SEMICONDUCTORS
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.
ECONOMY
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.
TRADE
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.
BANKING
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.
INTERNET
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.
PROTECTIONISM: China hopes to help domestic chipmakers gain more market share while preparing local tech companies for the possibility of more US sanctions Beijing is stepping up pressure on Chinese companies to buy locally produced artificial intelligence (AI) chips instead of Nvidia Corp products, part of the nation’s effort to expand its semiconductor industry and counter US sanctions. Chinese regulators have been discouraging companies from purchasing Nvidia’s H20 chips, which are used to develop and run AI models, sources familiar with the matter said. The policy has taken the form of guidance rather than an outright ban, as Beijing wants to avoid handicapping its own AI start-ups and escalating tensions with the US, said the sources, who asked not to be identified because the
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
Her white-gloved, waistcoated uniform impeccable, 22-year-old Hazuki Okuno boards a bullet train replica to rehearse the strict protocols behind the smooth operation of a Japanese institution turning 60 Tuesday. High-speed Shinkansen trains began running between Tokyo and Osaka on Oct. 1, 1964, heralding a new era for rail travel as Japan grew into an economic superpower after World War II. The service remains integral to the nation’s economy and way of life — so keeping it dazzlingly clean, punctual and accident-free is a serious job. At a 10-story, state-of-the-art staff training center, Okuno shouted from the window and signaled to imaginary colleagues, keeping
Arm Holdings PLC approached Intel Corp about potentially buying the ailing chipmaker’s product division, only to be told that the business is not for sale, according to a source with direct knowledge of the matter. In the high-level inquiry, Arm did not express interest in Intel’s manufacturing operations, said the source, who asked not to be identified because the discussions were private. Intel has two main units: A product group that sells chips for personal computers, servers and networking equipment, and another that operates its factories. Representatives for Arm and Intel declined to comment. Intel, once the world’s largest chipmaker, has become the
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