INVESTMENTS
HK protests aiding Singapore
The escalating protests in Hong Kong could benefit Singapore to the tune of US$4 billion, according to the upper end of an estimate by Goldman Sachs Group Inc of the money that investors have moved to the city-state. Goldman estimated that there has been a maximum outflow of Hong Kong dollar deposits to Singapore totaling US$3 billion to US$4 billion as of August. Local-currency deposits declined in August by 1.6 percent from July, the biggest drop in more than a year, to about HK$6.84 trillion (US$872.2 billion), official data showed earlier this week.
INTERNET
Uber links workers, firms
Ride-hailing firm Uber Technologies Inc on Wednesday said that it had launched an app called Uber Works to connect temporary workers looking to perform shift work with businesses trying to plug gaps in their rosters. The app, currently available only in Chicago, shows workers the available shifts in a certain area and helps businesses that struggle to have enough staff during peak demand. Uber Works is to partner with staffing agencies — which employ, pay and handle worker benefits — and also connect directly with businesses, the company said.
MEXICO
Infrastructure blitz planned
The government is soon to unveil a set of major infrastructure projects drawn up by the private sector to lift the economy, President Andres Manuel Lopez Obrador said on Wednesday. Speaking at a news conference, Lopez Obrador said that about 1,600 projects were under consideration that would “reactivate” the nation. The investment package comprises more than US$400 billion in projects over the course of the next five years of the administration, two people familiar with the matter said.
INTERNET
Facebook fined over breach
Turkish authorities have fined Facebook Inc 1.6 million lira (US$280,760) for breaching data protection laws, which affected nearly 300,000 people, the Personal Data Protection Board said yesterday. The board said it had ruled to fine Facebook after the privacy breach affected the personal information of 280,959 Turkish users. The board added that it had launched an examination into the data breach after Facebook failed to inform it about errors in some of the firm’s applications.
RETAIL
H&M earnings surge 25%
Hennes & Mauritz AB’s (H&M) quarterly earnings gained for the first time in more than two years as a well-received summer collection helped the Swedish retailer boost profitability. Pre-tax profit rose 25 percent to 5.01 billion kronor (US$506.24 million) in the June-to-August period, which is the company’s fiscal third quarter. Analysts expected 4.89 billion kronor. The retailer reduced its store opening plan for the second time this year to 120 net additions. Inventory stood at 42 billion kronor at the end of August.
TOBACCO
Imperial Brands CEO quitting
British tobacco giant Imperial Brands, which has warned over a backlash against vaping in the US, yesterday said that chief executive Alison Cooper is stepping down. Cooper, who served nine years as CEO and has been at Imperial for 20 years, is to leave once her successor has been appointed, Imperial said in a statement, which gave no reason for her departure.
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
SECTOR LEADER: TSMC can increase capacity by as much as 20 percent or more in the advanced node part of the foundry market by 2030, an analyst said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is expected to lead its peers in the advanced 2-nanometer process technology, despite competition from Samsung Electronics Co and Intel Corp, TrendForce Corp analyst Joanne Chiao (喬安) said. TSMC’s sophisticated products and its large production scale are expected to allow the company to continue dominating the global 2-nanometer process market this year, Chiao said. The world’s largest contract chipmaker is scheduled to begin mass production of chips made on the 2-nanometer process in its Hsinchu fab in the second half of this year. It would also hold a ceremony on Monday next week to
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
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