TECHNOLOGY
Cook opts out of payout
Apple chief executive Tim Cook has opted not to take US$75 million in dividend payout on restricted shares of stock he owns in the maker of iPhones, iPads, iPods and Macintosh computers. Documents on file with the US Securities and Exchange Commission on Friday said that while other Apple employees would be awarded quarterly “dividend equivalents” of US$2.65 on restricted shares, Cook asked not to be included. Restricted shares typically don’t qualify for dividends, so the decision by Apple’s board amounts to bonuses for employees of the Cupertino, California-based company.
CURRENCY
Obama holds off on China
The administration of US President Barack Obama on Friday rejected calls from the US Congress to brand China a currency manipulator, but said its “significantly undervalued” currency was a key brake on global growth. The US Treasury Department said China had not met the standards for manipulation of the Chinese yuan to gain an unfair competitive trade advantage. Such a distinction could pave the way for retaliatory sanctions. In its semi-annual report to Congress on exchange-rate policies, the Treasury pledged to “closely monitor” the pace of the yuan’s appreciation and “press for policy changes” to boost China’s exchange-rate flexibility.
CURRENCY
Yen, yuan trading to start
Japan and China are expected to start direct trading of their currencies as early as next month as part of efforts to boost bilateral trade and investment, reports said yesterday. With the planned step, exchange rates between the yen and the yuan will be determined by their transactions, departing from the current “cross rate” system that involves the US dollar in setting yen-yuan rates, Kyodo News said. The two governments are eying setting up markets in Tokyo and Shanghai, the Yomiuri Shimbun said. The yen-yuan exchange system would help businesses in the world’s second and third-largest economies reduce risks associated with exchange rate fluctuations in the dollar and cut transaction costs, Kyodo said.
TRADE
EU sues Argentina in WTO
The EU on Friday filed a suit against Argentina’s import restrictions with the WTO, intensifying the disputes between the South American nation and its trading partners. The EU’s Executive Commission said the case followed measures by Argentina that include an import licensing regime and an obligation on companies to balance imports with exports. “Argentina’s import restrictions violate international trade rules and must be removed,” EU Trade Commissioner Karel De Gucht said.
FINANCE
US Congress to grill Dimon
JPMorgan Chase’s embattled chief executive Jamie Dimon will be hauled before the US Congress on June 7 to explain recent huge trading losses, legislators announced on Friday. Dimon will testify before the Senate Banking Committee as committee chair Tim Johnson vowed to “get to the bottom of the massive trading loss.” Congress, regulators and JPMorgan Chase staff are looking at the actions that led to more than US$2 billion in derivatives trading losses. The hearing is likely to be highly politically charged, a proxy for the battle between Democrats and Republicans over Wall Street reform.
NEW IDENTITY: Known for its software, India has expanded into hardware, with its semiconductor industry growing from US$38bn in 2023 to US$45bn to US$50bn India on Saturday inaugurated its first semiconductor assembly and test facility, a milestone in the government’s push to reduce dependence on foreign chipmakers and stake a claim in a sector dominated by China. Indian Prime Minister Narendra Modi opened US firm Micron Technology Inc’s semiconductor assembly, test and packaging unit in his home state of Gujarat, hailing the “dawn of a new era” for India’s technology ambitions. “When young Indians look back in the future, they will see this decade as the turning point in our tech future,” Modi told the event, which was broadcast on his YouTube channel. The plant would convert
Nanya Technology Corp (南亞科技) yesterday said the DRAM supply crunch could extend through 2028, as the artificial intelligence (AI) boom has led the world’s major memory makers to dramatically reduce production of standard DRAM and allocate a significant portion of their capacity for high-bandwidth memory (HBM) chips. The most severe supply constraints would stretch to the first half of next year due to “very limited” increases in new DRAM capacity worldwide, Nanya Technology president Lee Pei-ing (李培瑛) told a news briefing. The company plans to increase monthly 12-inch wafer capacity to 20,000 in the first half of 2028 after a
Property transactions in the nation’s six special municipalities plunged last month, as a lengthy Lunar New Year holiday combined with ongoing credit tightening dampened housing market activity, data compiled by local land administration offices released on Monday showed. The six cities recorded a total of 10,480 property transfers last month, down 42.5 percent from January and marking the second-lowest monthly level on record, the data showed. “The sharp drop largely reflected seasonal factors and tighter credit conditions,” Evertrust Rehouse Co (永慶房屋) deputy research manager Chen Chin-ping (陳金萍) said. The nine-day Lunar New Year holiday fell in February this year, reducing
New vehicle sales in Taiwan plunged about 37 percent sequentially last month as the long Lunar New Year holiday and 228 Peace Memorial Day holiday cut short the number of working days, along with the lingering uncertainty over import tax cuts on US vehicles, market researcher U-Car said in a report yesterday. New car sales last month totaled 22,043, slumping from 35,073 units in January and down 19.89 percent from 37,515 in February last year, U-Car data showed. Sales of imported luxury cars, led by Mercedes-Benz, plummeted about 45 percent to 3,109 units last month from 5,663 units in the previous month,
RSS