Thu, Jun 01, 2023 page11

• World Business Quick Take

  • Agencies
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  THAILAND

  Central bank hikes rate

  The central bank yesterday raised its benchmark interest rate to the highest level in eight years to anchor inflation expectations more firmly in an economy on track for faster expansion amid a rebound in tourism. The Bank of Thailand’s Monetary Policy Committee voted unanimously to raise the one-day repurchase rate by 25 basis points to 2 percent. Although headline inflation has eased every month since January, returning within the bank’s 1 to 3 percent target in March, the Bank of Thailand has emphasized the need to keep price gains in check over time.

  SEMICONDUCTORS

  S Korea inventory surges

  South Korea’s semiconductor inventory surged by the most in seven years, underscoring ongoing weak demand for chips, despite a global boom in artificial intelligence development. Stockpiles rose 83 percent in April from a year earlier — the biggest increase since April 2016 — and the index tracking inventories jumped to a record, data from Statistics Korea showed yesterday. Meanwhile, factory shipments fell 33 percent from a year earlier and production was cut by 20 percent, the data showed. The chips industry is a major part of South Korea’s economy, accounting for about 13 percent of total exports in April.

  ITALY

  Economy edges up 0.6%

  The economy grew 0.6 percent in the first quarter of this year compared with the previous three months, slightly more than previously estimated, official figures showed yesterday. Last month’s initial estimate by national statistics office ISTAT recorded a 0.5 percent increase in GDP in the eurozone’s third-largest economy, above the estimate of 0.1 percent across the single currency area. The first-quarter growth, which followed a slight contraction of 0.1 percent in the final three months of last year, was driven by domestic demand, ISTAT said.

  AUSTRALIA

  PwC case appalling: Lowe

  Reserve Bank of Australia Governor Philip Lowe yesterday said he was “appalled” by the tax scandal that has engulfed PricewaterhouseCoopers (PwC) and the central bank would not enter into any new contracts with the consultancy giant until a satisfactory resolution is reached. PwC is under scrutiny after revelations that a former senior partner obtained secret information on tax policy while advising the government, before leaking it to colleagues who used it to give tax-planning advice to global clients. “The use of private information of this sort for commercial gain is wrong,” Lowe told a senate committee hearing. “It should come with very serious consequences for those that did the wrong thing.”

  FINANCE

  Goldman may cut more jobs

  Goldman Sachs Group Inc is considering another round of job cuts amid a muted dealmaking environment that has dented revenues across Wall Street. The investment bank is working on what would be its third round of job cuts in under a year, people with knowledge of the plans said. The company eliminated several hundred jobs in September last year, followed by a much bigger round of cuts at the start of this year. The moves this time are expected to affect less than 250 people and would include more senior employees at the company, one of the people said. A representative for Goldman Sachs declined to comment.
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