Korean Air halts Japan flights
Korean Air Lines Co is to suspend its flights between Busan and Japan’s Sapporo from Sept. 3 because of falling demand amid a worsening diplomatic and economic row between the two countries. The carrier is also considering cutting the number of flights between the two countries or shifting to smaller aircraft from the middle of next month, a spokesman said. South Koreans were the second-biggest travelers to Japan after China, accounting for 24.2 percent of visits last year, according to the Japan National Tourism Organization.
US selling soybeans to China
The US has shipped several million tonnes of soybeans to China since the two country’s leaders met last month, Chinese state media said on Sunday, ahead of fresh trade talks in Shanghai this week. Chinese companies have made inquiries about buying US soybeans, cotton, pork and sorghum, and would continue to purchase US agricultural goods if prices and quality remain reasonable, China Central Television said on Sunday. The US should take specific measures to make good on its promises to improve economic and trade ties, the reports said.
Ryanair runs into headwinds
Ryanair Holdings PLC saw its first-quarter net profit sink by more than one-fifth as it faced headwinds from rising costs, intense competition and Brexit turmoil, the Irish airline said yesterday. Earnings after taxation slumped 21 percent to 243 million euros (US$270 million) in the three months to the end of last month, compared with the same portion of the previous financial year, Ryanair said in a results statement. That was in line with company guidance given in May.
PepsiCo eyes Indian snacks
PepsiCo Inc aims to invest about 5.1 billion rupees (US$74 million) for a new snack factory in India. The investment is planned over three years in the state of Uttar Pradesh, PepsiCo’s local unit said in an e-mailed statement on Sunday. The proposal is in line with the company’s goal to double its snacks business in India by 2022 and is expected to help create more than 1,500 direct and indirect jobs, the company said.
LSE in talks for Refinitiv
London Stock Exchange Group PLC (LSE) is in talks to acquire Refinitiv, the financial data and trading platform provider, in a deal that could be valued at US$27 billion and would add fuel to the bourse’s fastest-growing business. The exchange would issue shares as part of the transaction and Refinitiv holders might receive a stake of approximately 37 percent, LSE said in a statement on Saturday. A formal agreement could be announced on Thursday, when LSE publishes half-year earnings, people said.
SAGO begins mills sale
The country’s state grain buyer, SAGO, said that it would start the next phase of the sale of its flour mills tomorrow, which would see pre-qualified bidders perform due diligence and present financial offers. The sale is one of the first privatizations the kingdom is planning as part of a wide-reaching overhaul of its economy. It has attracted interest from some of the world’s largest agribusiness firms, including Archer Daniels Midland Co and Bunge Ltd.
NOTABLE SHIFT: By 2030, 50% of all laptops would be assembled in Southeast Asia, while Taiwan would still mostly focus on research and development, a report said Global laptop and desktop computer supply chains are expected to shift significantly away from China in the next 10 years, a Market Intelligence & Consulting Institute (MIC, 產業情報研究所) report said. By 2030, only 40 percent of global laptop production would remain in China, said the report, which was released on Thursday. “The reshuffling of the global supply chain will be one of the most important trends in the next 10 years,” the institute said in the report. “In the long run, key component makers will follow laptop assemblers in moving out of China.” The Taipei-based institute predicted most key component makers
Merck Group Taiwan yesterday said that it plans to invest substantially on expanding its fab in Kaohsiung’s Lujhu District (路竹) to better serve its local customers, including Taiwan Semiconductor Manufacturing Co (TSMC, 台積電). The company said it plans to expand its production space by 50 percent in the next five years and its workforce by about 40 percent, Merck Group Taiwan managing director Dick Hsieh (謝志宏) told a media briefing in Taipei. Hsieh declined to disclose investment details, but said that the latest investment would exceed the total amount Merck has invested in Taiwan over the past few years. Those investments would be
INVEST IN TAIWAN: A metal components casting firm and the world’s largest maker of aluminum bicycle rims also obtained approvals to join the program Solar Applied Materials Technology Co (SOLAR, 光洋應用材料), a part of Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) “green supply chain,” has pledged to invest NT$1 billion (US$34.1 million) to build a new plant at the Tainan Technology Industrial Park (台南科技工業區), the Ministry of Economic Affairs said yesterday. SOLAR has been collaborating with TSMC to extract precious metals from waste and reuse them as “sputtering target” material in high-end semiconductor manufacturing, a TSMC press release issued in May said. Established in 1978, SOLAR also offers key materials and integrated services to customers in the optoelectronics, information and communications technology, petrochemicals and consumer electronics industries,
‘SWARM TECH’: Joint venture FARobot is to develop autonomous mobile robots that would first be deployed in Hon Hai’s factories to optimize production efficiency Hon Hai Precision Industry Co (鴻海精密) and Adlink Technology Inc (凌華科技) have formed a robotic venture that aims to use “swarm technology” to create robots that can communicate with one another on the factory floor to optimize production efficiency. Hon Hai is Apple Inc’s leading iPhone assembler and the world’s largest contract electronics maker, while Adlink supplies industrial computers and Internet of Things solutions. Through a subsidiary, Hyield Venture Capital Co (鴻揚創投), Hon Hai holds a 51 percent stake in autonomous mobile robot (AMR) developer FARobot (法博智能移動), while Adlink owns the remaining 49 percent. Together, the two companies put up NT$200