GERMANY
Tax revenue forecast to drop
Tax revenues are expected to be about 36 billion euros (US$42.38 billion) less over the next five years from what was predicted in May, due mainly to tax changes aimed at helping the nation weather the COVID-19 crisis, the Handelsblatt reported on Tuesday. Citing initial calculations for the interim tax estimate, which Minister of Finance Olaf Scholz is due to announce later today, the business daily said the state would receive about 10 billion euros less next year than previously estimated. However, after 2022, things are expected to improve, the paper quoted a government source as saying.
THE NETHERLANDS
Economy to shrink 5 percent
The nation’s economy is forecast to shrink 5 percent this year and grow 3.5 percent next year, broadcaster RTL reported on Tuesday, citing unpublished government budget documents it obtained. The figures would represent a slight upgrade to the 5.1 percent decrease and 3.2 percent expansion forecast last month by the Bureau for Economic Policy Analysis. The Ministry of Finance declined to comment on the report ahead of its formal budget release due on Tuesday next week.
NEW ZEALAND
Benchmark bond yield drops
The benchmark three-year bond yield yesterday slid below zero for the first time as expectations rise for the Reserve Bank of New Zealand to take its key interest rate negative. The nation’s April 2023 bond yield dropped as much as 6.5 basis points with mid-level yields touching minus-0.006 percent. Swap markets are already pricing for the central bank to cut by 50 basis points to minus-0.25 percent by the fourth quarter of next year. Yields on Japanese sovereign debt are negative out to the nine-year maturity, while in Germany the whole yield curve to 30-years is sub-zero.
INVESTMENTS
SBI Holdings mulls HK exit
Giant Japanese online brokerage SBI Holdings Inc is considering retreating from Hong Kong, a spokesman said yesterday, confirming reports by local media. SBI, which operates a securities business, as well as research and development of medical supplies in Hong Kong, has become the first Japanese financial firm to clearly indicate such a move is under consideration. An SBI spokesman said the company employs dozens of people in the territory, but declined to say where it might move to.
INVESTMENT
Cemex unit eyes CLH shares
The Spanish unit of global cement maker Cemex has informed Colombian regulators of its interest in buying the shares it does not own in subsidiary Cemex Latam Holdings (CLH). Trading in CLH shares on the Colombian stock exchange was suspended for a day on Tuesday after publication of the offer, the date of which was not disclosed. Cemex’s Spanish unit plans to offer 3,250 Colombian pesos (US$0.87) per outstanding CLH share, the financial regulator said in a statement late on Monday.
MANUFACTURING
Apple invites spur interest
Apple Inc on Tuesday sent invitations to an online event scheduled for Tuesday next week that is expected to star the first iPhone tailored for 5G telecom networks. The company said that the presentation would be streamed starting at 5pm GMT from its headquarters in California’s Silicon Valley. Copies of the e-mailed invitation spread quickly on social media, featuring a video-snippet version of the Apple logo in blue that unraveled into the event date.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday said its materials management head, Vanessa Lee (李文如), had tendered her resignation for personal reasons. The personnel adjustment takes effect tomorrow, TSMC said in a statement. The latest development came one month after Lee reportedly took leave from the middle of last month. Cliff Hou (侯永清), senior vice president and deputy cochief operating officer, is to concurrently take on the role of head of the materials management division, which has been under his supervision, TSMC said. Lee, who joined TSMC in 2022, was appointed senior director of materials management and
Nvidia Corp CEO Jensen Huang (黃仁勳) on Thursday met with US President Donald Trump at the White House, days before a planned trip to China by the head of the world’s most valuable chipmaker, people familiar with the matter said. Details of what the two men discussed were not immediately available, and the people familiar with the meeting declined to elaborate on the agenda. Spokespeople for the White House had no immediate comment. Nvidia declined to comment. Nvidia’s CEO has been vocal about the need for US companies to access the world’s largest semiconductor market and is a frequent visitor to China.
Hypermarket chain Carrefour Taiwan and upscale supermarket chain Mia C’bon on Saturday announced the suspension of their partnership with Jkopay Co (街口支付), one of Taiwan’s largest digital payment providers, amid a lawsuit involving its parent company. Carrefour and Mia C’bon said they would notify customers once Jkopay services are reinstated. The two retailers joined an array of other firms in suspending their partnerships with Jkopay. On Friday night, popular beverage chain TP Tea (茶湯會) also suspended its use of the platform, urging customers to opt for alternative payment methods. Another drinks brand, Guiji (龜記), on Friday said that it is up to individual
READY TO BUY: Shortly after Nvidia announced the approval, Chinese firms scrambled to order the H20 GPUs, which the company must send to the US government for approval Nvidia Corp chief executive officer Jensen Huang (黃仁勳) late on Monday said the technology giant has won approval from US President Donald Trump’s administration to sell its advanced H20 graphics processing units (GPUs) used to develop artificial intelligence (AI) to China. The news came in a company blog post late on Monday and Huang also spoke about the coup on China’s state-run China Global Television Network in remarks shown on X. “The US government has assured Nvidia that licenses will be granted, and Nvidia hopes to start deliveries soon,” the post said. “Today, I’m announcing that the US government has approved for us
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