SINGAPORE
‘Modest’ expansion forecast
The economy will experience “modest” expansion this year as a tight labor market constrains some industries amid improving global demand, the government said yesterday after growth exceeded initial estimates last quarter. The government reiterated its forecast for the economy to expand by between 2 percent and 4 percent this year, and for non-oil domestic exports to increase by between 1 percent and 3 percent. The economy expanded 4.9 percent in the first quarter from a year earlier, after growing a revised 4.9 percent in the previous three months, the trade ministry said.
AFRICA
Demand to boost growth
The continent is set to see economic growth of 4.8 percent this year and further expansion to 5.7 percent next year, an annual report published on Monday showed. The report titled Economic Perspectives in Africa was jointly produced by the Organisation for Economic Co-operation and Development, the African Development Bank and the UN Development Programme. The three groups said growth has come from a more diversified economy, boosted by internal demand, infrastructure and a growing trade of manufactured goods around the continent. However, they added that the geopolitical situation on the continent could affect the growth estimates.
LUXURY GOODS
Market reaches ‘maturity’
The global market has reached a “maturity and stabilization” phase with growth of about 2 percent expected this year — the same level as last year. The study by the US consultancy Bain & Co and the Fondazione Altagamma found the US would be the major engine for growth, while revenues in Europe would do well mainly thanks to foreign tourists. Japan is set for solid growth, but is punished by an unfavorable exchange rate. China does not show a lot of dynamism, unlike Hong Kong and Macau, the report said. There has been strong growth in Southeast Asia, particularly in Indonesia, it added.
PHOTOGRAPHY
GoPro eyeing US listing
The company behind GoPro cameras used to capture sports action from players’ perspectives filed on Monday to raise US$100 million in an initial public offering. Silicon Valley-based GoPro did not disclose how it planned to price the shares, but it did reveal that it is already profitable, making a net income of US$60.6 million on nearly US$1 billion in revenue last year. GoPro said in a filing with the US Securities and Exchange Commission that profit slowed to US$11 million on US$235.7 million in revenue in the first three quarters of this year.
INTERNET
Twitter mulling music deal
Twitter Inc is mulling plans to buy the German-based music-sharing service SoundCloud to fuel growth at the social network, the news site Re/code reported on Monday. The move would be a new effort by Twitter to get back into music after a failed attempt last year to launch a music-finding service. The report suggested that such a deal, if consummated, would be expensive for Twitter, but would add a company with a customer base of 250 million, roughly the same size as that of the messaging platform. SoundCloud recently raised about US$60 million in venture capital, which would give the start-up a value of about US$700 million, according to the Wall Street Journal. Neither company has commented on the report.
POWERING UP: PSUs for AI servers made up about 50% of Delta’s total server PSU revenue during the first three quarters of last year, the company said Power supply and electronic components maker Delta Electronics Inc (台達電) reported record-high revenue of NT$161.61 billion (US$5.11 billion) for last quarter and said it remains positive about this quarter. Last quarter’s figure was up 7.6 percent from the previous quarter and 41.51 percent higher than a year earlier, and largely in line with Yuanta Securities Investment Consulting Co’s (元大投顧) forecast of NT$160 billion. Delta’s annual revenue last year rose 31.76 percent year-on-year to NT$554.89 billion, also a record high for the company. Its strong performance reflected continued demand for high-performance power solutions and advanced liquid-cooling products used in artificial intelligence (AI) data centers,
SIZE MATTERS: TSMC started phasing out 8-inch wafer production last year, while Samsung is more aggressively retiring 8-inch capacity, TrendForce said Chipmakers are expected to raise prices of 8-inch wafers by up to 20 percent this year on concern over supply constraints as major contract chipmakers Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and Samsung Electronics Co gradually retire less advanced wafer capacity, TrendForce Corp (集邦科技) said yesterday. It is the first significant across-the-board price hike since a global semiconductor correction in 2023, the Taipei-based market researcher said in a report. Global 8-inch wafer capacity slid 0.3 percent year-on-year last year, although 8-inch wafer prices still hovered at relatively stable levels throughout the year, TrendForce said. The downward trend is expected to continue this year,
Vincent Wei led fellow Singaporean farmers around an empty Malaysian plot, laying out plans for a greenhouse and rows of leafy vegetables. What he pitched was not just space for crops, but a lifeline for growers struggling to make ends meet in a city-state with high prices and little vacant land. The future agriculture hub is part of a joint special economic zone launched last year by the two neighbors, expected to cost US$123 million and produce 10,000 tonnes of fresh produce annually. It is attracting Singaporean farmers with promises of cheaper land, labor and energy just over the border.
US actor Matthew McConaughey has filed recordings of his image and voice with US patent authorities to protect them from unauthorized usage by artificial intelligence (AI) platforms, a representative said earlier this week. Several video clips and audio recordings were registered by the commercial arm of the Just Keep Livin’ Foundation, a non-profit created by the Oscar-winning actor and his wife, Camila, according to the US Patent and Trademark Office database. Many artists are increasingly concerned about the uncontrolled use of their image via generative AI since the rollout of ChatGPT and other AI-powered tools. Several US states have adopted
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