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“While the company’s declining revenue and profit were disappointing, its long-term growth prospects remain encouraging,” said Brady Wang, associate director at Counterpoint Research. “The short-term frenzy about the AI demand definitely cannot extrapolate for the long term. Still, the company’s earnings of 181.8 billion Taiwan dollars ($5.85 billion) for the quarter ending in June beat forecasts. “We see TSMC well-positioned for a strong growth outlook in 2024,” Goldman Sachs said in a research note. “We expect a solid 2024-onward outlook on the back of its leading position in AI chip manufacturing,” Citi Research analysts said in a note.
Persons: , Brady Wang, Mark Liu, ” Liu, ” Goldman Sachs, Organizations: Taiwan Semiconductor Manufacturing, Counterpoint Research, , ” Citi Research Locations: Arizona, Taiwan
[1/2] Hun Manet, son of Cambodia's Prime Minister Hun Sen, waves to people during the final Cambodian People's Party (CPP) election campaign for the upcoming general election in Phnom Penh, Cambodia, July 21, 2023. REUTERS/Cindy LiuPHNOM PENH, July 21 (Reuters) - Cambodia's long-serving leader Hun Sen has told a Chinese television station that his eldest son, Hun Manet, can become prime minister soon after Sunday's election. "In three or four weeks, Hun Manet can become the prime minister. It depends on whether Hun Manet will be able to do it or not," Hun Sen said in an interview with China's Phoenix TV aired on Thursday. His son, Hun Manet, is a candidate for the election, making his debut.
Persons: Hun Manet, Cambodia's, Hun Sen, Cindy Liu PHNOM, Sok Eysan, Ella Cao, Martin Petty, Andrew Heavens Organizations: Cambodian People's Party, REUTERS, China's Phoenix TV, University of Bristol, Thomson Locations: Phnom Penh, Cambodia, Cindy Liu PHNOM PENH, Khmer Rouge, United States
Taiwan Semiconductor is facing business snags that are weighing on its earnings and stock. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Unfortunately for TSMC — and the chip sector at large — this doesn't exactly come as a surprise. The PHLX Semiconductor Index dipped more than 3.5% Thursday, with every name in the batch closing in the red. Wall Street, for its part, expects Apple's iPhone sales to drop 4% in the fiscal year up to September, according to the Journal.
Persons: It's, TSMC —, Mark Liu, ChatGPT, TSMC Organizations: Taiwan Semiconductor, Service, Taiwan Semiconductor Manufacturing, Nvidia, Semiconductor Industry, Wall Street Journal, PHLX, Investors Locations: Taiwan, Wall, Silicon, Arizona
Apple supplier TSMC delays start of Arizona chip factory
  + stars: | 2023-07-20 | by ( Lauren Feiner | ) www.cnbc.com   time to read: +1 min
Taiwan Semiconductor Manufacturing Company will delay production at its new Arizona-based chip plant to 2025 due to a shortage of skilled labor, the company's chairman said on the company's second-quarter earnings call Thursday. Apple has said it plans to use computer chips built at TSMC's Arizona facilities. TSMC Chairman Mark Liu told analysts on an earnings call Thursday that the company does not have enough skilled workers to install advanced equipment at the facility on its initial timeline. Liu said the company is working to send trained technicians from Taiwan to train local workers to help accelerate installation. The U.S. has embarked on a major push to bring semiconductor manufacturing back stateside, including through funding the multi-billion dollar Chips and Science Act to turbocharge development.
Persons: Apple, Mark Liu, Liu Organizations: Taiwan Semiconductor Manufacturing Company, U.S, CNBC, YouTube Locations: Arizona, TSMC's Arizona, Taiwan, U.S, Phoenix
Hong Kong CNN —China has promised to throw its weight behind private businesses, just days after a slew of economic data showed growth momentum had slumped. The measures include promises to break down barriers to market access for private firms, to “fully implement” a system of fair competition and to strengthen enforcement of anti-monopoly laws. “We believe that the … pivot from the top level is real, but it’s not enough to bring back the animal spirit among private companies,” Larry Hu, chief China economist at Macquarie Group, wrote in a research note. That pledge had marked a major shift from leader Xi Jinping’s years-long effort to rein in private businesses, which were perceived as too powerful and disorderly. The Nasdaq Golden Dragon China Index closed 0.7% higher, after falling in several previous trading sessions.
Persons: , Larry Hu, Xi Jinping’s, Premier Li Qiang, Li, , Ma, Lei Jun Organizations: Hong Kong CNN, Communist Party, State Council, Macquarie Group, , Investment, Premier, Alibaba, Tencent, Nasdaq, Dragon Locations: Hong Kong, China, Beijing, New York, Dragon China, Shanghai
[1/3] The sign outside the Sam's Club is seen at its store in Shanghai, China July 12, 2023. The membership stores are also gaining ground amid a sales decline in China's hypermarket sector, which struggled with a shift towards online purchases during the pandemic. The club warehouse format "is the only bright spot," said Derek Deng, who leads Bain & Company's consumer products practice in greater China. "Sam's Club are doing well. But Sam's Club was ultimately confident it is currently miles ahead, one of the people said.
Persons: Aly, Liu Zheng, lockdowns, Derek Deng, Bain, Kantar Worldpanel, Judith McKenna, Bain's Deng, Christina Zhu, Sophie Yu, Brenda Goh, Jamie Freed Organizations: Sam's, REUTERS, Sam's Club, Costco, Walmart, HK, Freshippo, Carrefour, Yonghui, Bain, Reuters Graphics, Reuters, Sun, Retail, M, Beijing Yaodi Agriculture, M Club, Thomson Locations: Shanghai, China, BEIJING, Beijing, U.S, United States, Carrefour China, Peking, Yangzhou, Lanzhou, Sam's
The U.S. is leading the way in artificial intelligence and generative AI jobs, according to data from the global job search platform Adzuna. Neave says generalist workers can build their AI skills, and boost their employability, in three steps:First, get to know the most popular AI tools. "Once you feel confident enough using it, seek out and find any way to use it in your day-to-day work," Neave says. It's a good idea to check with your manager about your company's policy on using AI in your work before doing so. And get a clear understanding of what you're allowed to input into generative AI tools and what you're not.
Persons: James Neave, Adzuna's, Neave, It's, it's Organizations: University of Michigan, Stanford, MIT Locations: U.S
[1/3] The sign outside the Sam's Club is seen at its store in Shanghai, China July 12, 2023. The membership stores are also gaining ground amid a sales decline in China's hypermarket sector, which struggled with a shift towards online purchases during the pandemic. The club warehouse format "is the only bright spot," said Derek Deng, who leads Bain & Company's consumer products practice in greater China. "Sam's Club are doing well. But Sam's Club was ultimately confident it is currently miles ahead, one of the people said.
Persons: Aly, Liu Zheng, lockdowns, Derek Deng, Bain, Kantar Worldpanel, Judith McKenna, Bain's Deng, Christina Zhu, Sophie Yu, Brenda Goh, Jamie Freed Organizations: Sam's, REUTERS, Sam's Club, Costco, Walmart, HK, Freshippo, Carrefour, Yonghui, Bain, Reuters Graphics, Reuters, Sun, Retail, M, Beijing Yaodi Agriculture, M Club, Thomson Locations: Shanghai, China, BEIJING, Beijing, U.S, United States, Carrefour China, Peking, Yangzhou, Lanzhou, Sam's
[1/2] General Hun Manet, son of Cambodia's Prime Minister Hun Sen holds a party flag as he attends a kickoff of an election campaign rally for the upcoming national election in Phnom Penh, Cambodia, July 1, 2023. The political debut of Hun Manet, 45, marks one of the final steps in a decades-long grooming process that is expected to end with him succeeding his father as prime minister. For some, Hun Manet represents a young, fresh face who will further develop Cambodia. He recently hosted Hun Manet as an AmCham guest of honour. In 2019 and 2020, Hun Manet met three foreign leaders, the Lowy Institute think tank said.
Persons: Hun Manet, Cambodia's, Hun Sen, Cindy Liu, Hun, Anthony Galliano, Hun Manet's, liberalize, spokespeople, Hun Sen's, Sam Rainsy, feudalistic, Manet, Lee Morgenbesser, he's, Morgenbesser, I've, , Clare Baldwin, Kay Johnson, Robert Birsel Organizations: REUTERS, Cambodian, Cambodia People's Party, National Assembly, Cambodia, ASEAN Parliamentarians, Human Rights, Reuters, U.S, New York University, University of Bristol, ABC, Griffith University, Royal Cambodian Armed Forces, Lowy Institute, Thomson Locations: Phnom Penh, Cambodia, Thai, West, Southeast Asia, Western
"For China, it is 'bad news is good news' at the moment," said Jun Bei Liu, portfolio manager at Tribeca Investment Partners in Sydney. Even before the latest disappointing growth data, a slew of soft economic indicators had shown China's recovery was falling short, slamming the brakes on nascent stock market rallies. Foreign money has been leaving, with worries over China's cyber-security crackdowns and Sino-U.S. flaps over chips and rare metals adding to growth concerns. REVIEWING CHINAGoldman Sachs analysts led by Kinger Lau also believe a 'tactical market recovery' thesis is compelling, and project a 15% 12-month return for the CSI300. "We are conservative about the extent of the policy support down the road," said Alicia Garcia Herrero, chief economist, Asia Pacific at Natixis.
Persons: Jun Bei Liu, Liu, Marcella Chow, CHINA Goldman Sachs, Kinger Lau, it's, Mike Kelly, Alicia Garcia Herrero, Eugenia Victorino, SEB, Victorino, Ting Lu, Jason Xue, Tom Westbrook, Kim Coghill Organizations: Tribeca Investment Partners, CSI, Morgan Asset Management, CHINA, JPMorgan, PineBridge Investments, Nomura, Thomson Locations: China, Sydney, U.S, Asia, Natixis, Shanghai
CNN —“Barbie” comes roaring out of the gate with an inventiveness and energy the movie perhaps inevitably can’t sustain. Still, the closest kin would probably be “The Lego Movie,” which similarly took a familiar toy and built a kind of existential crisis around it. Simu Liu, Margot Robbie and Ryan Gosling in "Barbie." Courtesy Warner Bros. PicturesThe juxtaposition of those more thoughtful elements with the sheer giddiness elsewhere – alternating between the serious and the silly, between art and commerce – doesn’t always quite mesh or feel as fresh as it might. (The film is being released by Warner Bros., like CNN, a unit of Warner Bros.
Persons: CNN — “ Barbie ”, Greta Gerwig’s, Noah Baumbach, Margot Robbie, Ryan Gosling, “ Barbie ”, Ferrell’s, Helen Mirren, Barbie, Ken, Gosling’s Ken, Ariana Greenblatt, Simu Liu, Bird, Gosling, “ Justice League ”, “ Oppenheimer, , overdoing, Organizations: CNN, Mattel, America, Warner Bros, “ Justice League, Warner Bros .
Like many, they home in on the outsized drop in used-car prices - one of the key aggravators of 'core' inflation that at 4.8% is still well above the now sub-3% headline CPI rate. Pointing to four straight months of ebbing 'trimmed mean' inflation measures of core inflation - which strip out high and low outliers - the Morgan Stanley team doubt June was a bum steer and see core disinflation more "a trend rather than a headfake". Inflation surprisesFed estimates of R* natural interest rateReuters Graphics Reuters GraphicsR-STAR GAZINGOthers doubt the optimism, of course. And it's the latter that homes in on the prospect of an inflation undershoot. Further Fed tightening after this month, then, could well see markets start to consider inflation actually undershooting 2% targets after all - but dragging recession back onto the dashboard to boot.
Persons: it's, Morgan Stanley, Christopher Waller, Guneet Dhingra, Allen Liu, Janet Yellen jived, Mike Dolan Organizations: Federal Reserve, Reuters, Barclays, Global, Bank of America, Treasury, Twitter, Thomson Locations: Ukraine, Intriguingly
It’s the “Barbenheimer” double feature, and it started its life, as most phenomena do, as a meme. He says he’s seeing “Oppenheimer” first, on its opening Friday, and then “Barbie” “right after” so he gets to experience both with packed houses. Neither “Barbie” nor “Oppenheimer” seem like they’ll be boring, so ahead of both films, use the restroom. Use it again between “Oppenheimer” and “Barbie.” Gerwig’s film is also the more ICEE-friendly film, so re-up on snacks and such in between. 10:50 a.m.: Arrive 10 minutes early for “Oppenheimer,” get an extra-large popcorn and prepare for cinematic annihilation.
Persons: Greta Gerwig’s, Barbie ”, Christopher Nolan’s “, Oppenheimer, , Margot Robbie’s Barbie, It’s, “ Barbie ”, , “ Oppenheimer, “ Barbie, Ken, Nicole Kidman’s, Nolan, you’ll, ‘ Oppenheimer, Cillian Murphy, ” can’t, Tom Cruise, Emma Mackey, Simu Liu, Margot Robbie, Ryan Gosling, , it’s, you’ve, you’re, celebs, Christopher Nolan, Wes Anderson’s, Florence Pugh, Barbie Organizations: CNN, Warner Bros, Discovery, AMC, Pictures, Universal Locations: cliffhangers, , New Mexico
We're positive on China's internet stocks, JPMorgan says
  + stars: | 2023-07-19 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're positive on China's internet stocks, JPMorgan saysWendy Liu, JPMorgan's chief Asia and China equity strategist, says digitalization and artificial intelligence development will give companies a "huge edge."
Persons: Wendy Liu Organizations: JPMorgan Locations: Asia, China
Why are people not getting married anymore?
  + stars: | 2023-07-19 | by ( Idil Karsit | ) www.cnbc.com   time to read: +1 min
Almost 90% of the world's population now live in countries with falling marriage rates. One major factor is the changing economy," said Brad Wilcox, director of the National Marriage Project at University of Virginia. "Governments all over the world are worried because of economic implications," said Leng Leng Thang of National University of Singapore. The decline in marriage rates is turning into a demographic crisis for Japan — which is the world's third-largest economy and home to the world's oldest population. Watch the video above to learn what causes increasing number of couples around the world to opt out of marriage.
Persons: Brad Wilcox, Leng Leng Thang, Ye Liu Organizations: University of Virginia, National University of Singapore, King's College Locations: U.S, Asia, Japan, China, King's College London
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere are both cyclical and structural factors behind China’s high youth unemployment rate: HSBCJing Liu of HSBC says one factor behind China's high youth unemployment rate is the mismatch between what jobs are available in the market and what young job seekers are looking for.
Persons: HSBC Jing Liu Organizations: HSBC
Young workers are going all in with salary transparency, whether they're sharing how much they're paid with social media followers or co-workers and friends in real life. And Charlotte Chaze, 32, a Philadelphia-based tech worker took it another step further: She recently posted the salaries of all of her previous jobs to her LinkedIn profile. "I believe in salary transparency, and I wanted to show others what's possible," Chaze tells CNBC Make It. Despite the buzz of her experiment, Chaze says she doesn't actually recommend other workers do the same because it could work against them. Rather, Chaze would rather companies carry the responsibility of salary transparency.
Persons: Charlotte Chaze, Chaze, I've, doesn't, they've Organizations: Towson University, CNBC, LinkedIn Locations: Philadelphia, Norway
HONG KONG, July 18 (Reuters) - China plans to appoint the CEO of state-owned telecoms giant China Unicom (0762.HK), (600050.SS), Liu Liehong, as the head of its new national data bureau, four sources said, putting him in charge of efforts to make the country a digital superpower. China announced plans for the data bureau in March as part of a sweeping government reshuffle. Its formation is part of efforts to achieve President Xi Jinping's vision of a "digital China", where data is managed alongside labour and capital as a key economic driver. China's internet regulator, the Cyberspace Administration of China (CAC), will also transfer some staff to the data bureau, said one source. "Whether Mr. Liu Liehong will take up any role in the National Data Bureau shall be subject to the decision of the PRC government," it added.
Persons: Liu Liehong, Liu, Xi, China Unicom, Julie Zhu, Kevin Huang, Jane Xu, Brenda Goh, Sam Holmes Organizations: HK, National Data Bureau, Reuters, China, Tech Development Department, Cyberspace Administration of China, CAC, Information Office, National, Bureau, China Electronics Technology Group Corporation, Ministry of Industry, Information Technology, Communist Party, Committee, Thomson Locations: HONG KONG, China, Hong Kong, Chengdu, Sichuan province
"Consumers are not spending, mainly driven by the bleak outlook for the property market. Disappointing retail numbers and property market sales show it doesn't seem that the boost from rate cuts is sufficient. ..the property market is beginning another slowdown - the government will have to come up with more stimulus for property." "Nonetheless, we think more stimulus is required to stabilise and restore confidence in the property market." ZHIWEI ZHANG, CHIEF ECONOMIST, PINPOINT ASSET MANAGEMENT, HONG KONG"Nominal GDP growth turns out to be lower than real GDP growth in Q2, the first time since comparable data are available in Q4 2016.
Persons: CHRISTOPHER WONG, LOUIS KUIJS, CAROL KONG, XING ZHAOPENG, KEN CHEUNG, ALVIN TAN, VISHNU VARATHAN, MARCO SUN, CHEN, TONY SYCAMORE, ZHIWEI ZHANG, JING LIU Organizations: Gross, National Bureau, Statistics, Shanghai, NBS, BANK OF, ANZ, MIZUHO BANK, OF, OF ASIA FX, RBC, MUFG BANK, IG, SYDNEY, Friday's, BANK OF SINGAPORE, HSBC, stoke, Authorities, Reuters, U.S, Thomson Locations: U.S, SINGAPORE, ASIA, HONG KONG, SYDNEY, CHINA, SHANGHAI, OF ASIA, China
But there's one indication that things are tilting back toward worker flexibility: an uptick in remote and hybrid jobs. All industries are offering more remote or hybrid roles month-over-month, according to ManpowerGroup data. In the tech sector, 34% of open roles in May allowed for remote or hybrid flexibility — by June, that share reached 40%. Nationally, just 11% of open jobs on LinkedIn are remote, but they attract close to 50% of total job applications as of May. Check out: Remote workers flocked to 'Zoom towns' during Covid—now they're competing to stay work-from-home
Persons: Becky Frankiewicz, Frankiewicz, we're, Kelly Evans, Covid — Organizations: LinkedIn, Workers
Zhou Chenming, a researcher with the Beijing-based Yuan Wang military science technology think tank, said the PLA was learning from the Russian army, especially about the use of drones. Retired PLA instructor Song Zhongping said the scenarios in the CCTV programme appeared to mirror combat conditions in Ukraine. "The Ukraine war has inspired many militaries in their modernisation efforts," Song said. "The PLA has kept a close eye [on the Ukraine war] to update training." The 82nd Army Group, formerly the 38th Army Corps, is mainly responsible for the security of Beijing.
Persons: Liu Chen, Liu, Zhou Chenming, Yuan Wang, VCG, Zhou, Song Zhongping, Wu Xiaofei, Wu Organizations: Service, PLA, Army's 82nd Army Group, Changchun Air Show, 82nd Army Group, 38th Army Corps, CCTV Locations: Ukraine, Wall, Silicon, Hebei province, Beijing, Russian, Ukrainian
Months of unrest and strikes over Macron's pension reform in the spring as well as five days of riots and looting in French cities earlier this month had fuelled calls among political opponents and some government insiders for a reshuffle. "To ensure stability and in-depth work, the President has decided to maintain the Prime Minister," Macron's office said. But Macron said last week he needed more time to draft policy in response to the riots, which he said required more than "knee-jerk" reactions. A source close to Macron told Reuters changing prime minister now made no sense, since Macron's minority government had not managed to strike a deal with potential right-wing conservative allies in parliament. Macron was keeping the option of offering the conservative Les Republicains the prime minister seat as a prize for a formal coalition, the source added.
Persons: Emmanuel Macron, Elisabeth Borne, Borne, Macron, Les, Liu Zhifan, Dominique Vidalon, Michel Rose, Sandra Maler, Alistair Bell Organizations: Reuters, Thomson Locations: Borne
China posted GDP growth of 6.3% in the second quarter of 2023, badly missing expectations. Even so, China is unlikely to unleash major stimulus measures to boost the economy because it's already in so much debt. And while the GDP did grow year-on-year, it bears noting that the comparison is with a low base from last year when China's economy was battered by on-off COVID-19 restrictions. "There are growing hopes for 'big bang' stimulus to fire up China's growth," Vishnu Varathan, the head of economics and strategy at Mizuho Bank, wrote in a Monday note before China's second-quarter GDP release. The inherent risk with such high debt levels is that a default threatens a domino impact on the Chinese economy — and even the world.
Persons: Vishnu Varathan, China's, Liu Guoqiang, Zhu Min, Robert Carnell, ING's, Carnell, Nomura Organizations: Service, Reuters, Mizuho Bank, Bloomberg, International Monetary Fund, Asia Pacific Locations: China, Wall, Silicon, Beijing, Tianjin
Codenamed "Northern/Interaction-2023", the drill marks enhanced military cooperation between China and Russia since Moscow's invasion of Ukraine and is taking place as Beijing continues to rebuff U.S. calls to resume military communication. On Saturday, the ministry said Russian naval and air forces would participate in the drill taking place in the Sea of Japan. This would be the first time both Russian forces take part in the drill, state newspaper Global Times cited military observers as saying. Gromkiy and Sovershenniy, two Russian warships taking part in the Sea of Japan drill, had earlier this month conducted separate training with the Chinese navy in Shanghai on formation movements, communication and sea rescues. Chinese military Chief of Joint Staff Liu Zhenli and Russia's top soldier, Chief of General Staff Valery Gerasimov made the same pledge during a video call in June.
Persons: Gromkiy, Vladimir Putin, Xi Jinping, Li Shangfu, Nikolai Yevmenov, Liu Zhenli, Staff Valery Gerasimov, Yew Lun, Jamie Freed Organizations: Russian, Global Times, China's, Staff, Thomson Locations: BEIJING, Russian, Japan, China, Russia, Ukraine, Beijing, U.S, Qingdao, Shanghai, Taiwan, Taipei, Tokyo, United States
The U.S. may not be the best destination for expats to live and work abroad, but it does stand out in one big way: its career opportunities. The U.S. ranks highly overall for its working abroad index, according to the latest "Expat Insider" report from Internations, the global community for people who live and work abroad. Expats are generally unhappy with the cost of living in the U.S., with roughly half saying daily expenses are too high. And the country is only the second-worst when it comes to the affordability and accessibility of quality health care. Want to be smarter and more successful with your money, work & life?
Persons: Kelly Evans, they've Organizations: U.S Locations: Internations, expats, U.S, Mexico, Spain, Panama, Malaysia, Taiwan, Europe
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