TRADE
PRC buys US pork, soybeans
Beijing yesterday said that it had bought a “considerable” amount of US pork and soybeans, the latest sign of conciliation between the two nations. “Recently Chinese enterprises have ... started price inquiry and purchases of US agricultural products, and have also completed a transaction of soybeans and pork of considerable size with the US,” Chinese Ministry of Commerce spokesman Gao Feng (高峰) told a press briefing.
BANKING
ABN Amro being probed
Dutch prosecutors are investigating alleged money laundering at ABN Amro, saying that they suspect the lender had failed to report or probe suspicious transactions for years. Prosecutors yesterday said they believe ABN Amro reported suspicious transactions too late or not at all over a long period, adding that the bank failed to properly investigate client behavior and did not sever ties with suspect clients in a timely fashion. Prosecutors said the probe was based on information provided by the Dutch central bank, which earlier this year ordered ABN to review all local retail clients for possible money laundering or other criminal activities.
SINGAPORE
Factory output dives
Factory output last month plunged far more than economists predicted, in a sign that the city-state’s manufacturing downturn could be worsening. Industrial production dropped 8 percent from a year earlier, worse than all the forecasts in a Bloomberg survey of economists, making it the biggest contraction this year, including June’s revised 7.9 percent decline. It shrank 7.5 percent on a seasonally adjusted monthly basis. US-China and Japan-South Korea trade tensions, as well as a broader slowdown in China and elsewhere, continue to weigh on Singapore, where the government has slashed its full-year growth forecast to nearly zero.
INTERNET
Baidu to sell some of Ctrip
Baidu Inc (百度) is selling about one-third of its stake in online travel Web site Ctrip.com International Ltd (攜程旅行網), generating about US$1 billion to counter a slowing economy and intensifying competition in its key advertising business. Ctrip yesterday announced a proposed secondary offering of 31.3 million American depositary receipts held by Baidu. That represents about 30 percent of its stake in Ctrip and is equivalent to about US$1 billion based on Ctrip’s current share price. Baidu is to remain Ctrip’s largest shareholder, with a 19 percent stake.
INDIA
Fiscal gap to widen: Fitch
The nation’s combined fiscal gap, including states’ deficits, is seen widening to the highest in about eight years, as the government boosts measures to stimulate a slowing economy. The general government deficit is seen at 7.5 percent of GDP in the year to March, Fitch Ratings said. Fitch’s reading is well above the “BBB” category median of 1.9 percent.
PHARMACEUTICALS
Glaxo targets RSV vaccine
GlaxoSmithKline PLC is taking aim at respiratory syncytial virus (RSV), which kills tens of thousands of children each year. Experimental shots targeting RSV are the top pipeline priority for Glaxo’s vaccines unit, senior vice president for research and development Emmanuel Hanon said in an interview yesterday. Glaxo plans to move those vaccines into the final stage of testing by the end of next year, he said.
SEMICONDUCTORS: The German laser and plasma generator company will expand its local services as its specialized offerings support Taiwan’s semiconductor industries Trumpf SE + Co KG, a global leader in supplying laser technology and plasma generators used in chip production, is expanding its investments in Taiwan in an effort to deeply integrate into the global semiconductor supply chain in the pursuit of growth. The company, headquartered in Ditzingen, Germany, has invested significantly in a newly inaugurated regional technical center for plasma generators in Taoyuan, its latest expansion in Taiwan after being engaged in various industries for more than 25 years. The center, the first of its kind Trumpf built outside Germany, aims to serve customers from Taiwan, Japan, Southeast Asia and South Korea,
POWERING UP: PSUs for AI servers made up about 50% of Delta’s total server PSU revenue during the first three quarters of last year, the company said Power supply and electronic components maker Delta Electronics Inc (台達電) reported record-high revenue of NT$161.61 billion (US$5.11 billion) for last quarter and said it remains positive about this quarter. Last quarter’s figure was up 7.6 percent from the previous quarter and 41.51 percent higher than a year earlier, and largely in line with Yuanta Securities Investment Consulting Co’s (元大投顧) forecast of NT$160 billion. Delta’s annual revenue last year rose 31.76 percent year-on-year to NT$554.89 billion, also a record high for the company. Its strong performance reflected continued demand for high-performance power solutions and advanced liquid-cooling products used in artificial intelligence (AI) data centers,
Gasoline and diesel prices at domestic fuel stations are to fall NT$0.2 per liter this week, down for a second consecutive week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) announced yesterday. Effective today, gasoline prices at CPC and Formosa stations are to drop to NT$26.4, NT$27.9 and NT$29.9 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said in separate statements. The price of premium diesel is to fall to NT$24.8 per liter at CPC stations and NT$24.6 at Formosa pumps, they said. The price adjustments came even as international crude oil prices rose last week, as traders
SIZE MATTERS: TSMC started phasing out 8-inch wafer production last year, while Samsung is more aggressively retiring 8-inch capacity, TrendForce said Chipmakers are expected to raise prices of 8-inch wafers by up to 20 percent this year on concern over supply constraints as major contract chipmakers Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and Samsung Electronics Co gradually retire less advanced wafer capacity, TrendForce Corp (集邦科技) said yesterday. It is the first significant across-the-board price hike since a global semiconductor correction in 2023, the Taipei-based market researcher said in a report. Global 8-inch wafer capacity slid 0.3 percent year-on-year last year, although 8-inch wafer prices still hovered at relatively stable levels throughout the year, TrendForce said. The downward trend is expected to continue this year,
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