Egypt agrees to export
Egypt agreed to export 1,193 tonnes of cotton in the week ended on Thursday, the Alexandria Cotton Exporters Association said in its weekly bulletin yesterday. The country has shipped 91,588.5 tonnes of cotton valued at US$344.4 million since the marketing year began on Sept 1. Of last week’s sales, Egypt will ship 432 tonnes of Giza 88 cotton variety and 761 tonnes of Giza 86, the association said. Egypt produces the world’s finest extra-long staple cotton, which is stronger and softer than shorter staple cotton.
Sugar controls to continue
India deferred a plan to end controls on sugar producers as rising food prices fuel inflation, the Business Standard reported, citing Farm Minister Sharad Pawar. The Indian Sugar Mills Association last year asked the government to stop setting the benchmark price for sugar cane and the monthly sales quota for mills, which are required to sell 10 percent of their output at below-market prices to the government for resale to the poor.
Deals signed with Qatar
Portugal and Qatar signed memorandums of understanding for cooperation in renewable energy and tourism, Prime Minister Jose Socrates said in Doha yesterday. The two countries also discussed investment opportunities, Socrates said, adding that his country plans to open an embassy in the Gulf Arab country.
Emirates extends deadline
Emirates Telecommunications Corp extended a deadline to reach an accord on its US$12 billion offer for control of Kuwait’s Zain, saying there were “unforeseeable delays” to complete the diligence process. The bid by Abu Dhabi-based Emirates Telecom, also known as Etisalat, to buy about 46 percent of Zain, Kuwait’s largest mobile phone operator, expired on Saturday. Etisalat got commitments from Zain investors holding about 40 percent of the company, three people involved in the talks said on Friday, declining to be identified because the talks are confidential. Etisalat didn’t set a new deadline in its statement yesterday. Etisalat’s effort to purchase Zain is aimed at deepening its presence in the Middle East, where Zain operates in countries from Kuwait and Iraq to Bahrain after selling most of its African assets last year to Indian billionaire Sunil Mittal’s Bharti Airtel Ltd for US$9 billion.
Tetangco can stay on
Central bank Governor Amando Tetangco “has done an excellent job” and can stay for a second term after his fixed, six-year term ends by mid-year, Finance Secretary Cesar Purisima said yesterday. A veteran of the central bank for more than three decades, Tetangco, 58, has kept inflation below 5 percent in the past 21 months, allowing Bangko Sentral ng Pilipinas to keep its benchmark interest rate at a record low since July 2009.
Garuda to launch IPO
Indonesia’s national carrier Garuda Indonesia will this week launch its initial public offering (IPO) around Hong Kong, London and New York. Its scheduled listing on Feb. 11 may raise up to 10.3 trillion rupiah (US$1.1 billion) through the sale of 9.32 billion shares, or 36 percent of its capital, at between 750 and 1,100 rupiah each, likely to be the biggest listing on the Indonesian share market.
NO VIRUS BLUES: A SEMI Taiwan official said that the virus does not slow down the global semiconductor industry’s investment in manufacturing equipment The production value of the nation’s semiconductor industry is expected to grow 16.7 percent this year from last year, outpacing the global industry’s 3.3 percent growth, industry association SEMI said yesterday. That would help Taiwan safeguard its second spot in the global semiconductor market with a production value of more than NT$3 trillion (US$102.73 billion), SEMI Taiwan president Terry Tsao (曹世綸) told a media briefing in Taipei for the Semicon Taiwan trade show beginning today. The global semiconductor industry’s production value is expected to increase to US$426 billion this year, SEMI said. In terms of semiconductor equipment investment, equipment billings from Taiwanese firms
Intel Corp has received licenses from US authorities to continue supplying certain products to Huawei Technologies Co (華為), a company spokesman said yesterday. Washington has been pushing governments around to world to squeeze out Huawei, saying that the telecom giant would hand data to Beijing for espionage. From Monday last week, new curbs have barred US companies from supplying or servicing Huawei. This week, the state-backed China Securities Journal reported that Intel had received permission to supply Huawei. China’s Semiconductor Manufacturing International Corp (SMIC, 中芯國際), which uses US-origin equipment to make chips for Huawei and other companies, last week confirmed that it had sought
INVEST IN TAIWAN: A metal components casting firm and the world’s largest maker of aluminum bicycle rims also obtained approvals to join the program Solar Applied Materials Technology Co (SOLAR, 光洋應用材料), a part of Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) “green supply chain,” has pledged to invest NT$1 billion (US$34.1 million) to build a new plant at the Tainan Technology Industrial Park (台南科技工業區), the Ministry of Economic Affairs said yesterday. SOLAR has been collaborating with TSMC to extract precious metals from waste and reuse them as “sputtering target” material in high-end semiconductor manufacturing, a TSMC press release issued in May said. Established in 1978, SOLAR also offers key materials and integrated services to customers in the optoelectronics, information and communications technology, petrochemicals and consumer electronics industries,
‘SWARM TECH’: Joint venture FARobot is to develop autonomous mobile robots that would first be deployed in Hon Hai’s factories to optimize production efficiency Hon Hai Precision Industry Co (鴻海精密) and Adlink Technology Inc (凌華科技) have formed a robotic venture that aims to use “swarm technology” to create robots that can communicate with one another on the factory floor to optimize production efficiency. Hon Hai is Apple Inc’s leading iPhone assembler and the world’s largest contract electronics maker, while Adlink supplies industrial computers and Internet of Things solutions. Through a subsidiary, Hyield Venture Capital Co (鴻揚創投), Hon Hai holds a 51 percent stake in autonomous mobile robot (AMR) developer FARobot (法博智能移動), while Adlink owns the remaining 49 percent. Together, the two companies put up NT$200