LOGISTICS
UPS to begin making dry ice
UPS International Inc on Tuesday said that it would start making dry ice in the US and also distribute ultra-cold temperature freezers as it prepares to handle the logistics of shipping COVID-19 vaccines. The vaccine developed by Pfizer-BioNTech requires ultra-cold storage at minus-70°C and UPS has developed special containers with dry ice to keep it cool for up to 15 days, while other vaccines may also need dry ice in transport. UPS said in a statement that it had added equipment in its facilities that can produce up to 544kg of dry ice an hour for the shipping needs of these vaccines, which can be distributed within 24 hours.
E-COMMERCE
JD.com eyes US$3.5bn IPO
The medical arm of Chinese e-commerce giant JD.com Inc (京東) is looking to raise up to US$3.5 billion through a Hong Kong initial public offering (IPO), in what would be Asia’s biggest-ever healthcare listing, a report said yesterday. JD Health International Inc (京東健康), China’s biggest online healthcare platform and retail pharmacy according to its prospectus, is looking to sell 381.9 million shares at HK$62.80 to HK$70.60 each, raising as much as HK$27 billion (US$3.48 billion), Bloomberg News said. That would value the firm at as much as US$28.5 billion. It is aiming to list on Dec. 8.
AVIATION
Philippine mulls recovery plan
Philippine Airlines Inc is working on a “comprehensive recovery and restructuring plan,” the carrier owned by billionaire Lucio Tan (陳永栽) said. The plan would enable it to “emerge financially stronger” from the global crisis, it said in a statement. Asia’s oldest airline did not provide details of the plan, but said it is gradually increasing flights. Earlier yesterday, Nikkei Asia reported that the airline is poised to seek court protection for its debt restructuring.
RETAIL
Kingfisher buys NeedHelp
Retailer Kingfisher PLC yesterday said that it has bought European home improvement service marketplace NeedHelp for about 10 million euros (US$11.9 million) in cash to extend the services it could provide customers and boost its digital capabilities. Guillaume de Kergariou, who founded NeedHelp in France in 2014, had reinvested proceeds from the sale in a 20 percent stake in the business, resulting in Kingfisher owning 80 percent, it said.
TECHNOLOGY
HP revenue tops estimates
HP Inc on Tuesday reported quarterly revenue that topped Wall Street estimates, lifted by customer upgrades of personal computers and printers for remote work and school during the COVID-19 pandemic. Revenue fell about 1 percent to US$15.3 billion in the period that ended on Oct. 31, the company said in a statement. Analysts expected US$14.7 billion, according to data compiled by Bloomberg. Profit, excluding some items, was US$0.62 a share in the fourth fiscal quarter, while analysts projected US$0.52.
JAPAN
Economy deemed stable
The government maintained its assessment of the economy this month, saying that conditions remain severe, despite signs of improvement as the country faces fresh record numbers of COVID-19 cases. In its monthly report released yesterday, the Cabinet Office used the same language to describe the overall state of the economy for a fifth straight month, but said it saw improvement in production. It lowered its assessment for capital expenditure.
China’s economic planning agency yesterday outlined details of measures aimed at boosting the economy, but refrained from major spending initiatives. The piecemeal nature of the plans announced yesterday appeared to disappoint investors who were hoping for bolder moves, and the Shanghai Composite Index gave up a 10 percent initial gain as markets reopened after a weeklong holiday to end 4.59 percent higher, while Hong Kong’s Hang Seng Index dived 9.41 percent. Chinese National Development and Reform Commission Chairman Zheng Shanjie (鄭珊潔) said the government would frontload 100 billion yuan (US$14.2 billion) in spending from the government’s budget for next year in addition
Advanced Micro Devices Inc (AMD) suffered its biggest stock decline in more than a month after the company unveiled new artificial intelligence (AI) chips, but did not provide hoped-for information on customers or financial performance. The stock slid 4 percent to US$164.18 on Thursday, the biggest single-day drop since Sept. 3. Shares of the company remain up 11 percent this year. AMD has emerged as the biggest contender to Nvidia Corp in the lucrative market of AI processors. The company’s latest chips would exceed some capabilities of its rival, AMD chief executive officer Lisa Su (蘇姿丰) said at an event hosted by
AVIATION: Despite production issues in the US, the Taoyuan-based airline expects to receive 24 passenger planes on schedule, while one freight plane is delayed The ongoing strike at Boeing Co has had only a minor impact on China Airlines Ltd (CAL, 中華航空), although the delivery of a new cargo jet might be postponed, CAL chairman Hsieh Su-chien (謝世謙) said on Saturday. The 24 Boeing 787-9 passenger aircraft on order would be delivered on schedule from next year to 2028, while one 777F freight aircraft would be delayed, Hsieh told reporters at a company event. Boeing, which announced a decision on Friday to cut 17,000 jobs — about one-tenth of its workforce — is facing a strike by 33,000 US west coast workers that has halted production
TECH JUGGERNAUT: TSMC shares have more than doubled since ChatGPT’s launch in late 2022, as demand for cutting-edge artificial intelligence chips remains high Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday posted a better-than-expected 39 percent rise in quarterly revenue, assuaging concerns that artificial intelligence (AI) hardware spending is beginning to taper off. The main chipmaker for Nvidia Corp and Apple Inc reported third-quarter sales of NT$759.69 billion (US$23.6 billion), compared with the average analyst projection of NT$748 billion. For last month alone, TSMC reported revenue jumped 39.6 percent year-on-year to NT$251.87 billion. Taiwan’s largest company is to disclose its full third-quarter earnings on Thursday next week and update its outlook. Hsinchu-based TSMC produces the cutting-edge chips needed to train AI. The company now makes more
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