AUSTRALIA
Interest rates stay put
The Reserve Bank of Australia yesterday kept interest rates at a record low 2.5 percent, maintaining an unchanged outlook for the nation’s economy as it continued to call for a weaker currency. The central bank has kept the cash rate steady since August last year and since February has flagged a “period of stability” in monetary policy as the economy transitions away from mining-led growth.
SOUTH KOREA
Consumer prices rise 1.2%
Consumer prices inched up 1.2 percent last month from a year ago, state data showed yesterday, on the back of increased costs for clothing and utilities. The increase compared with 1.1 percent growth in September, the slowest pace for seven months, state-run Statistics Korea said. The core consumer price index, which excludes volatile energy and food prices, rose 1.8 percent year-on-year, slowing from 1.9 percent growth in September.
BRAZIL
Trade deficit at US$1.18bn
The nation on Monday posted a US$1.18 billion trade deficit for last month, its second straight monthly deficit and the worst October figure in 16 years as Latin America’s biggest economy heads for almost zero growth this year. Official government data showed the loss following on from a US$939 million deficit in September as Secretary for Trade Daniel Godinho blamed the figures largely on a 40 percent fall in iron ore prices and sluggish auto sales, notably in Argentina. The nation’s cumulative deficit for the year to date is US$1.87 billion, compared with a surplus of US$2.56 billion last year.
AUTOMAKERS
US sales strongest in decade
Automakers on Monday reported their strongest October sales in the US in a decade on strong demand for brawny pickup trucks and roomy SUVs, but top-seller General Motors Co missed expectations. The results, often an early snapshot of US consumer spending, continued the strong run for a sector that has outraced the broader economy since 2010. Last month’s US sales increased 6.1 percent to 1.28 million vehicles, slightly higher than analysts’ expectations, according to Autodata Corp. On a seasonally adjusted annualized basis, sales for the month were 16.46 million vehicles.
TRADE
Bio-Rad to pay penalty
Bio-Rad Technology, the maker of hospital diagnostic machinery, agreed on Monday to pay US$55 million to settle charges it bribed officials in Russia, Vietnam and Thailand to gain business. In a deal with the US Department of Justice and the Securities and Exchange Commission, the company avoided criminal prosecution under the US Foreign Corrupt Practices Act by cooperating in the probe. The department and the commission said that a French subsidiary, Bio-Rad SNC, made ostensible commission payments to Russian business agents that ultimately were meant for bribes to win contracts with the Russian Health Ministry.
UNITED STATES
Good holiday forecast
Consumers are likely to spend US$89 billion shopping online during the holiday season, a healthy rise despite fewer selling days, Forrester Research analysts said on Monday. The rise for this year is expected to be 13 percent, despite a late Thanksgiving, which shortens the traditional gift-giving season, Forrester analysts said.
The EU and US are nearing an agreement to coordinate on producing and securing critical minerals, part of a push to break reliance on Chinese supplies. The potential deal would create incentives, such as minimum prices, that could advantage non-Chinese suppliers, according to a draft of an “action plan” seen by Bloomberg. The EU and US would also cooperate on standards, investments and joint projects, as well as coordinate on any supply disruptions by countries like China. The two sides are additionally seeking other “like-minded partners” to join a multicountry accord to help create these new critical mineral supply chains, which feed into
For weeks now, the global tech industry has been waiting for a major artificial intelligence (AI) launch from DeepSeek (深度求索), seen as a benchmark for China’s progress in the fast-moving field. More than a year has passed since the start-up put Chinese AI on the map in early last year with a low-cost chatbot that performed at a similar level to US rivals. However, despite reports and rumors about its imminent release, DeepSeek’s next-generation “V4” model is nowhere in sight. Speculation is also swirling over the geopolitical implications of which computer chips were chosen to train and power the new
Elon Musk’s lieutenants have reached out to chip industry suppliers, including Applied Materials Inc, Tokyo Electron Ltd and Lam Research Corp, for his envisioned Terafab, early steps in an audacious and likely arduous attempt to break into the production of cutting-edge chips. Staff working for the joint venture between Tesla Inc and Space Exploration Technologies Corp (SpaceX) have sought price quotes and delivery times for an array of chipmaking gear, people familiar with the matter said. In past weeks, they’ve contacted makers of photomasks, substrates, etchers, depositors, cleaning devices, testers and other tools, according to the people, who asked not to
Japan approved ￥631.5 billion (US$3.97 billion) in additional subsidies to hasten Rapidus Corp’s entry into the high-stakes artificial intelligence (AI) chipmaking arena, ramping up support for a project widely regarded as a long shot. The capital is intended to bankroll Rapidus’ work for information technology firm Fujitsu Ltd, one of the initial customers that Tokyo hopes would get the signature endeavor off the ground. The new money raises the fees and investments that the government is injecting into the start-up to ￥2.6 trillion by the end of the current fiscal year to March next year, the Japanese Ministry of Economy, Trade and
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