TECHNOLOGY
Microsoft says apps growing
Microsoft Corp chief executive officer Steve Ballmer, in a surprise appearance at a technology trade show in Las Vegas, said the number of applications for new Windows tablets has increased fivefold since late October last year. There are four times more applications for Windows RT computers now than there were when the device was introduced, Ballmer said on Monday at the International Consumer Electronics Show. He said that more apps — including Twitter Inc, Dropbox Inc and Time Warner Inc’s CNN — are coming soon. Ballmer is trying to drum up interest in the latest flavor of Microsoft’s operating system as he plays catch-up to Apple Inc in the US$63.2 billion market for tablets. Early demand for some Windows tablets has appeared “disappointing,” FBR Capital Markets analysts said.
FINANCE
Citigroup fires executive
Citigroup Inc fired Richard Cookson, the chief investment officer of its private bank, as the third-biggest US bank by assets pares costs. Citigroup will no longer rely on one person to lead the firm’s investment strategy and will instead seek to “better leverage the existing in-house expertise across Citi,” including its markets and banking research teams, the New York-based firm said in an internal memo, a copy of which was obtained by the media. Chief executive officer Michael Corbat, 52, last month said that Citigroup will cut about 11,000 jobs, while also shutting branches and pulling back from some emerging markets as revenue at global banks dries up. Cookson’s dismissal was part of the announced job cuts, a person familiar with the matter said.
GERMANY
Trade surplus growing again
The national trade surplus returned to growth in November last year despite a fall in exports, official figures showed yesterday. The trade surplus in Europe’s biggest economy rose to 17.0 billion euros (US$22.3 billion) for the month compared with 15.7 billion euros in October, national statistics office Destatis said. In seasonally adjusted terms, the figure was 14.6 billion euros, which was below the forecast of 15.1 billion euros made by analysts polled by Dow Jones Newswires. The country exported goods worth 94.1 billion euros in November, falling from 98.4 billion a month earlier. However, Destatis said that exports remained at the same level as a year earlier, driven by exports to countries outside the EU, which rose by 5.6 percent, while exports to other areas — notably the eurozone — fell sharply.
ELECTRONICS
Sony Mobile looks to parent
Sony Mobile Communications, the phone arm of Japan’s largest electronics company, said closer ties with its parent following a buyout last year are helping it create new products and win market share. The unit developed technology that lets its devices connect with other Sony Corp products after a venture with Ericsson AB ended, Sony Mobile chief marketing officer Steve Walker said in an interview in Las Vegas, Nevada, on Monday. The division has also gained from tapping into the group’s marketing budget, he added. Sony is focusing more on smartphones after customers shunned the devices it made with Ericsson in favor of Apple Inc’s and Samsung Electronics Co’s devices. The push has helped Sony boost its global market share to at least 5 percent from 3.6 percent in the first quarter of last year, Walker said. He reiterated Sony’s earlier target to boost smartphone shipments by 51 percent to 34 million units in the fiscal year ending on March 31.
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
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