BITCOIN
Mt. Gox to be liquidated
Failed bitcoin exchange Mt. Gox has given up its plan to rebuild under bankruptcy protection and has asked a Tokyo court that it be liquidated, Dow Jones Newswires reported yesterday. Reasons for the decision are the complexity of the procedures involved, including the difficulty of holding meetings with creditors spread around the world, the report said, citing “people familiar with the situation.”
BEVERAGES
Coca-Cola soda sales fall
Coca-Cola Co, the world’s biggest beverage maker, said on Tuesday that the amount of soda it sold globally fell for the first time in 15 years. The drop in the first quarter was offset by stronger sales of its non-carbonated drinks that include Minute Maid, Powerade and Dasani bottled water. Overall volume rose 2 percent, an improvement from the 1 percent increase the previous quarter. However, the 1 percent decline in global soda volume is notable for Coca-Cola: The last time the figure fell was in 1999, according to the company.
MINING
BHP Billiton raises outlook
Global giant BHP Billiton raised its fiscal year iron-ore production outlook for a second time this year yesterday after seeing a better-than-expected jump in output in the first quarter of the year. The world’s biggest mining company increased its guidance for production this year until June to 217 tonnes, up from the 212 tonnes previously forecast. That comes despite concerns about the strength of the economy in China, the No. 1 buyer of ore. It said production in the first quarter rose 23 percent year-on-year to 49.6 million tonnes.
BRAZIL
Minister eyes GDP growth
The nation’s economy is forecast to expand by 3 percent next year, picking up briskly after years of stagnant growth, a top government economist said on Tuesday. Brazilian Minister of Planning Miriam Belchior said in a report presented to the national legislature that inflation for Latin America’s biggest economy was expected to be 5 percent next year. Last year, GDP grew a modest 2.3 percent for a third consecutive year, compared with a torrid pace of 7.5 percent in 2010.
BANKING
Bond woes hit Credit Suisse
Swiss giant Credit Suisse said its net profit fell 34 percent in the first quarter as bond-market woes hurt earnings at its investment banking business. Profit fell to 859 million Swiss francs (US$979 million) from SF1.303 billion in the same quarter a year ago. Group core revenues fell 8 percent to SF6.469 billion. Income before taxes rose 15 percent to SF1.102 billion. The bank said yesterday it saw lower revenues and earnings at its investment banking division, which faced “a challenging market environment.”
LUXURY GOODS
Burberry revenue up 19%
British group Burberry PLC said strong sales in China and South Korea helped it to a 19 percent rise in second-half revenue, but that it expected currency headwinds to hit profits in the next two years. The firm, which sells trench coats and leather goods emblazoned with its distinctive camel, red and black check pattern, said yesterday total revenue for the six months to March 31 was ￡1.3 billion (US$2.2 billion), broadly in line with analysts’ forecasts.
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
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