TECHNOLOGY
BlackBerry debt sold
Manulife Financial Corp, Canada’s largest insurer by market value, agreed to invest US$70 million in BlackBerry Ltd’s US$1 billion debt sale, while Brookfield Asset Management Inc and Markel Corp reduced their roles. Brookfield lowered its stake to US$10 million from US$50 million, and Markel cut its investment to US$70 million from US$100 million, according to a filing yesterday. Fairfax Financial Holdings Ltd, BlackBerry’s largest investor, orchestrated the US$1 billion debt sale this week after deciding not to proceed with a tentative US$4.7 billion bid to buy the struggling smartphone maker. Investors in the convertible debentures also include Qatar Holding LLC and Canso Investment Counsel Ltd. The move to borrow the funds underscores BlackBerry’s deteriorating cash situation. Its cash and short-term investments fell by almost US$500 million last quarter to US$2.3 billion, according to data compiled by Bloomberg.
ENTERTAINMENT
Disney profits rise 12%
Walt Disney Co, the world’s largest entertainment company, said fiscal fourth-quarter profit rose 12 percent, beating analysts’ estimates as the company’s theme parks and consumer products boosted income. Net income grew to US$1.39 billion, or US$0.77 a share, from US$1.24 billion, or US$0.68, a year earlier, Disney said yesterday in a statement, topping the US$0.76 average of 27 analysts’ estimates compiled by Bloomberg. Revenue increased 7.3 percent to US$11.6 billion in the period ended Sept. 28, beating the US$11.4 billion average of estimates. Investments in new attractions spurred higher guest spending and occupancy at Disney’s US resorts, letting it raise ticket prices.
FINANCE
MetLife, AIG fined US$100m
New York officials will seek substantially more than US$100 million to resolve a probe into whether units sold to MetLife Inc by American International Group Inc (AIG) lacked proper licenses and provided misleading information, a person familiar with the matter said. Both companies will probably need to pay a portion of the fine, said the person, who asked not to be identified because the discussions are private. The person could not give a timeline for when the fine may be issued. AIG is responding to requests from the New York Department of Financial Services, the top financial regulator in the state, and the Manhattan District Attorney’s Office for information about the units, Alico and Delaware American, which were sold to MetLife in 2010, the insurer said in an Oct. 31 filing.
ENGINEERING
3D printer makes metal gun
A Californian engineering company says it has produced the first metal gun made on a 3D printer, releasing a video showing the firearm scoring repeated bullseyes in successful tests. However, Solid Concepts, which describes itself as a world leader of 3D printing services, said making the classic 1911 shotgun did not come cheap, requiring a lot more than a souped-up desktop printer. “It functions beautifully,” it said of the gun, in a blog accompanying the video clips. “Our resident gun expert has fired 50 successful rounds and hit a few bull’s eyes at over 30 yards [27.4m].” The gun comprises more than 30 3D-printed components, including stainless steel and other metal parts.
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
MAJOR DROP: CEO Tim Cook, who is visiting Hanoi, pledged the firm was committed to Vietnam after its smartphone shipments declined 9.6% annually in the first quarter Apple Inc yesterday said it would increase spending on suppliers in Vietnam, a key production hub, as CEO Tim Cook arrived in the country for a two-day visit. The iPhone maker announced the news in a statement on its Web site, but gave no details of how much it would spend or where the money would go. Cook is expected to meet programmers, content creators and students during his visit, online newspaper VnExpress reported. The visit comes as US President Joe Biden’s administration seeks to ramp up Vietnam’s role in the global tech supply chain to reduce the US’ dependence on China. Images on
New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last
US CONSCULTANT: The US Department of Commerce’s Ursula Burns is a rarely seen US government consultant to be put forward to sit on the board, nominated as an independent director Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday nominated 10 candidates for its new board of directors, including Ursula Burns from the US Department of Commerce. It is rare that TSMC has nominated a US government consultant to sit on its board. Burns was nominated as one of seven independent directors. She is vice chair of the department’s Advisory Council on Supply Chain Competitiveness. Burns is to stand for election at TSMC’s annual shareholders’ meeting on June 4 along with the rest of the candidates. TSMC chairman Mark Liu (劉德音) was not on the list after in December last