TRADE
NAFTA deal draws closer
The US and Mexico moved closer toward a consensus on how to forge a new North American Free Trade Agreement (NAFTA), even though key hurdles remain, several people familiar with the matter said on Tuesday. Progress has been made during five weeks of discussions on issues, including rules for cars, but there is no broader agreement on reshaping NAFTA, two US administration officials said. Canada has no notice of any deal being reached and considers several issues still outstanding, two Canadian government officials said. Canada has not been involved in face-to-face negotiations with Mexico and the US for weeks.
ELECTRONICS
Viomi planning US IPO
Viomi (雲米), a supplier of Internet-connected home appliances to Chinese smartphone giant Xiaomi Corp (小米), is planning an initial public offering (IPO) in the US, people with knowledge of the matter said. The four-year-old company could seek about US$200 million in the share sale, the people said. Viomi aims to list as soon as this year, one of the people said. Viomi, based in Foshan, China, counts Sequoia Capital and Singapore sovereign wealth fund GIC Pte among its investors, according to its Web site. The company would become the second Xiaomi partner to go public, after fitness-tracker maker Huami Corp (華米) raised US$126.5 million in an IPO in the US in February.
GAMING
Sea losses expand in Q2
Sea Ltd, the operator of Southeast Asia’s biggest gaming platform, posted a wider quarterly loss as it invests in building up e-commerce platform Shopee. The net loss was US$250.8 million in the three months that ended in June, compared with a loss of US$92.1 million during the same period last year, Singapore-based Sea said in an e-mailed statement. Total revenue rose to US$183.8 million from US$101.5 million year-on-year. Sea has struggled with losses since an IPO in October last year amid widening losses. Revenue at digital entertainment unit Garena grew 18 percent to US$108 million during the quarter, aided by game development and efforts to move to mobile titles.
AGRICULTURE
Nufarm to open US facility
An Australian farm chemical and seed company is to open a distribution facility in Mississippi, investing US$20 million and hiring 68 people. Nufarm Ltd on Tuesday said that it was buying a building from the city of Greenville for the site, with plans to begin operations in summer next year. Nufarm would repackage and ship products sent to Greenville from other facilities, Mississippi Development Authority spokeswoman Tammy Craft said. Local and state officials are to grant the company more than US$6 million in tax breaks and incentives.
AIRLINES
Air Canada buys Aeroplan
Air Canada led a consortium of banks in buying back Canada’s leading loyalty program, Aeroplan, and on Tuesday said it plans to roll it into its own points card. Air Canada, Toronto-Dominion Bank, Canadian Imperial Bank of Commerce and Visa Canada offered to buy Aeroplan from its parent, Aimia Inc, for C$450 million (US$345.69 million) in cash and assuming C$1.9 billion in reward points liabilities. This follows a hostile takeover bid last month for significantly less. Air Canada invented Aeroplan more than three decades ago to reward frequent flyers, but later spun it into a separate company.
SEMICONDUCTORS: The German laser and plasma generator company will expand its local services as its specialized offerings support Taiwan’s semiconductor industries Trumpf SE + Co KG, a global leader in supplying laser technology and plasma generators used in chip production, is expanding its investments in Taiwan in an effort to deeply integrate into the global semiconductor supply chain in the pursuit of growth. The company, headquartered in Ditzingen, Germany, has invested significantly in a newly inaugurated regional technical center for plasma generators in Taoyuan, its latest expansion in Taiwan after being engaged in various industries for more than 25 years. The center, the first of its kind Trumpf built outside Germany, aims to serve customers from Taiwan, Japan, Southeast Asia and South Korea,
Gasoline and diesel prices at domestic fuel stations are to fall NT$0.2 per liter this week, down for a second consecutive week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) announced yesterday. Effective today, gasoline prices at CPC and Formosa stations are to drop to NT$26.4, NT$27.9 and NT$29.9 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said in separate statements. The price of premium diesel is to fall to NT$24.8 per liter at CPC stations and NT$24.6 at Formosa pumps, they said. The price adjustments came even as international crude oil prices rose last week, as traders
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which supplies advanced chips to Nvidia Corp and Apple Inc, yesterday reported NT$1.046 trillion (US$33.1 billion) in revenue for last quarter, driven by constantly strong demand for artificial intelligence (AI) chips, falling in the upper end of its forecast. Based on TSMC’s financial guidance, revenue would expand about 22 percent sequentially to the range from US$32.2 billion to US$33.4 billion during the final quarter of 2024, it told investors in October last year. Last year in total, revenue jumped 31.61 percent to NT$3.81 trillion, compared with NT$2.89 trillion generated in the year before, according to
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,
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