Auto tax increase postponed
The government postponed until next year increases in taxes on the sale of cars and trucks in a bid to stimulate demand for manufactured goods and spur economic growth, the Finance Ministry said on Saturday. Finance Minister Guido Mantega said the government wanted to “avoid the risk of a drop in sales throughout the year.” “The car industry is very important for Brazil’s economy, it accounts for 25 percent of industrial production,” Mantega said on Globo TV. “So, to keep industrial output growing, it is important that the auto industry keeps growing.”
Offshore gas delivered
The government announced on Saturday it had begun delivering gas from a major northern offshore drill toward its shores, a move officials say will diminish the state’s dependency on foreign gas imports. Tamar, which has reserves of up to 238 billion cubic meters, lies 130km off the Mediterranean port city of Haifa. Tamar, which was discovered in 2009, is jointly owned by US company Nobel Energy and three Israeli firms — Delek, Isramco and Dor Alon.
Firm welcomes use of yuan
Fortescue Metals Group Ltd, Australia’s third-biggest iron ore producer, said it welcomes policies that promote the use of China’s yuan in global trade, following a report Australia was set to sign a conversion deal.
“Fortescue welcomes the ongoing internationalization of the yuan, which is becoming an increasingly important currency in global trade,” the Perth-based company said yesterday in response to a Bloomberg request for comment.
Court to rule on patent case
The Indian Supreme Court is to rule today on a landmark patent case involving Swiss drugmaker Novartis AG that focuses on demands by major companies that their investments be protected, against Indian companies that say they should be allowed to continue producing cheaper generic versions of many lifesaving medicines. A decision in the seven-year legal battle is keenly awaited by the two most interested parties — big pharma companies and health aid groups — with both sides saying the outcome will set a precedent with far-reaching consequences for the future availability of the drugs.
Ford dismisses accusations
US automaker Ford, which faces a lawsuit over claims its vehicles accelerate without warning, dismissed the accusations on Saturday as unscientific. Ford said it had addressed the issue with US regulators, whose work is “far more scientific and trustworthy than work done by personal injury lawyers and their paid experts,” an e-mail from a company spokesman said. On Friday, vehicle owners in 14 states filed a class-action lawsuit on behalf of “potentially millions of purchasers and lessees of Ford vehicles manufactured between 2002 and 2010.”
Investment scam queried
People are questioning how a North Carolina man operated a US$600 million fraudulent investment scheme that attracted 1 million investors, even though regulators had received dozens of complaints about the company. Authorities say Paul Burks is the mastermind of one of the biggest investment scams in US history. His online company ZeekRewards was based in Lexington, North Carolina. Burks has agreed to pay a US$4 million penalty.
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