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.
Merida Industry Co (美利達) has seen signs of recovery in the US and European markets this year, as customers are gradually depleting their inventories, the bicycle maker told shareholders yesterday. Given robust growth in new orders at its Taiwanese factory, coupled with its subsidiaries’ improving performance, Merida said it remains confident about the bicycle market’s prospects and expects steady growth in its core business this year. CAUTION ON CHINA However, the company must handle the Chinese market with great caution, as sales of road bikes there have declined significantly, affecting its revenue and profitability, Merida said in a statement, adding that it would
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
RISING: Strong exports, and life insurance companies’ efforts to manage currency risks indicates the NT dollar would eventually pass the 29 level, an expert said The New Taiwan dollar yesterday rallied to its strongest in three years amid inflows to the nation’s stock market and broad-based weakness in the US dollar. Exporter sales of the US currency and a repatriation of funds from local asset managers also played a role, said two traders, who asked not to be identified as they were not authorized to speak publicly. State-owned banks were seen buying the greenback yesterday, but only at a moderate scale, the traders said. The local currency gained 0.77 percent, outperforming almost all of its Asian peers, to close at NT$29.165 per US dollar in Taipei trading yesterday. The
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