Cyclone closes terminal
Australia’s largest coal export terminal, Dalrymple Bay, shut down operations yesterday because of an approaching cyclone, which is expected to hit the region early today. The closure is the latest disruption to coal exports from Queensland and follows devastating summer floods across eastern Australia. The weather bureau said Cyclone Anthony was gaining strength to a Category 2 cyclone as it approached the northern Queensland coast and would lead to high tides, rough seas and destructive wind gusts. The cyclone is to make landfall between the northern Queensland towns of Townsville and Mackay.
Strike enters fourth day
A strike involving thousands of workers that has paralyzed operations at the nation’s main soy and grain export harbor dragged into its fourth day on Saturday with no resolution in sight. Guilds representing truck drivers, stevedores and other port workers launched the open-ended demonstrations demanding a minimum monthly wage at a major port near the industrial hub of Rosario on Wednesday. The strike affected the nine port terminals of San Lorenzo, located just outside Rosario. Argentina is the third-largest exporter of soybeans, second for corn and fourth for wheat. Total Argentine exports of grains, derivatives, oils and -biodiesel last year were worth more than US$20 billion, more than one third of the country’s total exports.
Food security addressed
Beijing will ensure sufficient supplies of natural gas for fertilizer producers during spring crop planting this year as part of efforts to guarantee food security, the National Development and Reform Commission said. China National Petroleum Corp (中國石油天然氣), China Petrochemical Corp (中國石化) and China National Offshore Oil Corp (中國海洋石油) won’t be allowed to offer natural gas to other companies before completing planned supplies to fertilizer producers, the commission said in statement yesterday. Making sure there is enough fertilizer was “a precondition for the grain harvest” and “essential for stabilizing prices of agricultural products and managing inflation expectation,” the commission said.
Group appeals Porsche case
A group of hedge funds led by Elliott Associates and Black Diamond Offshore Ltd appealed the dismissal of their US$2 billion lawsuit against German automaker Porsche SE. The hedge funds filed notices of their appeal in Manhattan federal court late on Friday. The hedge funds had claimed the -Stuttgart-based carmaker deliberately deceived the market about its intentions to acquire Volkswagen (VW), publicly denying plans to take over the company while quietly buying nearly all the freely traded ordinary shares of VW. When Porsche revealed its holdings in October 2008, shares of VW soared, triggering losses at the hedge funds, which had bet on a decline in VW shares.
Airline merger suspended
Officials have suspended a merger between Chile’s LAN Airlines and Brazil’s TAM Airlines while they investigate whether it complies with antitrust laws, Brazilian news media reported on Saturday. The five-member Court for the Defense of Free Competition issued the decision on Friday in response to a request from the private National Consumer Corp, the daily Tercera newspaper reported.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
Continental AG, which makes control units for Daimler AG cars, cannot pursue antitrust claims against a group of patent owners, including Qualcomm Inc, which are seeking royalties on telecommunications technology, a federal judge in Texas ruled. Avanci LLC, a licensing pool formed by Qualcomm, Nokia Oyj, Sharp Corp and other owners of patents on technology standards, is not breaching antitrust laws when it negotiates license agreements with automakers rather than the component makers, Barbara Lynn, chief district judge for the Northern District of Texas, said in dismissing the suit in a decision posted on Friday. The licensing group charges US$15 per vehicle
Sony Corp has cut its estimated Play Station 5 (PS5) production for this fiscal year by 4 million units, down to about 11 million, following production issues with its custom-designed system-on-chip (SOC) for the new console, people familiar with the matter said. The Tokyo-based electronics giant in July boosted orders with suppliers in anticipation of heightened demand for gaming in the holiday season and beyond, as people spend more time at home due to the COVID-19 pandemic. However, the company has come up against manufacturing issues, such as production yields as low as 50 percent for its SOC, which have cut into
HEAVY INVESTMENT: Moody’s affirmed the firm’s ‘Aa3’ rating with a ‘stable’ outlook due to its leading position in the industry and ability to match customer requirements Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue this year is expected to increase about 21 percent to NT$1.29 trillion (US$44.01 billion) from NT$1.07 trillion last year, driven by strong demand for advanced 5-nanometer and 7-nanometer chips mainly used in smartphones and high-performance computing devices, a Moody’s Investors Service report on Wednesday said. TSMC’s rate of revenue growth next year is to increase to 7.5 percent, the ratings agency said. The company, which supplies 5-nanometer chips for Apple Inc’s new iPad series, has introduced the advanced chips ahead of its competitors and gained a significant share of the market for the foundry industry’s