REAL ESTATE
London house prices slump
London house prices are falling at the fastest pace since the depths of the recession almost a decade ago, with the UK capital’s most expensive areas seeing the biggest declines. Average prices fell 2.6 percent to £593,396 (US$820,000) in January, the biggest annual decline since August 2009, according to a report published by Acadata yesterday. London’s highest-priced boroughs were the biggest losers, led by Wandsworth’s 24.9 percent slump and Southwark’s 12.2 percent drop.London prices fell 0.8 percent in January alone, equivalent to almost £5,000, showing that the weakness that was present for much of last year continued into this year. The market has been hurt by slower growth and faster inflation since the Brexit vote, while the Bank of England has signaled it would continue raising interest rates.
FINANCE
Golden Gate plans third fund
Singapore’s Golden Gate Ventures is raising a US$100 million third fund to continue investing in Southeast Asia’s burgeoning market for e-commerce, payments and mobile apps, a person familiar with the matter said.The new fund is expected to have a first close before the end of this month and the final close by the end of this year, said the person who asked not to be identified because the information is private. Founded by former Silicon Valley entrepreneurs Vinnie Lauria, Jeffrey Paine and Paul Bragiel in 2011, Golden Gate Ventures was one of the earliest venture capital firms to target the region’s nascent technology sector. It has since launched two funds and invested in more than 30 firms, including online classified app Carousell, Jakarta-based healthcare platform Alodokter and Vietnamese mobile platform Appota Corp.
AIRLINES
piceJet, CFM ink deal
SpiceJet Ltd, one of India’s fastest-growing airlines has signed a US$12.5 billion deal with CFM International Inc for engines and a 10-year services contract for an incoming fleet of more than 150 Boeing Co 737 MAX aircraft. SpiceJet has agreed to buy the LEAP-1B engines and spare engines from CFM, which is a joint venture between France’s Safran Aircraft Engines SAS and General Electric Co’s GE Aviation, the two companies said in a statement on Saturday. The deal also includes a 10-year services contract for maintenance of the CFM engines, which are to be billed on an hourly basis, the statement said. The deal provides engines and maintenance that will underpin SpiceJet’s existing US$22 billion order for 155 Boeing aircraft, marking the Indian budget carrier’s biggest expansion plan yet. SpiceJet has been trying to claw back market share from the nation’s leading discount airline, IndiGo, which is operated by InterGlobe Aviation Ltd.
CAMERAS
Leica fetches US$2.9m
A 1923 Leica camera on Saturday fetched a world record 2.4 million euros (US$2.9 million) at an auction in Vienna, the Westlicht museum said. The minimum price had been set at 400,000 euros, but the Leica 0-series No. 122, one of a 25-strong series of prototypes made two years before the reputed German marque began retailing, was the subject of ferocious bidding given its pristine condition. It went to an Asian bidder, the museum said, adding that only three of the series remained in their original condition. The previous record for a 1923 Leica saw a buyer spend 2.16 million euros in 2012, Westlicht said.
PATENTS: MediaTek Inc said it would not comment on ongoing legal cases, but does not expect the legal action by Huawei to affect its business operations Smartphone integrated chips designer MediaTek Inc (聯發科) on Friday said that a lawsuit filed by Chinese smartphone brand Huawei Technologies Co (華為) over alleged patent infringements would have little impact on its operations. In an announcement posted on the Taiwan Stock Exchange, MediaTek said that it would not comment on an ongoing legal case. However, the company said that Huawei’s legal action would have little impact on its operations. MediaTek’s statement came after China-based PRIP Research said on Thursday that Huawei filed a lawsuit with a Chinese district court claiming that MediaTek infringed on its patents. The infringement mentioned in the lawsuit likely involved
Taipei is today suspending work, classes and its US$2.4 trillion stock market as Typhoon Gaemi approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed income trading, statements from its stock and currency exchanges said. Authorities had yesterday issued a warning that the storm could affect people on land and canceled some ship crossings and domestic flights. Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) expects its local chipmaking fabs to maintain normal production, the company said in an e-mailed statement. The main chipmaker for Apple Inc and Nvidia Corp said it has activated routine typhoon alert
CHANGE OF FORTUNES: Concern over a pricey valuation and the risk of tighter US curbs on chip sales to China have poured cold water on TSMC’s bullish momentum Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) shares fell the most in three months yesterday upon trading resumption, joining a global technology rout as investors dramatically soured on the promises of artificial intelligence (AI). The shares declined 5.62 percent to close at NT$924 in Taipei, dragging down the benchmark TAIEX, which fell 3.29 percent to 22,119.21 points amid a technical correction, Taiwan Stock Exchange data showed. Other chip stocks also fell, with ASE Technology Holding Co (日月光投控) plunging 9.86 percent, MediaTek Inc (聯發科) dropping 2.35 percent, Realtek Semiconductor Corp (瑞昱) falling 1.33 percent and United Microelectronics Corp (聯電) retreating 1.17 percent, while Apple
GROWTH: TSMC increased its projected revenue growth for this year to more than 25 percent, citing stronger-than-expected demand for AI devices and smartphones The Taiwan Institute of Economic Research (TIER, 台灣經濟研究院) yesterday raised its forecast for Taiwan’s GDP growth this year from 3.29 percent to 3.85 percent, as exports and private investment recovered faster than it predicted three months ago. The Taipei-based think tank also expects that Taiwan would see a 8.19 percent increase in exports this year, better than the 7.55 percent it projected in April, as US technology giants spent more money on artificial intelligence (AI) infrastructure and development. “There will be more AI servers going forward, but it remains to be seen if the momentum would extend to personal computers, smartphones and