Petroliam to sell UK oil units
Petroliam Nasional Bhd, Malaysia’s state oil and gas company, agreed to sell the oil production business of its UK unit, Star Energy Group Ltd, to IGas Energy PLC, according to a company statement yesterday. Petronas, which also signed a gas supply agreement with IGas, will focus on optimizing the Humbly Grove Gas Storage Facility, which will remain with the company, it said. The move is in line with its strategy to focus on growing its European asset returns through marketing and trading, Petronas said.
Repsol on offshore license
Spanish oil group Repsol has farmed into Providence Resources Irish offshore “Dunquin” license, the Irish oil and gas company said yesterday. Repsol’s Irish subsidiary will acquire a 25 percent equity interest in the project based 200km off southwest Ireland, assuming half of its stake from Italian energy group Eni and half from US group ExxonMobil. Following the completion of the transaction, ExxonMobil and Eni will each hold a 27.5 percent interest in the license, Repsol will have 25 percent with Providence and Britain-based Sosina sharing 16 percent and 4 percent respectively.
Credit Suisse settles probe
Swiss banking giant Credit Suisse said yesterday that it has reached a deal with German authorities to end a tax evasion probe, and that it would pay 150 million euros (US$205 million) to settle the case. “Credit Suisse group and the Public Prosecutor’s Office in Duesseldorf have reached an agreement regarding the proceedings against Credit Suisse employees,” the bank said in a statement. “The entire proceedings are to be resolved.” The bank said that meant “a complex and prolonged legal dispute has been avoided.”
Jaguar to build UK plant
Jaguar Land Rover is investing in a new plant in Britain to build low-emission engines. The company said yesterday that the new plant near Wolverhampton, England, would cost ￡355 million (US$560 million) and would employ up to 750 people. Jaguar Land Rover is part of Tata Motors, which acquired the company from Ford in 2008. Jaguar Land Rover chief executive Ralf Speth said the company planned to invest ￡1.5 billion a year over five years to expand its product lines.
Hynix sale to be debated
Hynix Semiconductor Inc shareholders will discuss whether they will proceed with current sale plan amid a lack of bidders after STX Group dropped out of bidding for a stake in the world’s second-biggest computer memorychip maker, Korea Exchange Bank said. A date for the meeting has not been decided, Korea Exchange Bank spokesman Lee Sun-hwan said.
Asia steel imports probed
Australian authorities yesterday launched an inquiry into steel imports from China and four other Asian nations as domestic manufacturers suffer under the strong Australian dollar. Customs said it would examine dumping and subsidization of “certain hollow structural” steel products from Taiwan, China, South Korea, Malaysia and Thailand after a complaint from OneSteel, Australia’s second-largest steelmaker. Officials would examine imports between July last year and June 30 for evidence of OneSteel’s complaint, and look back as far as July 2007 for proof of injury to the steelmaking industry.
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