INTERNET
China steps up theft: report
China has sharply escalated cyberattacks on Australian companies this year in a “constant, significant effort” to steal intellectual property, a report published yesterday said. The investigation by Fairfax Media and commercial broadcaster Channel Nine comes just days after US Vice President Mike Pence accused Beijing at the APEC summit of widespread “intellectual property theft.” The report said the Chinese Ministry of State Security was responsible for “Operation Cloud Hopper,” a wave of attacks it said were detected by Canberra and its partners in the “Five Eyes” intelligence alliance — the US, Britain, Canada and New Zealand. An unnamed senior Australian government official told Fairfax the activity was “a constant, significant effort to steal our intellectual property,” while other officials expressed frustration that firms and universities were not tightening their security.
BANKING
Fed’s Quarles to head FSB
US Federal Reserve Governor Randal Quarles is set to be appointed the head of the Financial Stability Board (FSB) in a bid to keep a skptical US engaged in the international body, two people with knowledge of the discussions said on Monday. Bank of England Governor Mark Carney steps down next month as chair of the board, which has been coordinating a raft of new rules for the G20 since the global financial crisis a decade ago. Dutch Central Bank President Klaas Knot was also on the shortlist for chairperson and is to become the FSB’s vice chairman, in line to succeed Quarles after three years, the sources said. The arrangement has yet to be formally agreed, they added.
AVIATION
Jeju orders 40 Boeing jets
South Korean budget carrier Jeju Air has ordered 40 airplanes from US manufacturer Boeing for US$4.4 billion, the airline said yesterday, one of the nation’s largest-ever aircraft purchases. Jeju Air is placing firm orders for 40 B737-MAX 8 models, with deliveries running from 2022 to 2026, with options for 10 more, it said in a regulatory filing. The firm described the deal as the biggest contract by a South Korean carrier for a single model of an aircraft. The company currently operates a fleet of 38 B737-800 planes that mostly fly short routes to China, Japan and Southeast Asian nations. “The latest deal ... will help us replace the existing fleet with next-generation airplanes, maintain price competitiveness and grow into a next leading air carrier,” Jeju Air said in a statement.
China’s economic planning agency yesterday outlined details of measures aimed at boosting the economy, but refrained from major spending initiatives. The piecemeal nature of the plans announced yesterday appeared to disappoint investors who were hoping for bolder moves, and the Shanghai Composite Index gave up a 10 percent initial gain as markets reopened after a weeklong holiday to end 4.59 percent higher, while Hong Kong’s Hang Seng Index dived 9.41 percent. Chinese National Development and Reform Commission Chairman Zheng Shanjie (鄭珊潔) said the government would frontload 100 billion yuan (US$14.2 billion) in spending from the government’s budget for next year in addition
Sales RecORD: Hon Hai’s consolidated sales rose by about 20 percent last quarter, while Largan, another Apple supplier, saw quarterly sales increase by 17 percent IPhone assembler Hon Hai Precision Industry Co (鴻海精密) on Saturday reported its highest-ever quarterly sales for the third quarter on the back of solid global demand for artificial intelligence (AI) servers. Hon Hai, also known as Foxconn Technology Group (富士康科技集團) globally, said it posted NT$1.85 trillion (US$57.93 billion) in consolidated sales in the July-to-September quarter, up 19.46 percent from the previous quarter and up 20.15 percent from a year earlier. The figure beat the previous third-quarter high of NT$1.74 trillion recorded in 2022, company data showed. Due to rising demand for AI, Hon Hai said its cloud and networking division enjoyed strong sales
TECH JUGGERNAUT: TSMC shares have more than doubled since ChatGPT’s launch in late 2022, as demand for cutting-edge artificial intelligence chips remains high Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday posted a better-than-expected 39 percent rise in quarterly revenue, assuaging concerns that artificial intelligence (AI) hardware spending is beginning to taper off. The main chipmaker for Nvidia Corp and Apple Inc reported third-quarter sales of NT$759.69 billion (US$23.6 billion), compared with the average analyst projection of NT$748 billion. For last month alone, TSMC reported revenue jumped 39.6 percent year-on-year to NT$251.87 billion. Taiwan’s largest company is to disclose its full third-quarter earnings on Thursday next week and update its outlook. Hsinchu-based TSMC produces the cutting-edge chips needed to train AI. The company now makes more
Protectionism: US trade chief Katherine Tai said the hikes would help to counter unfair trade practices from China, while boosting domestic clean energy investments US Trade Representative Katherine Tai (戴琪) defended stiff tariff hikes against countries such as China, saying that paired with investment, they were a “legitimate and constructive” tool for reinvigorating domestic industries. Tai’s comments come a week after sharp tariff increases on Chinese electric vehicles (EVs), EV batteries and solar cells took effect — with levies down the line on other products also recently finalized. The latest moves targeting US$18 billion in Chinese goods come weeks before next month’s US presidential election, with Democrats and Republicans pushing a hard line on China as competition between Washington and Beijing intensifies. In an interview on Thursday
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