UNITED STATES
Federal deficit down 50%
The federal government ran up a much smaller budget deficit last month than a year ago, remaining on track to record the smallest annual deficit in eight years. The Treasury Department on Friday said that the deficit totaled US$64.4 billion last month, a drop of 50 percent from the same month a year ago. Much of that improvement reflected quirks in timing related to the calendar. Through the first 11 months of this budget year ending on Sept. 30, the deficit is running 10 percent below last year’s level. The Congressional Budget Office is forecasting that the deficit for the full year will drop to US$426 billion, down 11.8 percent from the previous year as a stronger economy brings in more tax revenue.
INTERNET
Airbnb acquires Vamo
Airbnb Inc, the peer-to-peer accommodation platform, has acquired the trip-planning tool Vamo for an undisclosed amount. Under the deal, Airbnb will take on the staff and technology of Vamo, but will shut down by Oct. 1 the tool that uses Big Data to help travelers find deals for multi-destination trips. California-based Airbnb, which allows property dwellers and owners to rent a room or entire home, has about 40 million users worldwide. Traditional hotel chains see Airbnb as a rival and accuse it of helping people avoid taxes and of hosting illegal hotels on its Web site.
SEMICONDUCTORS
Marvell shares plunge 16%
Marvell Technology Group Ltd shares plunged the sharpest in almost 13 years on Friday, after disclosing an internal investigation of its accounting and reporting weakening demand for personal computer parts. The chipmaker’s shares dropped 16 percent to close at US$8.84 in New York, the biggest single-day decline since October 2002. The stock has tumbled 39 percent this year. The investigation is focusing on whether revenue was recognized earlier than it should have been and whether senior management “set an appropriate tone for an effective control environment,” the company said in a statement.
INTERNET
GoDaddy wins Oscars suit
GoDaddy Inc prevailed in a cybersquatting lawsuit brought by the Academy of Motion Picture Arts and Sciences, which accused the Internet domain registrar of illegally profiting off its trademarks, including for the Oscar telecasts. In a 129-page decision on Thursday, US District Judge Andre Birotte in Los Angeles said the Academy failed to show that GoDaddy acted in bad faith by letting customers purchase 293 domain names such as academyawards.net, oscarsredcarpet.com, billycrystal2012oscars.com and theoscargoestothehangover.com. Birotte ruled after a four-day, non-jury trial early last month.
ALGERIA
New taxes unveiled
The government has unveiled a host of new taxes to boost revenues hit by a plunge in the price of oil, a key export. On Thursday, Minister of Commerce Bekhti Belaib met with the head of the IMF’s mission in the country, Jean Francois Dauphin, to discuss the crisis. The new budget announced by the government on Wednesday raises taxes on diesel, 3G Internet and electricity consumption. It also raises customs duties on imported electronics.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan
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