SOUTH KOREA
Inflation slows down
Inflation eased more than expected last month in response to a cooling of energy prices that might prove temporary following OPEC+’s surprise weekend announcement of a cut in oil output. Consumer prices advanced 4.2 percent from a year earlier, slowing from February’s 4.8 percent and coming in below economists’ expected 4.3 percent, statistics office data showed yesterday. Core inflation, which excludes oil and agricultural prices, held at 4.8 percent, reflecting strong underlying price pressures in the economy. From the prior month, prices rose 0.2 percent, matching estimates.
RETAILERS
Walmart to cut jobs
Walmart Inc’s job cuts at five US e-commerce fulfillment centers would affect more than 2,000 positions, according to regulatory filings, although affected employees might find other roles at the company. The losses include more than 1,000 positions at a warehouse in Fort Worth, Texas, the state’s workforce commission said on Monday. The retail giant is also anticipating a reduction of almost 600 jobs at a Pennsylvania fulfillment center, 400 in Florida and about 200 in New Jersey. An additional reduction is planned in California. The net impact on total employment at Walmart, the largest private-sector employer in the US, remains uncertain.
DEVELOPERS
Evergrande announces deal
Chinese property developer Evergrande Group (恆大集團) said it has entered into a restructuring agreement with a group of international creditors, in what could be a breakthrough deal toward easing the developer’s massive debt. In a Hong Kong exchange filing made late on Monday, Evergrande said the group of creditors had entered into three separate restructuring schemes that involve a combination of new notes and bonds that can be converted into shares in two subsidiaries, Evergrande Property Services Group Ltd (恆大物業) and Evergrande New Energy Vehicle Group Ltd (恆大新能源汽車).
INVESTMENT
Snow Lake leaves Hong Kong
China-focused hedge-fund firm Snow Lake Capital Ltd (雪湖資本) has left Hong Kong after 12 years of operating in the territory, people familiar with the matter said. The company shuttered its office in Hong Kong last month, the people said. Founder and chief executive officer Sean Ma (馬自銘) has relocated to Menlo Park, California, for personal reasons. Its chief operating and financial officer is also based in the US city. All members of its Hong Kong-based research team moved to Beijing last month, the person said. In 2020, Snow Lake shot to international fame when it emerged as the author of a report released by Muddy Waters that exposed sales inflation at China’s Luckin Coffee Inc (瑞幸咖啡).
WEALTH MANAGEMENT
Investec enters deal
Investec PLC and Rathbones Group PLC have entered into a deal that would create a UK wealth manager with combined funds of ￡100 billion (US$124 billion). The asset managers have agreed to an all-share combination of Investec Wealth & Investment Ltd and Rathbones, a statement said yesterday. The enlarged Rathbones Group would remain an independent company operating under the Rathbones brand, with Investec as a long-term, strategic shareholder. After the deal closes, Investec Group is to own 41.25 percent of the economic interest in Rathbones’ share capital, but with voting rights limited to 29.9 percent, the statement said.
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’s food delivery market could undergo a major shift if Singapore-based Grab Holdings Ltd completes its planned acquisition of Delivery Hero SE’s Foodpanda business in Taiwan, industry experts said. Grab on Monday last week announced it would acquire Foodpanda’s Taiwan operations for US$600 million. The deal is expected to be finalized in the second half of this year, with Grab aiming to complete user migration to its platform by the first half of next year. A duopoly between Uber Eats and Foodpanda dominates Taiwan’s delivery market, a structure that has remained intact since the Fair Trade Commission (FTC) blocked Uber Technologies Inc’s
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