TI lowers forecast range
Texas Instruments Inc (TI), whose chips are used in everything from cellphones to cars, has slightly lowered the high end of its fourth-quarter earnings and revenue forecast. TI vice president Ron Slaymaker said on a conference call on Tuesday that demand for chips for laptops, hard disk drives and televisions had been weak, while chips for video games and smart phones were in strong demand. TI now expects net income of US$0.61 to US$0.65 per share in the current quarter. It earlier predicted US$0.59 to US$0.67 per share. It also expects revenue of between US$3.43 billion and US$3.57 billion. Analysts are looking for about US$3.5 billion on average.
IMF welcomes Irish budget
The IMF on Tuesday welcomed the Irish parliament’s approval of next year’s budget, which meets EU and IMF requirements to secure an 85 billion euro (US$112.3 billion) international bailout loan for the country. “We welcome approval of the 2011 budget ... This is a clear sign of Ireland’s strong commitment to tackle its problems and harness the impressive growth potential of this open and dynamic economy,” the Washington-based IMF said in a statement. Ireland on Tuesday announced an annual budget that includes 6 billion euros in savings via tax hikes and spending cuts, aimed at slashing its public deficit from about 32 percent of GDP this year to 9.4 percent next year.
German exports slide
Germany’s Federal Statistical Office yesterday said that exports dropped 1.1 percent on the month in October — giving up some of the ground they gained the previous month. The agency said that Germany — the world’s second--biggest exporter after China — exported 86.8 billion euros in goods and services worth in October. The decline followed a strong 3 percent gain in September. In year-on-year terms, exports were up 19.8 percent. Imports were up 0.3 percent on the month and 21 percent year-on-year in October at 72.6 billion euros.
BOA agrees to settle
Bank of America Corp (BOA) will pay US$137 million to settle allegations by authorities that it defrauded buyers of municipal bond derivatives. On Tuesday, the US Department of Justice said the bank would pay restitution to federal and state agencies as part of its admission of bid--rigging and other anti--competitive practices in selling municipal bond derivatives to various state agencies, municipalities, school districts and nonprofits. The settlement is the latest in a far-reaching, industrywide probe that dates to 2007 of the municipal bond derivatives market.
Amazon plans cloud books
Amazon will make its Kindle electronic books available for reading on Web browsers beginning early next year, with people’s digital collections saved in the Internet “cloud.” Amazon executives on Tuesday showed off “Kindle for the Web” at a Google press event introducing a new, swifter version of the California technology giant’s Chrome software for navigating the Internet. Kindle for the Web will be launched early next year and the application will be available in a Google Web Store that made its debut on Tuesday. Kindle books will be accessible through any standard browser, which will enable new features such as being able to do Internet searches on words highlighted in digital works.
BULK PURCHASE: The French chain and Hong Kong-based Dairy Farm International reached a deal covering 224 stores, which is expected to be finalized by year’s end Carrefour SA yesterday announced it would acquire Wellcome Taiwan Co (惠康百貨) for 97 million euros (US$108.33 million), and bring all the Wellcome supermarkets (頂好超市) and Jasons Market Place stores nationwide under its banner within 12 months of the deal closing. The France-based hypermarket chain reached an agreement with Hong Kong-based Dairy Farm International Holdings (牛奶國際控股), the pan-Asian retailer that launched Wellcome Taiwan in 1987. The transaction involves 199 Wellcome supermarkets, which have average sales areas of 420m2 and 25 high-end Jasons Market Place stores, which have an average sales area of 820m2, as well as a warehouse in Taoyuan, Carrefour Taiwan (家樂福)
‘ONE-STOP SHOP’: A Miaoli official said that the factory in the Jhunan section of the Hsinchu Science Park would create more than 1,000 jobs and boost prosperity A new high-end IC packaging and testing plant planned by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) in Miaoli County is expected to start operations in the middle of next year, Miaoli County Commissioner Hsu Yao-chang (徐耀昌) said. Hsu wrote on Facebook that TSMC, the world’s largest pure wafer foundry operator, would invest NT$303.2 billion (US$10.1 billion) to build the plant, the largest-ever single investment in Taiwan. However, TSMC declined to disclose the financial terms of the deal, while a company board meeting on May 12 approved a spending plan worth NT$168.2 billion as part of its investment plans. Construction of the
SCATTERED: Production would be dispersed among a number of countries, which would bring an end to so-called world factories, Hon Hai chairman Young Liu said Decentralized production would be the new focus in manufacturing, Hon Hai Precision Industry Co (鴻海精密) chairman Young Liu (劉揚偉) yesterday told an online forum held by the Market Intelligence & Consulting Institute (MIC, 產業情報研究所). “The COVID-19 pandemic exerted a heavy impact on supply chains as well as production ... [production] would no longer be concentrated in solely one country, this is the end of what we used to call world factories,” Liu said during a panel discussion hosted by MIC director Victor Tsan (詹文男). As the US and China continue to dominate and sway international relations, the rest of the world is
PLANNED OUT: The government is lifting sale and export restrictions on 60% of the 20 million masks made daily, but people can still make purchases using their NHI cards Twenty thousand boxes of 50 masks each would be on sale at FamilyMart convenience stores starting tomorrow, Taiwan FamilyMart Co Ltd (全家便利商店) said yesterday. A box of 50 masks would cost NT$249 for those with FamilyMart memberships and NT$299 for those without, with no limits placed on how many boxes a person can buy, the company said. Convenience store chain operator Hi-Life International Co Ltd (萊爾富) said that it would also start selling masks from tomorrow. It has yet to announce details about prices and quantity. Hypermarket chain operator Carrefour Taiwan (家樂福) said that it would start selling packs of five