Latest news with #NikkeiAsia
Nikkei Asia
14 hours ago
- Business
- Nikkei Asia
Indonesian tariff negotiator says US deal far from finalized
Former Indonesian trade minister Mari Pangestu talks to Nikkei Asia about what is going on behind-the-scenes of her nation's tariff negotiations with the U.S. (File photo by AP) JOSEPH RACHMAN JAKARTA -- Jakarta's tariff negotiations with Washington are far from over with the headline 19% rate on Indonesian exports to the U.S. marking just a starting point for discussions over details that could take "a long time" to finalize, Mari Pangestu, a leading Indonesian trade negotiator, told Nikkei Asia. Pangestu is a former Indonesian trade minister who served as a World Bank managing director from 2020 to 2023. She is now a deputy chair of Indonesia's National Economic Council, and a special trade adviser to Indonesian President Prabowo Subianto.
Axios
2 days ago
- Automotive
- Axios
Central Texas' car and chip nexus
Cementing Central Texa s as a global leader in chips and car technology, Tesla has signed a deal to obtain semiconductor chips from the Samsung factory in Taylor. Why it matters: The deal gives the Austin-based car company a steady supply of critical technology — and furnishes Samsung with the big dependable customer it had been seeking. The chip manufacturer had paused construction on its massive Taylor plant — due to open next year — as it sought a buyer for its chips, Nikkei Asia reported in early July. Taylor is 30 miles northeast of Austin. The big picture: Samsung announced Saturday that it had struck a $16.5 billion supply agreement, but it didn't identify the company. The announcement comes after Samsung, one of the world's largest memory chip makers, acknowledged last year that it had fallen behind in the AI chips war. Driving the news: "Samsung's giant new Texas fab will be dedicated to making Tesla's next-generation AI6 chip," Tesla CEO Elon Musk then revealed on his platform X late Sunday. "The strategic importance of this is hard to overstate." The intrigue: "Samsung agreed to allow Tesla to assist in maximizing manufacturing efficiency. This is a critical point, as I will walk the line personally to accelerate the pace of progress," Musk wrote. "And the fab is conveniently located not far from my house." What they're saying: Ryu Young-ho, a senior analyst at NH Investment and Securities, said that Samsung's Taylor factory "so far had virtually no customers, so this order is quite meaningful," Reuters reported.
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First Post
3 days ago
- Business
- First Post
Vietnam needs to fix a massive skill gap— it's betting big on reverse brain drain
The government has not set a formal target for returnees, but analysts say Vietnam needs highly qualified professionals with global experience to achieve its growth ambitions read more Vietnam is looking to woo overseas citizens to come back and fill the talent gap in the country. Reuters Vietnam is stepping up efforts to attract skilled overseas professionals as part of sweeping economic reforms aimed at propelling the country into higher-value industries. Recent policy changes include relaxed immigration rules and the introduction of dual nationality to entice members of the Vietnamese diaspora to return. Officials say the country, with a population of 100 million, is seeking to bolster its talent pool in sectors such as semiconductors, artificial intelligence and finance. STORY CONTINUES BELOW THIS AD The government has not set a formal target for returnees, but analysts say Vietnam needs highly qualified professionals with global experience to achieve its growth ambitions. The story of Minh Hoang illustrates both the opportunities and challenges of this drive. 'I had everything in the US, a good job, a nice house, a nice life. But working here means I can contribute to the country where I was born,' Nikkei Asia quoted Minh, who recently returned to Hanoi after two decades abroad, as saying. His decision came after Vietnam introduced policies making it easier for overseas Vietnamese to live and work in the country without giving up their foreign citizenship. Minh, now chief data officer at Techcombank Securities, typifies the professionals Vietnam is courting: experienced, globally trained and eager to contribute to the country's economic transformation. Yet, even for those willing to return, integration into Vietnam's corporate culture can be challenging, with hierarchical structures and opaque processes contrasting sharply with workplaces in developed economies. STORY CONTINUES BELOW THIS AD Vietnam is betting that policy shifts under Communist Party leader To Lam will make the country more attractive to such professionals. The government has pledged further incentives on salary, accommodation and job opportunities, alongside procedural reforms to cut red tape. These measures are crucial as Vietnam navigates a transition from a low-cost manufacturing economy to one anchored in technology and high-value services. 'There are many young and smart people on my team,' Minh said. 'Some are especially good at math, an essential skill for AI.' His experience shows that while Vietnam is teeming with raw talent, expertise in advanced technologies is still limited, leaving returning professionals to play key roles in upskilling local teams. Private companies have been instrumental in driving the trend. Techcombank, for instance, launched an 'Overseas Talent Roadshow' to connect with Vietnamese professionals working in finance, data and technology sectors abroad. Chief Executive Officer Jens Lottner said the bank initially targeted Singapore and Europe, drawing hundreds of potential candidates. 'Vietnam is more exciting now,' Lottner said. 'The political leadership and the aspiration the government has articulated are very encouraging. So, people are saying: 'Maybe now is the time to come back.'' STORY CONTINUES BELOW THIS AD However, persistent obstacles remain. Administrative enforcement is inconsistent, with different provinces applying national regulations unevenly, according to consultancy InCorp Vietnam. The lack of a comprehensive framework for dependent visas and spousal employment rights further limits the appeal of long-term relocation. Despite these challenges, momentum is building. The State Committee for Overseas Vietnamese estimates that around 6 million people of Vietnamese origin live abroad, with 10 per cent considered highly qualified professionals. As the country pushes forward with infrastructure and technology projects, policymakers and companies alike are betting that many will view Vietnam's changing economic landscape as an opportunity worth seizing.
Nikkei Asia
3 days ago
- Business
- Nikkei Asia
US tariff deadline, BOJ monetary policy, Nintendo earnings
Welcome to Your Week in Asia. With several countries in Asia having now secured tariff deals with the U.S. -- even as details remain scarce or disputed for many of them -- the pressure is on those that haven't, with U.S. President Donald Trump's latest deadline for negotiations now just days away. The trade dislocations unleashed by Trump will be among the factors weighing on central bankers from the U.S., Singapore and Japan this week as they decide how to act on interest rates. Get the best of our coverage of Asia and much more by following us on X, where our handle is @NikkeiAsia. We are also now on Bluesky, with the handle @ MONDAY Marcos national address Philippine President Ferdinand Marcos Jr. is set to deliver his fourth State of the Nation Address, an annual event typically used to underscore the government's accomplishments and outline policy. Last year, Marcos Jr. notably condemned China's maritime aggression and ordered a ban on offshore gambling. This year, his address takes place against a backdrop of heightened domestic political turbulence and pressing economic concerns. U.S.-China talks The U.S. and China begin their third round of talks in Stockholm amid a possible extension of their trade truce beyond the Aug.12 deadline. Washington plans to raise issues including China's industrial overcapacity, economic imbalances and continued oil purchases from Iran and Russia. China, on the other hand, says it will seek to "enhance consensus, reduce misunderstandings and strengthen cooperation" with the U.S. Earnings: Singapore Airlines TUESDAY IPO: Oxford Innotech Earnings: ANA WEDNESDAY Fed rate decision The U.S. Federal Reserve will conclude its two-day meeting and reach its latest monetary policy decision. Markets do not expect a rate cut in the meeting, but all eyes are on Chair Jerome Powell's news conference. Market watchers will be seeking clues on the next rate cut, as well as any response to Trump's strong criticisms of the Fed chair. Singapore monetary policy statement Singapore's central bank will announce its monetary policy statement, with some economists expecting further easing, given a forecast economic slowdown in the second half of the year driven by ongoing U.S. tariff uncertainties. The city-state predicts its economy will grow between zero and 2% this year. Nissan earnings Nissan Motor will release its April-to-June results. The company is expected to update investors about progress in its business restructuring and how much its bottom line has been affected by the 25% automotive tariffs set by the U.S. Earnings: JAL, Kansai Electric Data: Philippines trade, Sri Lanka inflation THURSDAY BOJ monetary policy The Bank of Japan wraps up its two-day policy meeting. While market participants expect the central bank to hold interest rates steady, the focus will be on what Gov. Kazuo Ueda says in the wake of the upper house election and the Japan-U.S. trade deal. The BOJ will also release its latest inflation and economic outlook. Earnings: Apple, Sumitomo, Grab, Keppel, Siam Cement, SK Innovation, JERA FRIDAY U.S. tariff deadline After a monthslong pause, Trump is set to impose varying tariff rates on dozens of countries, although some have made arrangements with Washington to lower the U.S. duty rate, although details have yet to be revealed. Governments that have not reached a deal with the U.S. will be slapped with a steep, country-specific tariff rate, which will likely increase costs for U.S. households. Nintendo earnings Nintendo releases its April-to-June earnings following the release of its Switch 2 game console in June. Investors are eager to hear an update on Switch 2 sales, as well as how it is contributing to the company's finances. Other earnings: Nippon Steel, Marubeni, Itochu, OCBC, Mitsui & Co, Tata Power
Nikkei Asia
3 days ago
- Nikkei Asia
'We don't want war': Cambodian evacuees recount their escape from the shelling
WAT POR 5000 PAGODA, CAMBODIA -- Cambodian farmer Cheng Tith heard the first explosions at his home in Anlong Veng Thmey village near the Preah Vihear Temple on the Thai border at 9 a.m. on July 24. "A drone flew over. I was scared; my arms and legs were weak," the 27-year old told Nikkei Asia. "I did not know what to do because I've never been through this before."
