AUTOMAKERS
Renault to cut 14,600 jobs
Renault SA plans to eliminate about 14,600 jobs worldwide and lower production capacity by almost one-fifth as part of cost reductions aimed at outlasting the downturn that has rocked the global auto industry. The plan includes cutting almost 4,600 positions in France, or about 10 percent of the automaker’s total in its home country, Renault said yesterday. More than 10,000 additional jobs would be scrapped in the rest of the world, trimming a global workforce of about 180,000 people. “We have spent and invested too much and will now come back to our base,” Renault acting CEO Clotilde Delbos said on a call with analysts and reporters.
UNITED KINGDOM
Pact to counter China 5G bid
The government has proposed forming an alliance of 10 democratic countries to reduce their reliance on China for crucial 5G wireless technology, the Times of London reported. London has approached Washington about creating a club of nations that would include the G7 nations plus Australia, South Korea and India, the newspaper reported, without saying where it got the information. The move was prompted by concerns over the dominance of China’s Huawei Technologies Co (華為) and is designed to funnel public investments in advanced wireless research toward companies that are based within those 10 countries, the paper said. The government had approved Huawei’s participation in its 5G network, but later capped the company’s network share at 35 percent following anger from the US.
CHINA
US companies freeze hiring
US firms in the country have adopted hiring freezes and are exploring ways to reduce payroll costs, in an effort to mitigate losses as the business impact from the COVID-19 pandemic becomes clear. In a survey released yesterday by the American Chamber of Commerce in China, more than half of 109 respondents said that they have been forced to implement hiring freezes. Almost as many firms reported that their companies are either planning to reduce employee compensation or already have. Internal promotions, salary increases and bonuses have also been put on hold for the year, some respondents said. The decisions to cut labor costs are being made based on the expectation that revenue is to decline in the country this year. Seventy-four percent of respondents said that they are expecting drops in revenue, with most estimating a decrease of 10 percent to 25 percent if the pandemic extends through August.
WTO
Dutch official possible head
Dutch Minister for Foreign Trade and Development Cooperation Sigrid Kaag is among the candidates to become the WTO’s next director-general, Dutch public broadcaster NOS reported, citing sources close to the matter. Kaag, a former diplomat who spent more than 20 years working for the UN, is considered a serious candidate and has secured the support of international colleagues, the NOS said. The 58-year old told the broadcaster that she had heard reports about her chances of landing the top job at the WTO, but that it was unclear to her how the new head would be picked. Kaag has been minister since 2017. During her time at the UN, she headed the body’s joint mission with the Organisation for the Prohibition of Chemical Weapons overseeing the destruction of Syria’s chemical weapons. She also served as the UN’s top official in Lebanon.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan
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