Briefs

Briefs

Taiwan raises 2017 outlook

TAIPEI: Taiwan raised its 2017 economic growth target to a three-year high on Wednesday, on expectations it will benefit from stronger global demand for tech gadgets though growing signs of U.S. trade protectionism remain a downside risk.

Gross domestic product was estimated to expand 1.92 percent in 2017, higher than the 1.87 percent forecast in November and 1.88 percent projected in August, the Directorate General of Budget, Accounting and Statistics said.

Solid demand expected for Apple Inc´s new iPhone 8 and Chinese smartphone brands will bolster the island´s export-driven economy, building on the strengthening momentum in the fourth quarter ahead of the festive season.

"Export momentum is expected to get a boost from the manufacturing process advantage of the local semiconductor industry, as well as increasing demand for vehicle electronics, Internet of Things and high-efficiency computing," the statistics agency said in a statement.

 

Toyota to recall 2,800 Mirai cars

TOKYO: Toyota Motor Corp said on Wednesday it was recalling all of the roughly 2,800 zero-emission Mirai cars on the road due to problems with the output voltage generated by their fuel cell system.

Toyota said that under unique driving conditions, such as if the accelerator pedal is depressed to the wide open throttle position after driving on a long descent while using cruise control, there was a possibility the output voltage generated by the fuel cell boost converter could exceed the maximum voltage.

To date, Toyota has sold about 2,840 Mirai cars in Japan, the United States and some markets in Europe, as well as the United Arab Emirates. Toyota dealers will update the fuel cell system software at no cost to the customer, it said.

 

Indian vegoil imports drop 19pc

MUMBAI: India´s vegetable oil imports in January fell 19 percent from a year ago to 1 million tonnes due to a rise in local supplies and as the government´s move to scrap high-value currency notes dampened demand, a trade body said on Wednesday.

The country´s imports of palm oil in January stood at 608,762 tonnes, while soyoil imports were 166,573 tonnes, the Solvent Extractors´ Association of India said in a statement.

In November, the Indian government scrapped 500-rupee and 1,000-rupee bills to crack down on corruption, denting retail demand for edible oils.

India is the world´s biggest importer of edible oils. It imports palm oil mainly from Indonesia and Malaysia, and soyoil from Brazil and Argentina.

 

SoftBank to buy Fortress Investment

TOKYO: Japan´s SoftBank Group Corp on Wednesday said it has agreed to buy Fortress Investment Group LLC for about $3.3 billion, looking to add investment expertise as it prepares to launch the world´s largest private equity fund.

The all-cash deal is SoftBank´s first major cash injection in an investment fund and represents another unpredictable gambit for a group that has to date focused on telecoms and technology. It comes after founder Masayashi Son made the surprise announcement in October that SoftBank is teaming up with Saudi Arabia to set up a $100 billion technology fund.

The Fortress deal will likely help SoftBank in its move to financing investments with private equity cash instead of debt, said Gerhard Fasol of Eurotechnology Japan, a Tokyo-based consultancy. "Son´s strategy appears to be to use Fortress´s know-how to move from debt financing to private equity.

 

Euronext’s core profit stable

LONDON: Euronext said its full-year core earnings stood stable, as the pan-European exchange group´s reduced costs offset a drop in listing and trading volumes that it blamed on uncertainty following Britain´s vote to leave the European Union.

The bourse operator said total capital raised in primary activity fell to 3.73 billion euros ($3.95 billion) from 28 new listings, against 12.40 billion euros a year earlier from 52 listings. Trading activity for the year was "marked by lower volumes," the company said, citing reduced investor confidence post-Brexit and lower volatility.

Seasonally low levels of volume in cash and derivatives markets were further hurt in July and August as a result of the June 23 referendum, which saw volatility drop to 12-month lows after a brief spike in the final days of June, Euronext said in November.  The bourse operator has been vocal in warning its investors over falling listings and reduced trading activity and has turned to making itself a leaner company to compensate.