Sat, Apr 24, 2021 page10

• World Business Quick Take

  • Agencies
  • • 
    • 
    • 

  AUTOMAKERS

  Mercedes return target lifted

  Daimler AG yesterday lifted its target for returns from its Mercedes-Benz unit as surging demand in China drives a recovery from the COVID-19 pandemic. The world’s biggest luxury automaker said that operating returns for the passenger vehicle and vans division could reach 10 to 12 percent this year — up from a previous forecast of 8 to 10 percent — Daimler said in a statement. However, a global chip shortage could further affect deliveries this quarter, it said. The chip crunch has led the firm to prioritize making high-returning vehicles, which boosted profitability to 15 percent during the first quarter, up from 2.2 percent a year earlier. Separately, Mitsubishi Motors Corp plans to cut production by as many as 16,000 vehicles globally next month due to the chip shortage. The Japanese automaker last month said that it would reduce its domestic output by 4,000 to 5,000 units that month due to a chip shortage.

  JAPAN

  Consumer prices dip 0.1%

  Key consumer prices edged down last month for an eighth straight month as COVID-19 pandemic-related business restrictions weighed on activity, underscoring the challenge the central bank faces to reach its inflation goal. Consumer prices excluding fresh food fell at a slower pace of 0.1 percent from a year earlier, after a 0.4 percent decline in February, with smaller falls in energy costs and stabilizing hotel prices helping narrow the drop, the Ministry of Internal Affairs reported yesterday. Economists had forecast a 0.2 percent decrease. While the narrower decline brings price changes closer to positive territory, economists do not see inflation gaining much traction toward the Bank of Japan’s 2 percent target, as more activity restrictions set to come into force and cheaper phone plans are likely to weigh on the price index in the coming months.

  FINANCE

  Ant told to hand over data

  The Chinese government wants Jack Ma’s (馬雲) Ant Group Co (螞蟻集團) to hand over its data to a state-

  controlled company to be run by former central bank officials, the Financial Times (FT) reported, citing people close to the negotiations. The newly created credit-scoring entity would serve rival financial institutions, including state lenders, it reported. Ant has said it wanted to lead the new company to minimize government intervention, the FT said, citing one banker who has worked with the fintech company. The government has proposed establishing a joint venture with local technology giants that would oversee the lucrative data they collect from hundreds of millions of consumers, Bloomberg News reported last month.

  TECHNOLOGY

  Panasonic eyes AI firm

  Panasonic Corp is nearing a deal to acquire US artificial-intelligence (AI) software developer Blue Yonder, people familiar with the matter said. Talks are at an advanced stage and an announcement could come as soon as the next few days, said the people, who asked not to be identified as the information is private. A deal for the AI firm, in which Panasonic is a minority shareholder, could be valued at about US$6.5 billion, one of the people said. Blue Yonder, which confidentially filed for a US initial public offering this month, would not proceed with its listing plans as a result, another person said. A deal would come less than a year after Panasonic acquired a 20 percent stake in Blue Yonder for US$800 million, giving the AI firm an enterprise value of US$5.5 billion. Blue Yonder makes supply-chain management software and uses AI to predict product demand.
• Most Popular

  • 1

    Bukele proposes prisoner swap with Maduro

  • 2

    HK, Macau residency rules tightened

  • 3

    Wild’s top line too much for Vegas Golden Knights

  • 4

    China turns on the charm for Taiwan businesses: study

  • 5

    Taipei would welcome return of Honduras as ally if it seeks to recognize Taiwan