Weekly Market Update - 22 January 2024

Taiwan Tax Deal

US lawmakers unveiled a proposal that would eliminate so-called double taxation of Taiwanese workers and firms in America. The deal would reduce withholding taxes on qualified Taiwanese residents doing business in the US. Still, the roughly $80 billion package to which the Taiwan deal is attached faces significant hurdles to being enacted before tax season starts on Jan. 29. Beijing is sensitive to any moves by Washington it perceives as supporting an independent Taiwan.

Source: Bloomberg

Dealmaking

Wall Street chiefs are finally calling the bottom on the dealmaking drought that has plagued their earnings for the past two years. Goldman Sachs Group Inc. Chief Executive Officer David Solomon said he is “pretty optimistic” and sees “more meaningful IPOs in 2024,” while Morgan Stanley Chief Financial Officer Sharon Yeshaya cited the increasingly positive tone from its retail and institutional clients. Both firms also touted their asset- and wealth-management results.

Source: Bloomberg

Samsung Features AI

Samsung is turning to artificial intelligence features to revamp its flagship Galaxy smartphones, betting the technology can give it an advantage over Apple’s iPhone. It’s one of the most ambitious attempts to weave AI into a smartphone’s interface and features. The firm is also targeting double-digit growth for its latest flagship smartphone series.

Source: Bloomberg