■ APPAREL
Wacoal goes domestic
Thailand’s largest lingerie-manufacturer has refocused on the domestic market amid predictions that US demand for women’s underwear will feel the pinch as a result of the financial crisis, news reports said yesterday. “We can’t rely much of the export market because the crisis will make other countries suspend orders,” said Amnuay Bumroongwongtong, managing director of Thai Wacoal. Amnuay said Thai Wacoal had yet to receive any cancellations of orders but he predicted the US market for lingerie would “dry up” next year.
■BANKING
ANZ subsidiary approved
Vietnam has given the go-ahead for Australia’s ANZ bank to set up a wholly owned subsidiary based in Hanoi, an official statement said yesterday. ANZ will be allowed to operate for 99 years, an online statement by the State Bank of Vietnam said, citing a license signed on Thursday. The bank, which has been operating in the country since 1993, already has retail and institutional businesses in the country and holds a 10 percent stake in Sacombank, Vietnam’s leading commercial bank.
■LABOR
Coke plant ousts protesters
A Coca-Cola bottling company in Venezuela retook control of a distribution plant from protesting ex-workers on Friday, ending a standoff that the company says cost it about US$9 million. Coca-Cola FEMSA de Venezuela SA recovered control on Friday of all its distribution centers that were blocked by former contract workers and transport workers, company legal director Rodrigo Anzola said. He told reporters the Mexican-owned company received help from police.
■MEDIA
Viacom trims outlook
Viacom Inc is trimming its outlook for the year, blaming slowing advertising revenue and the souring global economy for the decline. Viacom said its full-year net earnings from continuing operations would grow in the “mid-single to low double-digit” percentage range, down from the “low double-digit” growth it predicted in July, based on a 2 percent decline in global ad revenues. Viacom earned US$2.36 per share last year. The media company is a media conglomerate that owns MTV, Nickelodeon, Comedy Central and Paramount Pictures.
■INTERNET
YouTube goes full-length
YouTube said on Friday it is adding full-length television shows to the menu at its globally popular Web site famous for snack-sized video snippets. Episodes of classic television programs including Star Trek, MacGyver and Beverly Hills 90210 will be available in a “theater view” format unveiled at YouTube earlier this week. “We are starting to test full-length programming on YouTube, beginning with some fan favorites requested by you,” the Google-owned Web site said in a message posted online.
■SHIPPING
NOL drops Hapag-Lloyd bid
The Neptune Orient Lines (NOL) has dropped out of the race to buy German container shipping line Hapag-Lloyd, NOL said. NOL, which is 66 percent owned by Singapore sovereign wealth fund Temasek Holdings, said in a statement late on Friday “it is no longer engaged in the bidding process for the sale” of Hapag-Lloyd. The Singapore firm’s binding offer submitted on Sept. 26 has lapsed, NOL said.
Taiwan would remain in the same international network for carrying out cross-border payments and would not be marginalized on the world stage, despite jostling among international powers, central bank Governor Yang Chin-long (楊金龍) said yesterday. Yang made the remarks during a speech at an annual event organized by Financial Information Service Co (財金資訊), which oversees Taiwan’s banking, payment and settlement systems. “The US dollar will remain the world’s major cross-border payment tool, given its high liquidity, legality and safe-haven status,” Yang said. Russia is pushing for a new cross-border payment system and highlighted the issue during a BRICS summit in October. The existing system
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is expected to grow its revenue by about 25 percent to a new record high next year, driven by robust demand for advanced technologies used in artificial intelligence (AI) applications and crypto mining, International Data Corp (IDC) said yesterday. That would see TSMC secure a 67 percent share of the world’s foundry market next year, from 64 percent this year, IDC senior semiconductor research manager Galen Zeng (曾冠瑋) predicted. In the broader foundry definition, TSMC would see its market share rise to 36 percent next year from 33 percent this year, he said. To address concerns
Intel Corp chief financial officer Dave Zinsner said that a formal separation of the company’s factory and product development divisions is an open question that would be decided by the chipmaker’s next leader. Zinsner, who is serving as interim co-CEO following this month’s ouster of Pat Gelsinger, made the remarks on Thursday at the Barclays technology conference in San Francisco alongside co-CEO Michelle Johnston Holthaus. Intel’s struggles to keep pace with rivals — along with its deteriorating financial condition — have spurred speculation that the next CEO would make dramatic changes. That has included talk of a split of the company’s manufacturing
PROTECTIONISM: The tariffs would go into effect on Jan. 1 and are meant to protect the US’ clean energy sector from unfair Chinese practices, the US trade chief said US President Joe Biden’s administration plans to raise tariffs on solar wafers, polysilicon and some tungsten products from China to protect US clean energy businesses. The notice from the Office of US Trade Representative (USTR) said tariffs on Chinese-made solar wafers and polysilicon would rise to 50 percent from 25 percent and duties on certain tungsten products would increase from zero to 25 percent, effective on Jan. 1, following a review of Chinese trade practices under Section 301 of the US Trade Act of 1974. The decision followed a public comment period after the USTR said in September that it was considering
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