ENERGY
China coal production drops
China recorded its first drop in coal production since 2000 last year, as the world’s biggest greenhouse gas emitter reduces its use of coal and switches to cleaner energy sources. According to China’s National Coal Association, China produced 3.5 billion tonnes of coal in the first 11 months of last year, 2.1 percent less than the same period in 2013. The association estimates the drop for the entire year would reach 2.5 percent. The report, quoted by Xinhua news agency on Friday, said the profits of major Chinese coal companies dropped 44 percent in that same period to 110.5 billion yuan (US$17.73 billion) amid low global coal prices.
TRADE
Japan to buy more US rice
Japan has offered to import more rice from the US in a compromise aimed at pushing forward the Trans-Pacific Partnership (TPP), the Nikkei Business Daily reported yesterday. The report, citing unidentified sources, said Japan was offering to increase its tariff-free quota for imported rice and import “tens of thousands” of tonnes of additional rice from the US. It plans to maintain existing rice tariffs, it said. In turn, the US has dropped its request that Japan ease safety standards on car imports, the report said.
RETAIL
Cairo Carrefour recovers
The owner of Carrefour SA’s franchise for the Middle East is to pursue expansion in Egypt after business at a shopping mall in Cairo’s suburbs has recovered from looting seen during the 2011 revolt that ended former Egyptian president Hosni Mubarak’s rule. “There is probably no worse challenge than 2011 when the mall was looted,” Majid Al Futtaim Holding LLC chief executive officer Iyad Malas said in an interview at the World Economic Forum in Davos, Switzerland. “We decided to reinstate the asset, all the tenants came back, trading has come back, actually it’s better than pre-crisis level.” The company plans to open another mall — Mall of Egypt — in the first quarter of next year, Malas said.
MACROECONOMICS
UK to release GDP forecast
Britain’s economic growth forecasts for the fourth quarter of last year range from 0.5 percent to 0.8 percent growth, according to a Bloomberg survey. For the full year, GDP was estimated to have risen 2.6 percent, according to a separate poll. Britain’s Office for National Statistics is set to publish the estimate for the quarter, which is to be based on about 44 percent of the data that will become available, at 9:30am tomorrow.
AVIATION
IAG improves Aer Lingus bid
Officials say the parent company of British Airways has made a third, improved takeover approach to Irish airline Aer Lingus Group PLC and an announcement of the offer is expected today. The 2.5 euro per share offer by International Airlines Group (IAG) values the Dublin-based carrier at 1.3 billion euros (US$1.45 billion). Over the past month Aer Lingus has rejected two lower-priced proposals from IAG. IAG and Aer Lingus officials confirmed the value of Friday’s improved offer to reporters. The companies are expected to disclose details of the transaction today at announcements to stock exchanges in London and Dublin. Aer Lingus’ two biggest shareholders are Ryanair Holdings PLC and the Irish government.
Contract chipmaker United Microelectronics Corp (UMC, 聯電) yesterday said it has signed a memorandum of understanding (MOU) with Polar Semiconductor LLC to collaborate on the production of 8-inch wafers in the US. The collaboration aims to strengthen 8-inch wafer manufacturing in the US amid Washington’s efforts to increase onshore manufacturing of semiconductors, contribute to supply chain resilience against shifting geopolitical dynamics, and ensure a secure domestic supply of power semiconductors critical to automotive, electric grids, robotic manufacturing and data centers, the companies said in a joint statement. Under the MOU, Polar and UMC will identify devices for Polar to manufacture at
TARIFF TALKS: The US secretary of commerce is eyeing more than US$300 billion in investments and said Taiwan would train US workers, but Taipei has denied the latter US Secretary of Commerce Howard Lutnick said the US is expecting a large investment pledge from Taiwan in trade talks, while President William Lai (賴清德) listed areas that need improvement in order for projects to be completed. “We’re in the midst of discussions,” Lutnick said on Wednesday. “But the fact is, this administration’s goal is to bring semiconductor manufacturing to America.” Lai on Wednesday said Taiwan is supportive of US President Donald Trump’s goal of reindustrializing the US, including efforts to ramp up semiconductor production. Such a goal would require the US to reduce its reliance on Taiwan as a key source
The demise of the coal industry left the US’ Appalachian region in tatters, with lost jobs, spoiled water and countless kilometers of abandoned underground mines. Now entrepreneurs are eyeing the rural region with ambitious visions to rebuild its economy by converting old mines into solar power systems and data centers that could help fuel the increasing power demands of the artificial intelligence (AI) boom. One such project is underway by a non-profit team calling itself Energy DELTA (Discovery, Education, Learning and Technology Accelerator) Lab, which is looking to develop energy sources on about 26,305 hectares of old coal land in
Netflix on Friday faced fierce criticism over its blockbuster deal to acquire Warner Bros Discovery. The streaming giant is already viewed as a pariah in some Hollywood circles, largely due to its reluctance to release content in theaters and its disruption of traditional industry practices. As Netflix emerged as the likely winning bidder for Warner Bros — the studio behind Casablanca, the Harry Potter movies and Friends — Hollywood’s elite launched an aggressive campaign against the acquisition. Titanic director James Cameron called the buyout a “disaster,” while a group of prominent producers are lobbying US Congress to oppose the deal,
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