AVIATION
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.
TRADE
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.
AVIATION
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.
BEVERAGES
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.
EQUITIES
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.
SAUDI ARABIA
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.
Anna Bhobho, a 31-year-old housewife from rural Zimbabwe, was once a silent observer in her home, excluded from financial and family decisionmaking in the deeply patriarchal society. Today, she is a driver of change in her village, thanks to an electric tricycle she owns. In many parts of rural sub-Saharan Africa, women have long been excluded from mainstream economic activities such as operating public transportation. However, three-wheelers powered by green energy are reversing that trend, offering financial opportunities and a newfound sense of importance. “My husband now looks up to me to take care of a large chunk of expenses,
State-run CPC Corp, Taiwan (CPC, 台灣中油) yesterday signed a letter of intent with Alaska Gasline Development Corp (AGDC), expressing an interest to buy liquefied natural gas (LNG) and invest in the latter’s Alaska LNG project, the Ministry of Economic Affairs said in a statement. Under the agreement, CPC is to participate in the project’s upstream gas investment to secure stable energy resources for Taiwan, the ministry said. The Alaska LNG project is jointly promoted by AGDC and major developer Glenfarne Group LLC, as Alaska plans to export up to 20 million tonnes of LNG annually from 2031. It involves constructing an 1,290km
NEXT GENERATION: The company also showcased automated machines, including a nursing robot called Nurabot, which is to enter service at a Taichung hospital this year Hon Hai Precision Industry Co (鴻海精密) expects server revenue to exceed its iPhone revenue within two years, with the possibility of achieving this goal as early as this year, chairman Young Liu (劉揚偉) said on Tuesday at Nvidia Corp’s annual technology conference in San Jose, California. AI would be the primary focus this year for the company, also known as Foxconn Technology Group (富士康科技集團), as rapidly advancing AI applications are driving up demand for AI servers, Liu said. The production and shipment of Nvidia’s GB200 chips and the anticipated launch of GB300 chips in the second half of the year would propel
‘MAKE OR BREAK’: Nvidia shares remain down more than 9 percent, but investors are hoping CEO Jensen Huang’s speech can stave off fears that the sales boom is peaking Shares in Nvidia Corp’s Taiwanese suppliers mostly closed higher yesterday on hopes that the US artificial intelligence (AI) chip designer would showcase next-generation technologies at its annual AI conference slated to open later in the day. The GPU Technology Conference (GTC) in California is to feature developers, engineers, researchers, inventors and information technology professionals, and would focus on AI, computer graphics, data science, machine learning and autonomous machines. The event comes at a make-or-break moment for the firm, as it heads into the next few quarters, with Nvidia CEO Jensen Huang’s (黃仁勳) keynote speech today seen as having the ability to
RSS