GERMANY
Consumer outlook plummets
The mood of consumers has darkened significantly as the Russian invasion of Ukraine has dimmed the outlook for Europe’s largest economy, a key survey published yesterday said. Pollster GfK’s forward-looking barometer fell to minus-15.5 percent for next month, from a revised minus-8.5 percent this month. Hopes that the lifting of COVID-19 health restrictions would propel an economic recovery had “evaporated” with the Russian invasion of Ukraine on Feb. 24, GfK consumer expert Rolf Buerkl said. The shock was felt particularly hard by income expectations, which fell 25 points to minus-22.1 this month, its lowest since January 2009 in the midst of the global financial crisis.
SHIPPING
Crews to try to free ship
Crews were to attempt to refloat a container ship that has been stranded in the Chesapeake Bay for more than two weeks, the US Coast Guard said on Monday. The coast guard, Maryland Department of the Environment and Evergreen Marine Corp (長榮海運) were to make an initial attempt to refloat the Ever Forward at noon yesterday, a news release said. A salvage company began dredging around the more than 305m container ship on March 20 and weather last week delayed operations slightly, officials said. If the operation fails, dredging would start again and a second attempt would be made on Sunday, officials said.
AIRLINES
Freebird inks lease deal
Jet leasing firm Avolon Holdings Ltd has agreed to supply the owner of Turkey’s Freebird Airlines with as many as 100 flying taxis, the last in a US$2 billion batch of the battery-powered aircraft from UK start-up Vertical Aerospace Ltd. The deal with Istanbul-based Gozen Holding covers the sale or lease of up to 50 of Vertical’s VX4 aircraft, with an option for up to 50 more, a statement said yesterday. The deal creates a strategic partnership between Avolon and Gozen to commercialize electric, vertical takeoff-and-landing craft in Turkey.
SOLAR
US probes Chinese firms
The US is launching an investigation into whether Chinese solar-equipment manufacturers are evading tariffs by sending components to other Asian nations for assembly before exporting the finished products. The decision by the US Department of Commerce to open a probe requested by Auxin Solar Inc, a small California panel maker, threatens to have the most impact on the US solar sector, which relies on Cambodia, Malaysia, Thailand and Vietnam for about 80 percent of module supply, rather than China’s giant solar producers, which typically generate only a small portion of revenue in North America.
AIRLINES
Cebu Air capacity nearly full
Cebu Air Inc, the Philippines’ largest carrier, is to fully restore its pre-COVID-19 domestic capacity next month as virus restrictions ease, CEO Lance Gokongwei said. “The travel and tourism sector is well on its way to recovery,” Gokongwei said at a company event in Cebu province yesterday, citing increased bookings. Flights from Manila to key local destinations, such as Boracay and Cebu, have surpassed their 2019 frequencies, he said. The carrier is now running at 96 percent of its pre-COVID-19 domestic capacity, Gokongwei said. Its average daily flights for domestic and international routes increased 200 percent to about 300 per day from 2020.
The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia BV will soon be able to produce semiconductors locally within China, according to two company sources. Nexperia is at the center of a global tug-of-war over critical semiconductor technology, with a Dutch court in February ordering a probe into alleged mismanagement at the company. The geopolitical tussle has disrupted supply chains, with some carmakers reportedly forced to cut production due to chip shortages. Local production would allow Nexperia’s domestic arm, Nexperia Semiconductors (China) Ltd (安世半導體中國), to bypass restrictions in place since October on the supply of silicon wafers — etched with tiny components to
Singapore-based ride-hailing and delivery giant Grab Holdings Ltd has applied for regulatory approval to acquire the Taiwan operations of Germany-based Delivery Hero SE's Foodpanda in a deal valued at about US$600 million. Grab submitted the filing to the Fair Trade Commission on Friday last week, with the transaction subject to regulatory review and approval, the company said in a statement yesterday. Its independent governance structure would help foster a healthy and competitive market in Taiwan if the deal is approved, Grab said. Grab, which is listed on the NASDAQ, said in the filing that US-based Uber Technologies Inc holds about 13 percent of
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday received government approval to deploy its advanced 3-nanometer (3nm) process at its second fab currently under construction in Japan, the Ministry of Economic Affairs said in a news release. The ministry green-lit the plan for the facility in Kumamoto, which is scheduled to start installing equipment and come online in 2028 with a monthly production capacity of 15,000 12-inch wafers, the ministry said. The Department of Investment Review in June 2024 authorized a US$5.26 billion investment for the facility, slated to manufacture 6- to 12nm chips, significantly less advanced than 3nm process. At a meeting with
Taiwan is open to joining a global liquefied natural gas (LNG) program if one is created, but on the condition that countries provide delivery even in a scenario where there is a conflict with China, an energy department official said yesterday. While Taiwan’s priority is to have enough LNG at home, the nation is open to exploring potential strategic reserves in other countries such as Japan or South Korea, Energy Administration Deputy Director-General Chen Chung-hsien (陳崇憲) said. While the LNG market does not have a global reserve for emergencies like that of oil, the concept has been raised a few times —
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