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Acer expects the business to slip – layoffs are ‘a last resort’ says the CEO

Taiwanese electronics company Acer expects business to continue to slide in the first half of 2023, but layoffs are a last resort, CEO Jason Chen told CNBC’s Sri Jegarajah on the sidelines of APEC.

“We expect the first half of 2023 to continue to slide, to continue to decline,” Chen said, predicting that the PC market will be lower in the middle of next year.

Acer recently reported a 20% year-over-year drop in third-quarter revenue.

But the CEO said the company is not facing a supply shortage and Asir is focused on running out of inventory as quickly as possible.

“Dismissal [are] It’s the last resort we have right now,” Chen said, adding that he favors saving more on operating costs.

– Lee Ying Shan

Blinken said addressing the consequences of the war in Ukraine is a key focus of APEC.

Anthony Blinken, United States Secretary of State speaks to the media during APEC 2022 at the Queen Sirikit National Convention Center (QSNCC) in Bangkok. (Photo by Varuth Pongsapipatt/SOPA Images/LightRocket via Getty Images)

SOPA Images | Lightrocket | Getty Images

U.S. Secretary of State Anthony Blinken said Thursday that addressing the consequences of the Ukraine war on global economic challenges is a key focus of the APEC meeting.

“People in every APEC economy are grappling with global economic challenges exacerbated by the war with Russia. Addressing those consequences together was a key focus of our meetings here in Bangkok,” he told reporters.

The IMF earlier warned of a global economic slowdown as a result of the war in Ukraine and raised its 2023 growth forecast to 2.7% – down from an expected 3.2% slowdown in 2022.

Blinken said Thailand’s “exceptional leadership” in leading APEC through difficult times, as well as the country’s efforts to ensure environmental sustainability, were at the heart of every discussion.

“As we assume the presidency of APEC next year, the United States is committed to building on these and other areas of Thailand’s leadership,” he added. “Our focus will be on building a more interconnected, more innovative and more inclusive region, creating a resilient and sustainable future for all.”

– Lee Ying Shan

Diplomats made the final push for the Ukraine crisis at the APEC meeting

After the ASEAN and G-20 summits in Ukraine, the battle could shift to eastern Europe at the two-day APEC summit.

A meeting of world leaders in the Thai capital, Bangkok, could be the last chance in a recent diplomatic effort to find and compromise on a path to peace talks between Russia and Ukraine.

“How can we help bring all parties to the conflict to this table and find a solution? We need to get to that point as soon as possible,” said Kasemsit Patosak, director general of the APEC Executive Meeting.

The group’s first in-person meeting in four years included Chinese President Xi Jinping, US Vice President Kamala Harris, Japanese Prime Minister Fumio Kishida and Indian Prime Minister Narendra Modi. Major stakeholders such as US President Joe Biden and his Russian counterpart Vladimir Putin will not be there.

– Lee Ying Shan, Sri Jagaraja

China’s Xi warns against ‘great power competition’ in Asia-Pacific

In a written keynote speech on Thursday, Chinese President Xi Jinping warned against weaponizing economic ties and turning the Asia-Pacific region into a power race.

The president, who warned that the Asia-Pacific region should not be a “stage of great power competition”, said that “any attempt to control economic and trade relations with politics and weapons should be rejected by all.”

His comments come after the intense competition between the US and China for influence in the region.

The president added that China is committed to promoting “stability and prosperity” in the region. He acknowledged how economies are struggling with supply chain disruptions as well as energy and food security issues.

“”Openness leads to progress, but closing the door can leave one behind. Any attempt to disrupt or disrupt the industrial and supply chains that have been built up over many years in the Asia-Pacific will lead to the ultimate end of Asia-Pacific economic cooperation.

– Lee Ying Shan

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