CHINA
Industrial profit drop slows
The fall in profits of industrial enterprises last month narrowed from March, as the nation’s economy gradually recovered from a COVID-19-induced slump. Industrial profits last month dropped 4.3 percent from a year earlier, National Bureau of Statistics data showed yesterday. That was much smaller than the almost 35 percent drop in March. Profits contracted 27.4 percent in the first four months of this year and were down 46 percent at state-owned enterprises and 17.2 percent at private companies.
FRANCE
Caution about recovery
Economic activity is making a clear if cautious recovery after lockdown measures were relaxed earlier this month, but the nation is still heading for about 20 percent contraction this quarter, the National Institute of Statistics and Economic Studies said yesterday. That would be “the severest recession since the creation of the national accounts in 1948,” it said, adding that the forecast should be considered with caution given uncertainty about the pace of economic recovery in the coming weeks. The nation’s GDP fell 5.8 percent in the first quarter.
RETAIL
UK grocery sales rise 14.3%
UK grocery sales rose 14.3 percent in the 12 weeks to Sunday last week, the fastest rate since comparable records began in 1994, as Britons adapted to a national lockdown, data from market researcher Kantar showed yesterday. Of Britain’s big four grocers, industry leader Tesco PLC was the best performer with sales up 12.7 percent, closely followed by No. 2 player Sainsbury’s PLC with a 12.5 percent increase. No. 4 Morrisons Supermarkets PLC’s sales rose 9.8 percent, while Walmart Inc-owned Asda Stores Ltd was the laggard with a 6.5 percent increase.
TRANSPORTATION
Amazon in talks to buy Zoox
Amazon.com Inc is in talks to buy robo-taxi start-up Zoox, accelerating its efforts in self-driving vehicles, the Wall Street Journal reported on Tuesday. Amazon and Zoox are in advanced negotiations of a deal that would value the start-up at less than the US$3.2 billion it was estimated to be worth in a funding round two years ago, the newspaper said, citing unnamed people with knowledge of the matter. The takeover talks could yet break down, it added.
HEALTH
Buyer to expand gym chain
A consortium that acquired Anytime Fitness Inc’s business in Asia is betting that people would flock to gyms when they reopen to boost their immunity from the novel coronavirus. Inspire Brands Asia acquired the master franchise for Taiwan, Hong Kong, Macau, Singapore and Southeast Asia, where Anytime Fitness has more than 250 gyms. The consortium expects to double the number of its gyms to more than 500 in the next three years, CEO Luke Guanlao said in an interview. He did not disclose the purchase price.
INVESTMENT
KKR to invest in data center
KKR & Co Inc yesterday said that it would put US$1 billion into a new data center venture in Europe, as private equity firms chase returns in the growing market for digital infrastructure assets. The investment firm is teaming up with industry veteran Franek Sodzawiczny to launch Global Technical Realty, which is to develop and build data centers for large technology companies in Europe, it said in a news release, confirming an earlier Bloomberg News report.
Elon Musk’s lieutenants have reached out to chip industry suppliers, including Applied Materials Inc, Tokyo Electron Ltd and Lam Research Corp, for his envisioned Terafab, early steps in an audacious and likely arduous attempt to break into the production of cutting-edge chips. Staff working for the joint venture between Tesla Inc and Space Exploration Technologies Corp (SpaceX) have sought price quotes and delivery times for an array of chipmaking gear, people familiar with the matter said. In past weeks, they’ve contacted makers of photomasks, substrates, etchers, depositors, cleaning devices, testers and other tools, according to the people, who asked not to
Taichung reported the steepest fall in completed home prices among the six special municipalities in the first quarter of this year, data compiled by Taiwan Realty Co (台灣房屋) showed yesterday. From January through last month, the average transaction price for completed homes in Taichung fell 8 percent from a year earlier to NT$299,000 (US$9,483) per ping (3.3m²), said Taiwan Realty, which compiled the data based on the government’s price registration platform. The decline could be attributed to many home buyers choosing relatively affordable used homes to live in themselves, instead of newly built homes in the city’s prime property market, Taiwan Realty
The government yesterday approved applications by Alphabet Inc’s Google to invest NT$27.08 billion (US$859.98 million) in Taiwan, the Ministry of Economic Affairs said in a statement. The Department of Investment Review approved two investments proposed by Google, with much of the funds to be used for data processing and electronic information supply services, as well as inventory procurement businesses in the semiconductor field, the ministry said. It marks the second consecutive year that Google has applied to increase its investment in Taiwan. Google plans to infuse NT$25.34 billion into Charter Investments Ltd (特許投資顧問) through its Singapore-based subsidiary Fructan Holdings Singapore Pte Ltd, and
JET JUICE: The war on Iran’s secondary effects have seen fuel prices skyrocket, knocking flight schedules down to earth in return as airlines struggle with costs Airline passengers should brace for more irritation in the next few months as carriers worldwide cancel flights and ground planes to cope with stratospheric increases in jet-fuel prices. Dutch flag carrier KLM is the latest company to cut its schedule, saying on Thursday that it would scrap 80 return flights at Amsterdam’s Schiphol Airport in the coming month. That puts it in the same league as United Airlines Holdings Inc, Deutsche Lufthansa AG and Cathay Pacific Airways Ltd, which have all pruned itineraries to mitigate costs. Global capacity for next month has been reduced by about 3 percentage points, with all
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