UNITED STATES
Trump flip-flops on tax cuts
A day after considering cutting taxes to promote economic growth, President Donald Trump on Wednesday changed course and said he would abandon the idea because the nation already has “a strong economy.” Trump’s flip-flop came after market volatility and economic uncertainty, and amid a debate about whether the nation is heading for a slowdown that would imperil his re-election chances. “I’m not looking at a tax cut now,” he told reporters at the White House. “We don’t need it. We have a strong economy.”
AIRLINES
Air NZ blames fuel, engines
New Zealand’s national carrier yesterday said that increased fuel costs and engine problems were the main reasons why its annual profit dropped by more than 30 percent. Air New Zealand Ltd reported a pre-tax profit of NZ$374 million (US$238.6 million) for the year ending on June 30, compared with NZ$540 million in the same period last year. Annual revenue grew 5.3 percent to NZ$5.8 billion. Meanwhile, chief financial officer Jeff McDowall would become acting CEO after Christopher Luxon leaves on Sept. 25 until a permanent replacement is found, the firm said.
BANKING
HSBC mulling Asia buys
HSBC Holdings PLC, which shook up its senior leadership this month, is considering a bid for Asian operations being sold by Aviva PLC as it seeks ways to diversify its business in the region, people with knowledge of the matter said. London-based HSBC is in the early stages of weighing an offer for at least part of Aviva’s Asian business, the people said, asking not to be identified because the information is private. A deal would help HSBC bolster its insurance presence in Singapore and other parts of Southeast Asia, the people said. Aviva, the UK insurance conglomerate whose shares have dropped 27 percent in the past 12 months, this month confirmed that it is examining options for its Asian business.
AIRLINES
Ryanair strike effects slight
UK flights operated by Ryanair Holdings PLC were taking off yesterday largely as scheduled as pilots in the discount carrier’s biggest market begin a two-day strike ahead of the busiest travel weekend of the year. The action started soon after midnight yesterday, after Ryanair failed to obtain a legal injunction blocking the walkout by members of the British Airline Pilots’ Association. Early morning services from London Stansted Airport, the carrier’s biggest base, appeared to be operating largely as planned, according to data from tracking Web site FlightRadar24. Ryanair and the association did not immediately respond to e-mails and calls seeking comment.
GERMANY
Machine exports slashed
Trade conflicts and a weakening global economy have hit growth in the export-reliant machine-building sector, data showed on Wednesday, adding to signs that Europe’s largest economy could slip into a recession. Exports grew just 0.9 percent to 89.2 billion euros (US$98.83 billion) in the first half of the year, according to Mechanical Engineering Industry Association figures, as growth in the first quarter was all but wiped out by a contraction in the second. Machine exports grew by 3.8 percent in the first quarter and fell by 1.8 percent in the three months that followed.
To many, Tatu City on the outskirts of Nairobi looks like a success. The first city entirely built by a private company to be operational in east Africa, with about 25,000 people living and working there, it accounts for about two-thirds of all foreign investment in Kenya. Its low-tax status has attracted more than 100 businesses including Heineken, coffee brand Dormans, and the biggest call-center and cold-chain transport firms in the region. However, to some local politicians, Tatu City has looked more like a target for extortion. A parade of governors have demanded land worth millions of dollars in exchange
An Indonesian animated movie is smashing regional box office records and could be set for wider success as it prepares to open beyond the Southeast Asian archipelago’s silver screens. Jumbo — a film based on the adventures of main character, Don, a large orphaned Indonesian boy facing bullying at school — last month became the highest-grossing Southeast Asian animated film, raking in more than US$8 million. Released at the end of March to coincide with the Eid holidays after the Islamic fasting month of Ramadan, the movie has hit 8 million ticket sales, the third-highest in Indonesian cinema history, Film
BIG BUCKS: Chairman Wei is expected to receive NT$34.12 million on a proposed NT$5 cash dividend plan, while the National Development Fund would get NT$8.27 billion Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday announced that its board of directors approved US$15.25 billion in capital appropriations for long-term expansion to meet growing demand. The funds are to be used for installing advanced technology and packaging capacity, expanding mature and specialty technology, and constructing fabs with facility systems, TSMC said in a statement. The board also approved a proposal to distribute a NT$5 cash dividend per share, based on first-quarter earnings per share of NT$13.94, it said. That surpasses the NT$4.50 dividend for the fourth quarter of last year. TSMC has said that while it is eager
‘IMMENSE SWAY’: The top 50 companies, based on market cap, shape everything from technology to consumer trends, advisory firm Visual Capitalist said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) was ranked the 10th-most valuable company globally this year, market information advisory firm Visual Capitalist said. TSMC sat on a market cap of about US$915 billion as of Monday last week, making it the 10th-most valuable company in the world and No. 1 in Asia, the publisher said in its “50 Most Valuable Companies in the World” list. Visual Capitalist described TSMC as the world’s largest dedicated semiconductor foundry operator that rolls out chips for major tech names such as US consumer electronics brand Apple Inc, and artificial intelligence (AI) chip designers Nvidia Corp and Advanced
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