VENEZUELA
Government restructures debt
The government signed a debt restructuring deal with major creditor Russia on Wednesday, as ratings agencies declared Caracas in partial default. The country is seeking to restructure its foreign debts, estimated at around US$150 billion, after it was hit hard by tumbling oil prices and US sanctions. A delegation signed the deal restructuring US$3.15 billion of debt taken out in 2011 to finance the purchase of Russian arms. Under the agreement, Caracas is to pay back its debts over 10 years, with “minimal” reimbursements for the first six years.
‘GREEN’ ENERGY
Longi considers US sites
Longi Green Energy Technology Co (隆基綠能科技), a Chinese solar manufacturer, is considering opening a US factory, a decision that might hinge upon the looming threat of import tariffs. Longi began evaluating the move before a US trade case was filed in April seeking tariffs to protect domestic manufacturers, Archie Flores, general manager of the Xian-based company’s US unit, said on Wednesday, adding that the company is evaluating multiple sites for a cell and module plant.
ECONOMY
Philippine growth ‘on track’
Philippine Economic Planning Secretary Ernesto Pernia yesterday said the government is optimistic that it will meet its economic growth target of 6.5 to 7.5 percent for this year. The GDP increased 6.9 percent from a year earlier, the Philippine Statistics Authority said, after expanding a revised 6.7 percent in the previous three months. Compared with the previous quarter, GDP rose a seasonally adjusted 1.3 percent. “We are on track to meeting the full-year target range,” Pernia told a media briefing.
AUSTRALIA
Jobless rate declines
The nation’s unemployment rate unexpectedly fell last month as fewer people sought work, while full-time jobs continued to surge. The latest data showed that employment rose 3,700 from September, which was compared with economists’ forecast of an 18,800 gain. The jobless rate fell to 5.4 percent last month, the lowest since February 2013, data showed. The government said full-time jobs increased by 24,300 last month, while part-time employment fell 20,700, with a labor participation rate that fell to 65.1 percent.
TECHNOLOGY
Cisco revenue still declining
Cisco Systems Inc on Wednesday reported better-than-expected earnings and forecast revenue growth after two years of decline. The San Jose, California-based company reported fiscal first-quarter profit of US$2.39 billion, up from US$2.32 billion a year ago. The seller of routers, switches, software and services posted revenue of US$12.14 billion in the period, matching Wall Street forecasts. That was down from US$12.35 billion a year ago, the company’s eighth-consecutive quarter of year-over-year revenue decline.
INTERNET
Israel to tax tech giants
Israel plans to tax Internet giants such as Google and Facebook Inc within a year, the head of the tax authority said in remarks published on Wednesday. Israel Tax Authority boss Moshe Asher told Haaretz newspaper that taxing tech giants would make Israel among the “first” in the world, as the EU still grapples with the thorny process. “Our goal is to obtain as much data as we can, even if many of these figures are held outside of Israel,” Asher said.
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
BIG BUCKS: Chairman Wei is expected to receive NT$34.12 million on a proposed NT$5 cash dividend plan, while the National Development Fund would get NT$8.27 billion Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday announced that its board of directors approved US$15.25 billion in capital appropriations for long-term expansion to meet growing demand. The funds are to be used for installing advanced technology and packaging capacity, expanding mature and specialty technology, and constructing fabs with facility systems, TSMC said in a statement. The board also approved a proposal to distribute a NT$5 cash dividend per share, based on first-quarter earnings per share of NT$13.94, it said. That surpasses the NT$4.50 dividend for the fourth quarter of last year. TSMC has said that while it is eager
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
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