■SERVICES
Services sector recuperates
The contraction in the US services sector eased considerably last month, the industry index showed on Tuesday, with its best reading for the sector in six months. The Institute of Supply Management said that its non-manufacturing index rose to 43.7 percent last month from 40.8 percent in March, above most analysts’ expectations of 42.2 percent. It was the highest reading since October, with three of its four components — new orders, employment and business activity — moving higher. “Reduced downward pressure on services activity is expected to continue,” Brian Bethune of IHS Global Insight said, adding that the massive fiscal and monetary stimulus pumped into the economy and signs of improvement in the financial markets and emerging export markets.
■ONLINE SHOPPING
eBay to close office
Online auction giant eBay announced plans on Tuesday to close a customer service facility in Vancouver, which employs some 700 people. eBay said the closure of the Canadian facility, expected to be completed by Sept. 30, was part of a plan to “consolidate its North America customer service facilities,” it said in a statement. “It is eBay’s intent to increase the number of employees at its Salt Lake City [Utah] facility, which currently employs more than 900 customer service agents, and at certain other facilities globally,” eBay said. “While it is a difficult decision to close our Vancouver facility, we believe that consolidating our North America customer service operations will help accelerate our efforts to continually exceed buyer and seller expectations,” eBay vice president Chad O’Meara said.
■TELECOMS
Swisscom profit grows
Swiss telecoms giant Swisscom yesterday said net profit grew 14.1 percent to 485 million Swiss francs (US$427 million) in the first quarter and that its earnings expectations for this year were unchanged. “Swisscom still expects a slowdown in performance in its Swiss business in 2009 due to the continued high level of competitive pressure, unbundling and flatter growth in the mobile and broadband market,” it said in a statement. Excluding its Italian subsidiary Fastweb, Swisscom said it expected revenues to fall by SF300 million to between SF9.2 billion and SF9.3 billion for the full year.
■AUTOMOBILES
Nissan seeks more money
Nissan Motor Co is seeking an additional ¥100 billion (US$1.01 billion) in emergency government loans designed to help Japanese firms cope with the global economic crisis, a report said yesterday. Nissan, which has so far borrowed ¥50 billion under the lending program, has already informed the government-run Development Bank of Japan of its additional request, the Nikkei Shimbun said. The Japanese automaker, suffering from a slump in the global auto industry, is thought to be aiming to roll over part of its debt procured through commercial paper and other instruments, it reported.
■RETAIL
Next reports drop in sales
British fashion and homewares retailer Next reported yesterday a fall in first quarter underlying sales at its retail stores, ahead of its own guidance, but forecast improved first-half sales. Next, the UK’s second-largest clothing retailer by sales value, said like-for-like sales in stores unaffected by new openings fell 2.3 percent in the 14 weeks to last Saturday and forecast that first half like-for-like sales would fall between 4 percent and 7 percent.
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Taiwanese exports to the US are to be subject to a 20 percent tariff starting on Thursday next week, according to an executive order signed by US President Donald Trump yesterday. The 20 percent levy was the same as the tariffs imposed on Vietnam, Sri Lanka and Bangladesh by Trump. It was higher than the tariffs imposed on Japan, South Korea and the EU (15 percent), as well as those on the Philippines (19 percent). A Taiwan official with knowledge of the matter said it is a "phased" tariff rate, and negotiations would continue. "Once negotiations conclude, Taiwan will obtain a better
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