Japanese stocks advance
Japanese stocks advanced for a third day, lifting the Nikkei 225 Stock Average to a level last seen during the nation’s bubble economy more than three decades ago. The blue-chip gauge closed at 30,670.10 in Tokyo, surpassing this year’s previous peak in February to end at the highest since August 1990. KDDI Corp and Fanuc Corp were the largest contributors to the Nikkei’s 0.7 percent gain. Electronics makers and automakers gave the biggest boosts to the broader TOPIX, which advanced 1 percent. The Nikkei 225 is now up about 12 percent for the year, with the TOPIX up 17 percent. That compares with a 19 percent gain for the S&P 500 Index and 17 percent advance for the STOXX Europe 600 Index.
Grab cuts projections
Grab Holdings Inc, a Southeast Asian ride-hailing and delivery firm, yesterday cut projections for this year as the region is battling a COVID-19 outbreak. The Singapore-based company expects full-year adjusted net sales of US$2.1 billion to US$2.2 billion, it said in a statement. That compares with $2.3 billion it forecast in a presentation to investors in April. Grab also expects full-year gross merchandise value of US$15 billion to US$15.5 billion, compared with an earlier projection of US$16.7 billion.
Uber decries Dutch ruling
A court in Amsterdam on Monday ruled that Uber Technologies Inc drivers fall under the Dutch taxi drivers’ collective labor agreement, meaning they are entitled to the same employment benefits as taxi drivers. Uber said it would appeal the ruling. The Amsterdam Civil Court said three judges ruled that the legal relationship between Uber and its drivers “conforms to all the characteristics of an employment contract.” The Dutch workers’ organization that brought the case called the decision a major victory for Uber drivers. Uber, which has 4,000 drivers in Amsterdam, decried the ruling as a blow to the gig economy model.
British unemployment falls
British unemployment dipped in July as the economy reopened further, official data showed yesterday, but the outlook remains clouded with the government’s furlough jobs support scheme to end soon. Unemployment dropped to 4.6 percent in the three months to the end of July compared with 4.7 percent in the second quarter, the British Office for National Statistics (ONS) said in a statement. Vacancies are at a record high with certain sectors, including road haulage and hospitality, seriously affected by a shortage of staff owing to the COVID-19 pandemic and Brexit. At the same time, the number of UK workers on payrolls has rebounded above pre-pandemic levels, the ONS said.
India-UK talks unveiled
India and the UK will start negotiations for a free trade deal later this year, including a series of working groups from this month, the British High Commission in New Delhi said in a statement yesterday. The agreement to start talks comes after British Secretary of State for International Trade Liz Truss spoke to Indian Minister for Commerce and Industry Piyush Goyal on Monday to “discuss the scope and ambition” for a free trade deal between the two countries after a public consultation in the UK last month.
As Google expands its footprint in Taiwan, it plans to recruit software and hardware talent for its Google Nest smart device team, a chip development team, and teams to support its Pixel and Chromebook products, Google Taiwan said yesterday. Supply chain management talent will also be in demand, the company said at an online event. “There will always be openings for software engineers, hardware engineers and project managers,” Google Taiwan human resources head Vanessa Lu (呂亞樵) said. “The strength of the Taiwanese industry is very clear,” Lu said, adding that the company would continue to invest in Taiwan. Lu also doused some
Apple Inc’s iPhone 13 debut was met with a stock slump on Tuesday, keeping with a tradition of poor share price performance on the day new devices are unveiled. Shares of the technology giant sank after Apple executives, including chief executive officer Tim Cook, presented the new lineup of phones and other devices. The stock fell 1 percent to close at US$148.12 in New York trading. Prior to Tuesday, Apple’s shares fell on three-quarters of the days Apple unveiled new iPhones, data compiled by Bloomberg showed. Excluding Apple’s 8.3 percent rally on the day cofounder Steve Jobs announced the first iPhone in
BEATING SCHEDULE: Government plans are for nacelle assemblies to be totally local from next year, but Orsted Taiwan said that it was going ‘above and beyond’ Wind turbine manufacturer Siemens Gamesa Renewable Energy SA yesterday inaugurated Taiwan’s first nacelle assembly plant at the Port of Taichung, its first assembly facility for offshore nacelles outside Europe. Vice Premier Shen Jong-chin (沈榮津), a long-time champion of Taiwan’s ambitions to become a regional hub in the offshore wind farm industry, described the plant as a “milestone” at a ceremony at the plant. “The completion of Siemens Gamesa’s nacelle assembly plant is a milestone for the development of the offshore wind farm industry in Taiwan and a step toward localizing the supply chain,” Shen said. “This is only the beginning. My great hope
GOING PUBLIC: A merger with Poema Global Holdings should double Gogoro’s value to US$2.35 billion, as it rejects local markets to compete with global vehicle brands Gogoro Inc (睿能創意), an electric scooter maker and a battery swapping system provider, yesterday said it targets to launch an initial public offering (IPO) on Nasdaq via a merger with the special-purpose acquisition company (SPAC) Poema Global Holdings Corp in the first quarter next year. The combination would set Gogoro’s enterprise value at US$2.35 billion, more than doubling the US$1 billion value that defines a “unicorn.” The planned merger is also expected to provide proceeds of about US$550 million to Gogoro’s balance sheet, including an oversubscribed private investment in public equity (PIPE) of more than US$250 million and a trust of