Shell shuts down pipeline
Royal Dutch Shell PLC said it had shut down a pipeline in Nigeria’s oil-rich southern delta after a fire and a suspected attempt to steal crude from one of its lines. In a statement late on Sunday, Shell said its Nigerian subsidiary shut down the 71cm Bomu-Bonn trunk line after a fire on Sunday. Shell said the shutdown of the line would cut production by about 150,000 barrels of a oil a day. It said a helicopter saw a burning ship nearby. It did not discuss how much oil spilled in what it described as an attempted theft.
Lagardere opposes merger
A minority shareholder of Europe’s European Aeronautic Defence and Space Co (EADS) yesterday said it was unhappy with the current terms of a proposed merger with Britain’s BAE Systems to create an aerospace behemoth to rival US giant Boeing. French industrial and media group Lagardere “estimates that at this stage, the conditions of a merger between EADS and BAE are unsatisfactory,” the company said in a statement. The group called on the EADS, in which it holds a 7.5 percent stake, “to re-examine the project of the EADS-BAE merger to better take into account the interests of EADS French shareholders.”
Kingfisher cancels flights
India’s cash-strapped Kingfisher Airlines yesterday canceled several flights due to staff unrest, it said, fueling more doubts about the private carrier’s future and sending its shares plunging. Kingfisher, which is desperately in need of capital to keep flying, said in a statement it believed some employees might not report to work after being threatened by other workers.
Merged Nippon ends down
Shares in the merged Nippon Steel and rival Sumitomo Metal Industries got off to a poor start, closing at ￥158 yesterday, down 1.25 percent from Nippon Steel’s last price on Friday amid concerns over a slowdown in the Chinese economy. The two firms formally merged yesterday, creating the world’s second-largest steelmaker. “The China-linked material sector is weak these days,” a senior analyst at a Japanese asset management firm told Dow Jones Newswires. “A drastic restructuring is needed for the shares to recover.”
Inflation slows to 4.31%
Inflation eased to 4.31 percent last month as food prices fell after Eid-al Fitr celebrations, the Central Statistics Agency said yesterday. The consumer price index came in lower than the 4.58 percent in August, while month-on-month inflation was recorded at 0.01 percent, from 0.95 percent in August. Core inflation, which excludes volatile food prices, was 4.12 percent last month, compared with 4.16 percent in August. Bank Indonesia has left its benchmark interest rate unchanged at a record low of 5.75 percent since February.
Alpha buying Emporiki
Alpha Bank SA, Greece’s third-biggest lender, said it was buying Credit Agricole SA’s unprofitable Greek unit Emporiki Bank for a “nominal” consideration. Alpha Bank said Credit Agricole would inject 500 million euros (US$641 million) into Emporiki and subscribe to a convertible bond. Credit Agricole is selling its Greek division as concerns linger over Greece’s future in the euro area. Emporiki’s loan book makes Credit Agricole the foreign bank with most to lose if Greece exits the euro.
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
Shin Kong Financial Holding Co (新光金控) yesterday said that its insurance unit would adjust its investment portfolio after being banned from buying new stocks a day earlier by the Financial Supervisory Commission (FSC). “We will research what we can do based on the commission’s specific instructions after we receive the regulator’s formal documents,” Shin Kong Financial spokesman Sunny Hsu (徐順鋆) told the Taipei Times by telephone. The commission on Tuesday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$941,722) for reckless investment, and demanded that the insurer reduce its overseas investment ratio from 43 percent to 39 percent. The fine would affect
Taipei Times: When do you think the hospitality industry can return to how it was before the COVID-19 pandemic? How does Formosa International Hotels Group (FIH, 晶華酒店集團) fare this quarter and beyond? FIH chairman Steve Pan (潘思亮): The virus outbreak will have a serious impact on business travel, driven mainly by meetings, incentive travel, conferences and exhibitions over the past three decades. For the past six months, many businesspeople have grown used to exchanging information on the Internet, where more people can participate. The trend might sustain for three to five years until people are vaccinated and it is safe to
EQUITIES TAIEX moves sharply higher The TAIEX moved sharply higher yesterday as buying focused on Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) after a strong showing by its American Depositary Receipts overnight. However, the gains were capped after the benchmark index breached 13,000 points and ran into technical hurdles, prompting investors to turn cautious, dealers said. At the end of the session, the TAIEX was up 131.11 points, or 1.02 percent, at 12,976.76. Turnover was NT$206.328 billion (US$7.04 billion), with foreign institutional investors buying a net NT$18.47 billion in shares, Taiwan Stock Exchange data showed. TSMC rose 2.92 percent to close at NT$458.