No euro finance minister
The creation of a eurozone finance minister is not on the agenda as the bloc tackles its debt troubles, German Finance Minister Wolfgang Schaeuble said in a newspaper interview yesterday. At a meeting in Paris on Tuesday, French President Nicolas Sarkozy and German Chancellor Angela Merkel announced plans to create a “true eurozone government.” Schaeuble told Die Welt that it was a government in the sense of a steering committee and not a government in the normal sense of the term. “Without a change to the European treaties, there could not be a European government like you are hearing being spoken about,” he said.
BHP buys Petrohawk Energy
Mining giant BHP Billiton said yesterday that it had secured a US$12.1 billion takeover of US energy firm Petrohawk Energy Corp and hoped to legally formalize the tie-up “as promptly as practicable.” BHP said it had acquired “and expects to promptly pay for” 97.4 percent of Petrohawk’s outstanding shares in a deal worth US$15.1 billion, including the energy company’s debt. “As the final step of the acquisition process and following payment for all shares ... BHP Billiton expects to effect a short-form merger under Delaware law as promptly as practicable,” BHP said in a statement.
Bain takes over MYOB
Bain Capital LLC agreed to buy MYOB Pty Ltd, an Australian business management software maker, for an undisclosed sum to benefit from selling products to faster-growing economies in the Asia-Pacific region. Boston-based Bain will buy a majority stake in MYOB from buyout firms Archer Capital and HarbourVest Partners LLC, the companies said in an e-mailed statement yesterday. The terms of the deal were not released. MYOB was acquired by Archer in 2009 and is Australia’s largest independent software vendor, according to the statement. The acquisition gives Bain a majority stake in MYOB, alongside management who will continue to be shareholders in the company, the statement said.
CPI invests in Guinea
Chinese state-owned energy giant China Power Investment Corp (CPI, 中國電力投資集團) plans to invest US$6 billion to develop bauxite production in Guinea, a senior executive said on Saturday. CPI “intends to invest more than US$6 billion in bauxite production in the Boffa region over the coming years,” vice chairman Yu Dehui (餘德輝) said on Guinean state television. He said the facilities his group plans to build would produce up to 8 million tonnes of bauxite — the main source of aluminum — a year and would employ tens of thousands of Guineans.
Guyana seeks mill help
Guyanan Minister of Agriculture Robert Persaud says he is seeking a foreign company to run a malfunctioning US$200 million Chinese-built sugar mill because the country does not have the necessary expertise. Persaud said on Saturday that the factory was supposed to nearly double Guyana’s annual average sugar production to about 500,000 tonnes, but engineering defects and other problems had limited production. The mill is owned by state-owned Guyana Sugar Corp. China’s National Technical Import and Export Corp built the factory and was threatened with fines for missing deadlines and struggling to get production up to full capacity.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion