Weekly Market Update - 7 October 2024

Opposition Spreads

Opposition to Toyota Chairman Akio Toyoda has surfaced among some of the Japanese company’s biggest investors, after a series of vehicle safety scandals gave rise to concerns about his leadership. As big shareholders begin to disclose why and how they voted during Toyota’s annual meeting in June, their criticisms and fears are casting further doubt on Toyoda’s chances of reappointment next year. In July, even Toyoda himself said his seat on the board could be at risk if shareholder support continues to slide.

Source: Bloomberg

Google Infrastructure Investment

Alphabet’s Google plans to invest $1 billion to build data centers in Thailand, joining tech companies in adding cloud and AI infrastructure in Southeast Asia. The company will add facilities in Bangkok and Chonburi. The outlay could help add $4 billion to Thailand’s economy by 2029 and support 14,000 jobs annually over the next five years, Google said. The investment was unveiled by Google and Thailand’s recently appointed prime minister, Paetongtarn Shinawatra. Google has already announced billions of dollars in investment in Malaysia and Singapore this year.

Source: Bloomberg

Samsung Layoffs

Samsung is laying off workers in Southeast Asia, Australia and New Zealand as part of a plan to reduce global headcount by thousands of jobs, sources told Bloomberg. The move could affect about 10% of the workforce in those markets, although the numbers for each subsidiary may vary. Job cuts are planned for other overseas subsidiaries and could reach 10% in certain markets, they said. The South Korean company has about 147,000 staff overseas, more than half of its total employees, according to its latest sustainability report. It’s not planning layoffs in its home market.

Source: Bloomberg