JAPAN
GDP down less than forecast
The economy contracted in the first quarter, but at a slower pace than earlier estimated, the government said yesterday. The world’s third-largest economy contracted at an annual rate of 0.5 percent, Cabinet Office data showed. That was smaller than the 1 percent contraction in the preliminary estimate for Japan’s real GDP released last month. The economy contracted 0.1 percent quarter-on-quarter in the January-to-March period, better than the 0.2 percent quarterly contraction in the preliminary data.
APPAREL
Nike terminates China app
Nike Inc yesterday discontinued its popular Nike Run Club App in China, the company said. The US sportswear brand did not give a reason for the decision, but a company spokesperson yesterday said that it planned to provide Chinese runners with an “enhanced and localized solution in the future.” The app allows users to track their runs and challenge friends to compete. It has more than 8 million users in China, the company’s most profitable market.
APPAREL
Inditex net profit up 80%
Global clothing giant Inditex SA, which owns Zara, yesterday posted a surge in its first-quarter profits, despite closing its stores in Russia over the country invading Ukraine. The world’s biggest fashion retailer said its net profit increased 80 percent to 760 million euros (US$815 million) in the first three months of its financial year to April 31, from 440 million euros during the same period last year, when it was heavily effected by the COVID-19 pandemic.
AUTOMAKERS
BYD touts Tesla battery deal
BYD Co (比亞迪), the automaker backed by Warren Buffett, is readying to sell its own batteries to Tesla Inc, an executive at the Chinese company has told state media. “We are good friends with [Tesla chief executive officer] Elon Musk and we are preparing to supply batteries to Tesla,” BYD executive vice president Lian Yu-bo (廉玉波) told state television broadcaster CGTN yesterday. Tesla counts Contemporary Amperex Technology Co (新能源科技), LG Energy Solution Ltd and Panasonic Holdings Corp among its other suppliers.
JAPAN
Credit Suisse expects loss
Credit Suisse Group AG expects a loss at the groupwide level and its investment bank in the second quarter, adding to the Swiss lender’s woes after a string of profit warnings and hits. Market conditions have remained challenging after the invasion of Ukraine and monetary tightening across the world, leading to weak customer flows and ongoing client deleveraging, the bank said yesterday. While advisory revenues at the investment bank were resilient, low levels of capital markets issuance and widening credit spreads hit the unit’s financial performance in April and last month, the bank said.
SINGAPORE
Land sale plan boosted
The city-state plans to increase the supply of private homes by 26 percent as demand remains resilient and inventory continues to decline. Its land sale plan for the July-to-December period would add 3,505 private houses, up from 2,785 units in the first-half plan, the Ministry of National Development said on Tuesday. Singapore plans to sell five private residential sites, totaling an area of about 6.7 hectares. Two projects are estimated to launch in August, one in October and the remaining two in December, the ministry said.
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
STABLE RESULTS: Despite June’s lower consolidated revenue, second-quarter sales still reached a record high, driven by demand for chips for AI applications Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported consolidated sales of NT$263.71 billion (US$9.02 billion) for last month, its second-lowest monthly result this year. The world’s largest contract chipmaker said in a statement that its revenue last month only fared better than the NT$260.01 billion posted in February. Last month’s figure rose 26.9 percent from a year earlier, but slumped 17.7 percent from May, the company said. However, second-quarter revenue reached NT$933.8 billion, a record high for a single quarter, company data showed. The figure represented growth of 11.26 percent from the first quarter and 38.6 percent from a year earlier. Previously, TSMC said that
RSS