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Malaysia reopening has semiconductor chip biz celebrating

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Malaysian facilities that test and produce semi-conductors are celebrating the re-opening of the nation’s economy

Companies such as Toyota, Ford and Skoda are have been hit hard by factory closures and staff shortages.

It follows a Covid-19 surge in Malaysia, which has claimed the lives of nearly 20,000 people.

The semi-conductor industry makes up about 6.8 per cent of Malaysia’s GDP and employs over 500,000 workers.

Malaysia accounts for seven percent of the semiconductor trade and 13 per cent of the global testing and packaging capacity around the world.

But bottle-necks in supply have impacted carmakers and companies around the world

Malaysia’s little-known but crucial role in the semiconductor industry came into focus in recent months as these top carmakers drastically reduced production targets citing pandemic-induced bottlenecks in Malaysia and neighbouring Thailand.

Could the US be the answer to saving the chip industry?

As the race to combat the global chip shortage continues the Biden administration is big to end the crisis

US President Joe Biden is preparing to spend $52 billion to boost the worsening shortage of semiconductor chips.

The White House is still waiting for congressional approval on the big spend but is pushing ahead with plans of how to invest the money wisely.

The Commerce Secretary says America “needs to incentivise the manufacturing of chips” if the country wants the crisis to end.

President Biden continues to be vocal on the global issue.

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This move is set to boost Australia’s crypto gains

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Coinbase is coming down under, in a major boost for the country’s crypto gains

The crypto platform is calling the country “a priority market”.

It will add its local payments platform so Australians can transfer dollars into their Coinbase account.

There will also be advanced trading tools and better pricing.

Users will also receive 24 hour support, where they can ask all about their accounts and concerns.

The exchange is registered with a local regulator to provide its digital currency exchange services.

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TikTok’s parent company loses $7bn

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TikTok’s Parent company sees losses grow as it tries to outplay Facebook, Instagram and YouTube

TikTok’s parent company, ByteDance, has experienced a loss of more than $7 billion dollars in operating costs, tripling last year’s records.

The company attributes the huge loss to its massive investment in global growth. It detailed the results in a financial report which was provided to internal stakeholders.

In the first quarter of 2022, the company recorded a profit in its operating costs, with the company’s revenue expanding by more than 80% to $61.7 billion in 2021.

But expenses that are focused on expanding its products worldwide continue to swell at a rapid rate.

While TikTok is one of ByteDance’s most successful and well-known products, the company owns a wide range of digital platforms including: Douyin, Toutiao, Vigo Video, Helo, Lark and BytePlus. In total, it attracts hundreds of millions of users in China alone and 1 billion TikTok users worldwide.

The internal report was emailed to all ByteDance’s 130,000 employees. In a note of assurance, company execs “remain confident in the strength of our business and organisation.”

The ability for ByteDance to continue to invest in the company’s growth is clearly a strong advantage the company has over its competitors in the market.

A new report found Australians spent more time on TikTok in the last 12 months than on Facebook, a leader for many years in the space.

With other platforms such as Facebook, Instagram and YouTube scrambling to compete with TikTok, it seems ByteDance must have a long-term expansion strategy in mind.

The company is evidently trying to arrive at a place where such massive losses relating to operating will be a distant memory.

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How to score one of 500,000 free airline tickets up for grabs

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Virgin Atlantic has made the controversial decision to stop operating in Hong Kong

It says the war in Ukraine and restricted air space are the reasons behind the change.

Customers will be offered a refund if they wish.

The war in Ukraine has caused many airlines to pause routes because of safety concerns.

It comes as Hong Kong is set to give away 500,000 airline tickets as it looks to bring tourists back after the pandemic.

The major deal is part of the city’s push to bring life back to the city, which has been under strict COVID measures for much of the last two years.

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