CHINA
Rapid market building eyed
Chinese Premier Li Keqiang (李克強) vowed to further cut taxes, administrative fees and red tape in an effort to support the real economy, a government statement said on Friday. Li called for speedy efforts to build a “market-oriented, legalized and internationalized” business environment. The premier made the remarks at a meeting with entrepreneurs in Zhejiang Province. Private and state-owned enterprises are “important components” of the economy, Li added.
JAPAN
Cabinet reshuffle imminent
Prime Minister Shinzo Abe would likely reappoint Minister of Economy, Trade and Industry Hiroshige Seko in a Cabinet reshuffle next week, the Nikkei Shimbun reported yesterday. Other key ministers such as Chief Cabinet Secretary Yoshihide Suga would also retain their posts, the paper reported. Abe is to reshuffle his Cabinet on Tuesday after winning a ruling party leadership vote last week, paving the way to become Japan’s longest-serving prime minister.
CHILE
Escondida output rises 45%
The world’s biggest copper mine by output, Chile’s Escondida, on Friday announced profits of US$1.086 billion for the first semester, just over a month after avoiding a strike by workers. Production increased by 45 percent from January to June, thus recuperating lost revenue over the same period last year that was provoked by a 44-day strike. Mine president Mauro Neves described the results as “positive,” and said owner BHP Billiton Ltd had paid the government US$524 million in taxes.
GERMANY
Frankfurt unveils ‘new’ city
The financial capital of Frankfurt has unveiled its new “Old City” — 35 buildings that reproduce in part an area that was destroyed during World War II bombings. On Friday, Mayor Peter Feldmann officially opened the 200 million euro (US$232.43 million) project, saying that “we are giving the city its heart and soul back.” Fifteen of the new buildings are replicas of predecessors that were destroyed in bombings in 1944.
COLOMBIA
Migrants need 0.5% of GDP
An influx of Venezuelan immigrants fleeing economic hardship costs Colombia about 0.5 percent of its GDP per year, equivalent to about US$1.5 billion, President Ivan Duque said on Friday. Nearly 1 million Venezuelan immigrants are living in Colombia, Duque said after a meeting with World Bank vice president Jorge Familiar. The World Bank is to release a report on the fiscal and social effects of the crisis on Colombia in the coming weeks, Familiar said.
REAL ESTATE
AIG seeks to sell NYC hotel
AIG Global Real Estate is seeking buyers for a Manhattan hotel that could fetch more than US$200 million, a person familiar with the matter said. AIG has tapped Eastdil Secured LLC to find prospective buyers for the 310-room Embassy Suites by Hilton New York Midtown Manhattan on West 37th Street, according to the person and marketing documents obtained by Bloomberg. The newly developed 39-story hotel opened in January and has been fully operational since July.
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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