The president of General Motors Co’s Mexican unit advised suppliers to prepare to resume operations after the Mexican government said the automotive industry could exit the coronavirus lockdown before June 1 with adequate safety measures.
(Bloomberg) — Since its founding more than three decades ago, Taiwan Semiconductor Manufacturing Co. has built its business by working behind the scenes to make customers like Apple Inc. and Qualcomm Inc. shine. Now the low-profile chipmaker has landed squarely in the middle of the U.S.-China trade war, an incalculably valuable asset that both sides are vying to control.The Trump administration opened up a new front in the conflict on Friday by barring any chipmaker using American equipment from supplying China’s Huawei Technologies Co. without U.S. government approval. That means TSMC and rivals will have to cut off Huawei unless …read more […]
Oil prices jumped by more than $1 a barrel on Monday to their highest in more than a month, supported by ongoing output cuts and signs of gradual recovery in fuel demand as more countries ease curbs imposed to stop the coronavirus pandemic spreading.
Shares of SK Hynix , the world’s No.2 memory chip maker after Samsung Electronics , fell 3.2% on Monday after the United States on Friday moved to curb shipments of semiconductors to Huawei from global chipmakers.
May.17 — Jane Golley, director of the Australian Centre on China in the World at Australian National University, discusses the rising tensions between the two countries. After Prime Minister Scott Morrison’s government last month initiated calls for an independent probe into the origins of the coronavirus pandemic, Beijing responded by claiming Australia was doing U.S. President Donald Trump’s bidding. Golley speaks on “Bloomberg Daybreak: Asia.” …read more […]
Asian shares crept ahead on Monday and oil prices hit a five-week high as more countries re-opened their economies stirring hopes the world was nearer to emerging from recession.
(Bloomberg) — SoftBank Group Corp. doubled the amount it plans to spend buying back shares and announced changes to its board, including the resignation of long-time director Jack Ma.The company plans to repurchase as much as 500 billion yen ($4.7 billion) worth of its own stock by March 2021, it said in a statement. That’s on top of an equally sized re-purchase it had announced in mid-March.The Tokyo-based company also announced several changes to its board, including the departure of Ma, the co-founder of Alibaba Group Holding Ltd. Three new directors have been nominated, including Chief Financial Officer Yoshimitsu Goto. …read more […]
SoftBank Group Corp said on Monday that Alibaba co-founder Jack Ma will resign from its board, in the latest departure by a high-profile ally of CEO Masayoshi Son.
(Bloomberg) — Apple Inc. said it’s reopening more than 25 stores across seven U.S. states this week, adding to nearly 100 global locations that have reopened to customers after the Covid-19 pandemic forced them to close. Some stores will offer only curbside or storefront service, the company added in an email statement.In a letter to customers by Deirdre O’Brien, Apple’s senior vice president for retail and people, the company said it’s “focused on limiting occupancy and giving everybody lots of room,” with a renewed emphasis on one-to-one service throughout each store. There’ll be temperature checks conducted at the door and …read more […]
Apple Inc will this week reopen more than 25 of its branded stores in the United States, a company spokesman said on Sunday, continuing a gradual process that has unlocked doors at nearly a fifth of its worldwide retail outlets.
Federal Reserve Chairman Jerome Powell told CBS’s 60 Minutes that a recovery is possible in the second half of the year. …read more […]
The most important data for the U.S. economy right now are the “medical metrics” around the coronavirus pandemic, Federal Reserve Chairman Jerome Powell said Sunday night in broadcast remarks where he outlined the likely need for three to six more months of government financial help for firms and families.
(Bloomberg) — U.S. stock futures advanced as investors weighed further reopening of economies around the world against fresh warnings that the road to recovery will be long. Asian stock futures pointed to a mixed start, while the yen nudged lower. S&P 500 futures climbed 0.8%, following last week’s retreat for global shares. Equity futures edged down in Hong Kong, while those in Japan and Australia rose. Crude oil climbed. The pound dipped after a Bank of England official said the central bank is examining a range of unconventional policy tools, including negative interest rates.On the virus front, New York’s western …read more […]
May.17 — The Trump administration moved to prevent chipmakers using U.S. technology from supplying Huawei Technologies Co. Tom Mackenzie reports on “Bloomberg Daybreak: Australia.” …read more […]
General Motors Co is tentatively planning to restart operations at its auto assembly plant in the Mexican city of Silao on May 20, according to a message to workers seen by Reuters on Sunday, as the car industry prepares to exit the coronavirus lockdown.
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