ECONOMY
Shanghai to allow exchanges
Shanghai will allow exchanges for iron ore, metals and energy in its free-trade zone as China pushes for more influence in pricing of raw materials and developing the yuan as an international currency. Baosteel Group Corp (寶鋼集團) and Shanghai Ganglian E-Commerce Holdings Co (上海鋼聯電子商務), owner of China’s largest steel researcher Mysteel.com, are among eight companies with approval to set up exchanges in the zone, Shanghai Ganglian board secretary Hu Xiaochun (胡曉純) said. Baosteel is working with the Shanghai government and its partners to set up an iron ore exchange in the zone, spokesman Alex He said.
NEW ZEALAND
Interest rates lifted again
The central bank lifted interest rates for the second time in as many months yesterday, saying it was necessary to contain inflation as an economic recovery gains momentum. The Reserve Bank of New Zealand raised the official cash rate 0.25 points to 3 percent in a move that was widely anticipated by market watchers, who predict rates will hit 4.5 percent by the end of next year.
SPAIN
Fast growth rate reported
The economy grew at the fastest pace in six years in the first quarter of this year, the central bank said yesterday in a preliminary estimate. Available data indicated that economic output climbed by 0.4 percent on a quarterly basis in the first quarter, the largest expansion since a decade-long property boom imploded in 2008, the Bank of Spain said.
GERMANY
Confidence rebounds
Business confidence has rebounded after dipping amid fears about the possible economic impact of the crisis in Ukraine. The Ifo institute yesterday said that its closely watched monthly confidence survey increased to 111.2 points this month from 110.7 last month. The rise was prompted by an improvement in companies’ outlook for the next six months.
CUBA
Moody’s cuts credit rating
Moody’s on Wednesday cut the nation’s credit rating by one notch, citing its vulnerability to a shock rise in fuel costs arising from turmoil in supplier Venezuela. Moody’s also cited the risk of a rocky political transition in the Caribbean island in the wake of the Castro regime as it cut the rating to “Caa2” from “Caa1,” well into “speculative” territory for debt.
PHARMACEUTICALS
Novartis posts profit rise
Swiss pharmaceutical company Novartis AG has reported a 24 percent increase in profit for the first quarter, helped by selling parts of its business that were less profitable. The Basel, Switzerland-based company says its net profit rose to nearly US$2.97 billion, up from US$2.42 billion in the period last year, driven by strong sales, key drug approvals and growth in emerging markets.
GAMING
Zynga founder steps down
Online game maker Zynga’s founder, Mark Pincus, is stepping down as chief product officer, less than a year after he was replaced as the company’s CEO, as the company’s sales slide. Zynga said on Wednesday that Pincus will remain chairman of the company he founded in 2007. Including charges connected to job cuts and the closure of some data centers, Zynga said it lost US$61.2 million, or US$0.7 per share, in the first quarter. Revenue continued to decline, dropping 36 percent to US$168 million.
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Chizuko Kimura has become the first female sushi chef in the world to win a Michelin star, fulfilling a promise she made to her dying husband to continue his legacy. The 54-year-old Japanese chef regained the Michelin star her late husband, Shunei Kimura, won three years ago for their Sushi Shunei restaurant in Paris. For Shunei Kimura, the star was a dream come true. However, the joy was short-lived. He died from cancer just three months later in June 2022. He was 65. The following year, the restaurant in the heart of Montmartre lost its star rating. Chizuko Kimura insisted that the new star is still down
While China’s leaders use their economic and political might to fight US President Donald Trump’s trade war “to the end,” its army of social media soldiers are embarking on a more humorous campaign online. Trump’s tariff blitz has seen Washington and Beijing impose eye-watering duties on imports from the other, fanning a standoff between the economic superpowers that has sparked global recession fears and sent markets into a tailspin. Trump says his policy is a response to years of being “ripped off” by other countries and aims to bring manufacturing to the US, forcing companies to employ US workers. However, China’s online warriors
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