early adapters” on the US west coast, said Carlos Tavares, chairman of Nissan’s management committee for the Americas. The next step will be to convince “pragmatists” that an electric vehicle will save them money, he said. The Leaf will be introduced later this month and Nissan is in the midst of installing charging stations at more than 40 US dealers.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan
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