Berlin must step up: Soros
The EU could be destroyed by the “nightmare” euro crisis and Germany needs to take the responsibility of saving the currency, billionaire fund manager George Soros said on Monday. Soros, who made his mark as an investor on a big bet against the British pound in 1992, said the other alternative is for Germany — the eurozone’s biggest economy — to simply leave the 17-member currency bloc. The crisis “is pushing the EU into a lasting depression and it is entirely self-created,” the chairman of Soros Fund Management said.
Spanish banks downgraded
Standard & Poor’s ratings agency cut the credit ratings of seven Spanish banks, including the two largest, Santander and BBVA, after having downgraded Spain’s sovereign debt. Banks that suffered in the downgrade late yesterday were Santander, BBVA, Banesto, Banco Popular, Bankia-BFA, Banco Sabadell and CaixaBank, the New York-based ratings agency said in a statement. Standard & Poor’s axed Spain’s sovereign credit rating by two notches on Wednesday last week, leaving its bonds just one level above junk bond status.
LVMH sees profit boom
French luxury conglomerate LVMH Moet Hennessy Louis Vuitton saw its revenue increase strongly in the third quarter, driven by its retail operations in developing countries. The company behind Louis Vuitton luggage and the Givenchy fashion label said on Monday that sales were up 15 percent to 6.9 billion euros (US$8.95 billion) for the period between July and last month. All of its business groups saw gains in the third quarter. Sales in LVMH’s selective retailing business, which includes luxury malls and the Sephora cosmetic superstores, rose 20 percent. The company said that selective retailing was making especially strong gains in China and Russia.
Cancer drug boosts Roche
Swiss drugmaker Roche Holding AG on Tuesday reported a 7 percent increase in sales of its pharmaceutical products for the first nine months of the year, powered by demand for its cancer drugs. The Basel, Switzerland-based company, helped by sales of established and new cancer drugs and recent cost-cutting drives, said its pharmaceutical division’s sales over the three quarters rose to 26.2 billion Swiss francs (US$28.08 billion), up from SF24.4 billion in the same time period last year.
Amazon to hire thousands
Amazon.com Inc says it is hiring 50,000 temporary workers at order-fulfilment centers across the US this holiday season. The Seattle-based online retailer says it expects “thousands” of those it hires to stay on full time. Full-time workers get stock grants and benefits. The company says its full-time employees make 30 percent more than traditional retail employees. It says stock grants have added an average 9 percent to base pay over the past five years.
Apple hires Amazon exec
Apple Inc hired Amazon.com Inc executive William Stasior to lead its Siri voice-recognition software group. Stasior, who had run a unit at Amazon handling search and related advertising, will head the group that is building the voice-activated personal assistant that Apple introduced on its mobile devices last year, Apple spokeswoman Trudy Muller said.
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
CORPORATE SCANDAL: Cathay Life has invested NT$13.3 billion in Bank Mayapada since 2015, but the latest loss of NT$8.8 billion has completely written off its investment Cathay Life Insurance Co (國泰人壽) yesterday said it would recognize an investment loss of NT$8.8 billion (US$298.1 million) in Indonesia’s Bank Mayapada Internasional Tbk PT due to concerns about the lender’s operations amid a corporate scandal. The company said it would revise its earnings result for June, from a net profit of NT$6.52 billion to a net loss of NT$520 million, its first monthly loss over the past 17 months. After booking an investment loss of NT$5.2 billion in Bank Mayapada earlier this year, Cathay Life has so far recognized total investment losses of NT$14 billion in the lender, executive vice president
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported that revenue last month expanded 25 percent annually, but fell 12.8 percent month-on-month to NT$105.96 billion (US$3.59 billion). In the first seven months of this year, the chipmaker’s revenue surged 33.6 percent to NT$727.26 billion, compared with NT$544.46 billion a year earlier. TSMC has said it aims to grow its revenue by more than 20 percent this year. The company has since May 15 stopped taking new orders from Huawei Technologies Co (華為), its second-biggest customer after Apple Inc, due to the US’ restrictions on exports containing US technologies. TSMC has no plans to