TECHNOLOGY
Apple hires top battery man
Apple Inc has hired Soonho Ahn, an executive from Samsung SDI Co, the battery making affiliate of Samsung Electronics Co, to help lead its own battery work. Ahn joined Apple last month as global head of battery development, after working as a senior vice president at Samsung SDI since 2015, according to his LinkedIn profile. At Samsung SDI, Ahn led development of lithium battery packs and worked on “next-generation” battery technology, the profile says. Apple and Ahn did not respond to requests for comment. The iPhone maker has been trying to reduce reliance on third-party components and the notable battery technology hire suggests it might be doing the same for batteries.
VENEZUELA
Bonds hit six-month high
Bond prices jumped to the highest in six months as large anti-government protests throughout the country spurred speculation that President Nicolas Maduro’s regime could be coming closer to an end. The country’s US$4 billion of defaulted notes due in 2027 surged US$0.024 to US$0.307 on the dollar, the highest price since June. The hope among investors is that dissatisfaction with Maduro would eventually lead to his removal from office and the ascension of a new government that would be able to boost oil production and get the economy back on track, paving the way for a restructuring deal after US$9 billion of defaults.
RESTAURANTS
Lines welcome Taco Bell
Lines stretched around the block yesterday as Thailand’s first Taco Bell opened its doors to fast-food fanatics sporting taco-shaped hats and punters keen to discover the corn-based snack. Taco Bell regional managing director Ankush Tuli said that the company is planning to open 40 outlets in the country over the next three years as part of a broader global expansion plan relying heavily on the Asia-Pacific region.
PHILIPPINES
GDP up less than predicted
Economic growth last quarter was slower than economists estimated, as expansion in investment and manufacturing weakened. GDP rose 6.1 percent annually in the fourth quarter of last year, compared with the 6.3 percent median estimate in a Bloomberg survey. Growth was 6 percent in the previous three months. The economy expanded 6.2 percent last year, the weakest in three years. The peso pared its gain and was little changed after the data, after rising as much as 0.2 percent earlier.
UNITED STATES
Zero growth possible
White House Council of Economic Advisers Chairman Kevin Hassett said that if the partial government shutdown extends through March, there is a chance of zero economic expansion this quarter, although “humongous” growth would follow once federal agencies reopen. Asked in a CNN interview on Wednesday if the US could see zero growth with the shutdown, Hassett said: “Yes, we could, if it extended for the whole quarter.” Growth could rebound to “4 or 5 percent” in the second quarter if the government reopens, he said. Analysts surveyed last week said that if the shutdown lasts through the end of March, it would subtract 0.8 percentage points from first-quarter growth, which would end up at 1.5 percent, based on median responses. Estimates for GDP, based on an annualized pace, ranged from a contraction of 2 percent to growth of 3.3 percent.
Vincent Wei led fellow Singaporean farmers around an empty Malaysian plot, laying out plans for a greenhouse and rows of leafy vegetables. What he pitched was not just space for crops, but a lifeline for growers struggling to make ends meet in a city-state with high prices and little vacant land. The future agriculture hub is part of a joint special economic zone launched last year by the two neighbors, expected to cost US$123 million and produce 10,000 tonnes of fresh produce annually. It is attracting Singaporean farmers with promises of cheaper land, labor and energy just over the border.
US actor Matthew McConaughey has filed recordings of his image and voice with US patent authorities to protect them from unauthorized usage by artificial intelligence (AI) platforms, a representative said earlier this week. Several video clips and audio recordings were registered by the commercial arm of the Just Keep Livin’ Foundation, a non-profit created by the Oscar-winning actor and his wife, Camila, according to the US Patent and Trademark Office database. Many artists are increasingly concerned about the uncontrolled use of their image via generative AI since the rollout of ChatGPT and other AI-powered tools. Several US states have adopted
KEEPING UP: The acquisition of a cleanroom in Taiwan would enable Micron to increase production in a market where demand continues to outpace supply, a Micron official said Micron Technology Inc has signed a letter of intent to buy a fabrication site in Taiwan from Powerchip Semiconductor Manufacturing Corp (力積電) for US$1.8 billion to expand its production of memory chips. Micron would take control of the P5 site in Miaoli County’s Tongluo Township (銅鑼) and plans to ramp up DRAM production in phases after the transaction closes in the second quarter, the company said in a statement on Saturday. The acquisition includes an existing 12 inch fab cleanroom of 27,871m2 and would further position Micron to address growing global demand for memory solutions, the company said. Micron expects the transaction to
A proposed billionaires’ tax in California has ignited a political uproar in Silicon Valley, with tech titans threatening to leave the state while California Governor Gavin Newsom of the Democratic Party maneuvers to defeat a levy that he fears would lead to an exodus of wealth. A technology mecca, California has more billionaires than any other US state — a few hundred, by some estimates. About half its personal income tax revenue, a financial backbone in the nearly US$350 billion budget, comes from the top 1 percent of earners. A large healthcare union is attempting to place a proposal before
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