AUTOMAKERS
US recalls hit 20 million
Automakers recalled about 20 million vehicles in the US this year, led by high-profile recalls by Toyota that prompted new scrutiny of the auto industry’s safety record. An analysis of federal data shows that the number of recalls this year is the largest since 2004. Toyota recalled about 7.1 million vehicles this year to fix faulty gas pedals, floor mats that could trap accelerators, defective braking and stalling engines. General Motors recalled about 4 million vehicles, while Japanese automakers Honda and Nissan both recalled more than 2 million cars and trucks. The auto industry set a record with 30.8 million recalled vehicles in 2004.
SOUTH KOREA
Industrial output rises
After contracting for three straight months, South Korea’s industrial output rose last month from a month earlier thanks to brisk production of cars, semiconductors and parts, figures showed yesterday. Statistics Korea said that production in mining and manufacturing rose 1.4 percent from October and increased 10.4 percent year-on-year. However, the leading economic composite index, a gauge of economic performance eight to 15 months ahead, dipped 0.8 percentage points from a month earlier, marking its 11th straight month of contraction.
BANKING
Indonesia to tighten rules
Indonesia said it would tighten rules on banks’ foreign exchange holdings and overseas borrowing to cope with capital inflows that have pushed up inflation and strengthened the rupiah this year. Bank Indonesia will also reintroduce a 30 percent cap on lenders’ short-term overseas borrowing to minimize the risk of sudden capital outflows, it said on Wednesday. Banks must set aside 5 percent of their total foreign exchange holdings as reserves as of March next year, up from 1 percent, Bank Indonesia Deputy Governor Budi Mulya said at a press briefing in Jakarta on Wednesday. The reserve requirement will rise to 8 percent effective June next year.
CANADA
Economy doing well: official
Bank of Canada Governor Mark Carney said the Canadian economy performed “very well” this year relative to other major economies. “The Canadian economy was, at least relative to its peers, performing very well,” Carney said on Wednesday in an interview with Canadian Broadcasting Corp, adding that the recovery prompted the central bank to unwind exceptional measures and begin raising interest rates. Bank of Canada raised its overnight target rate three times this year to 1 percent, before pausing in September.
SHIPPING
ADT to take control of port
An Abu Dhabi state-run company is taking operational control of the city’s port from neighboring Dubai’s port management firm DP World. DP World and Abu Dhabi Terminals (ADT) said yesterday that ADT will assume management control of the Mina Zayed facility next year, once an existing management services agreement expires.
RETAIL
Carrefour opens India store
Carrefour SA, the world’s second-largest retailer, opened its first wholesale store in India as it seeks to expand in emerging economies amid increased competition that is crimping margins in developed markets. The store is located east of New Delhi in the Shahadra neighborhood, the Paris-based retailer said yesterday in an e-mailed statement.
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
China’s economic planning agency yesterday outlined details of measures aimed at boosting the economy, but refrained from major spending initiatives. The piecemeal nature of the plans announced yesterday appeared to disappoint investors who were hoping for bolder moves, and the Shanghai Composite Index gave up a 10 percent initial gain as markets reopened after a weeklong holiday to end 4.59 percent higher, while Hong Kong’s Hang Seng Index dived 9.41 percent. Chinese National Development and Reform Commission Chairman Zheng Shanjie (鄭珊潔) said the government would frontload 100 billion yuan (US$14.2 billion) in spending from the government’s budget for next year in addition
Sales RecORD: Hon Hai’s consolidated sales rose by about 20 percent last quarter, while Largan, another Apple supplier, saw quarterly sales increase by 17 percent IPhone assembler Hon Hai Precision Industry Co (鴻海精密) on Saturday reported its highest-ever quarterly sales for the third quarter on the back of solid global demand for artificial intelligence (AI) servers. Hon Hai, also known as Foxconn Technology Group (富士康科技集團) globally, said it posted NT$1.85 trillion (US$57.93 billion) in consolidated sales in the July-to-September quarter, up 19.46 percent from the previous quarter and up 20.15 percent from a year earlier. The figure beat the previous third-quarter high of NT$1.74 trillion recorded in 2022, company data showed. Due to rising demand for AI, Hon Hai said its cloud and networking division enjoyed strong sales
Protectionism: US trade chief Katherine Tai said the hikes would help to counter unfair trade practices from China, while boosting domestic clean energy investments US Trade Representative Katherine Tai (戴琪) defended stiff tariff hikes against countries such as China, saying that paired with investment, they were a “legitimate and constructive” tool for reinvigorating domestic industries. Tai’s comments come a week after sharp tariff increases on Chinese electric vehicles (EVs), EV batteries and solar cells took effect — with levies down the line on other products also recently finalized. The latest moves targeting US$18 billion in Chinese goods come weeks before next month’s US presidential election, with Democrats and Republicans pushing a hard line on China as competition between Washington and Beijing intensifies. In an interview on Thursday
RSS