PHARMACEUTICALS
Bayer in talks with Algeta
Bayer AG, Germany’s largest drugmaker, is in “early stage” talks to acquire Norwegian partner Algeta ASA, whose prostate cancer medicine was approved for sale in the US in May, for about US$2.42 billion. Algeta received “a preliminary acquisition proposal” for 336 kroner (US$55.03) a share, the Oslo-based drugmaker said in a statement to the stock exchange yesterday. The offer values Algeta 27 percent higher than Monday’s closing price of 264.6 kroner. There is no guarantee Bayer’s proposal will result in a deal, Algeta said. Algeta shares rose as much as 30 percent. “We do not see the potential in the company justifying such a high takeover price,” DZ Bank AG analyst Peter Spengler wrote in a note to clients.
AVIATION
FAA to warn on ice
The US Federal Aviation Administration (FAA) says it will put out a bulletin this week to deal with the risk that ice could damage engines on some Boeing 747s and 787s. The FAA says the airworthiness directive will make sure pilots avoid icing conditions that could hurt engine power and possibly damage the engines. In certain conditions, ice crystals can form in the engines, reducing their power. The problem has come up with General Electric engines used on Boeing Co’s 747-8s and 787s. The US agency says it is an “interim” action, so more could be coming later. The directive will apply to 14 US planes, including Boeing 787s flown by United Airlines.
TELECOMS
BlackBerry execs replaced
BlackBerry’s interim chief executive has shaken up the company’s management team in a move seen as a prelude to him taking the top job himself. BlackBerry chief operating officer Kristian Tear and chief marketing officer Frank Boulben, both hired by recently ousted chief executive Thorsten Heins, will leave the struggling smartphone maker. The company said on Monday that Brian Bidulka is being replaced by James Yersh as chief financial officer. Yersh previously served as senior vice president and controller. Former Sybase chief executive John Chen was brought in as the interim chief executive after negotiations to sell the Waterloo, Canada, company collapsed this month. Chen also serves as executive chair of the board.
FOREIGN EXCHANGE
Rupiah falls after debt sale
The rupiah dropped to the weakest level since March 2009 after Indonesia missed its fundraising target at a domestic US dollar debt sale amid concern the US Federal Reserve will bring forward a plan to cut stimulus. The government raised US$190 million yesterday by selling US dollar-denominated bonds to local investors, who submitted US$294 million of bids, short of the US$450 million goal, said Robert Pakpahan, director-general of the debt management office. Global funds sold US$361 million more of local stocks than they bought this month through yesterday as the minutes of a Fed meeting last month showed the central bank may reduce its monthly bond purchases in the “coming months.” “We expect to see the rupiah weakening, keeping in view the Fed-tapering risk,” Singapore-based Commonwealth Bank of Australia currency strategist Andy Ji said. “There’s been damage to confidence recently, so the government may look to do another sale of the bonds when conditions stabilize.”
purpose: Tesla’s CEO sought to meet senior Chinese officials to discuss the rollout of its ‘full self-driving’ software in China and approval to transfer data they had collected Tesla Inc CEO Elon Musk arrived in Beijing yesterday on an unannounced visit, where he is expected to meet senior officials to discuss the rollout of "full self-driving" (FSD) software and permission to transfer data overseas, according to a person with knowledge of the matter. Chinese state media reported that he met Premier Li Qiang (李強) in Beijing, during which Li told Musk that Tesla's development in China could be regarded as a successful example of US-China economic and trade cooperation. Musk confirmed his meeting with the premier yesterday with a post on social media platform X. "Honored to meet with Premier Li
Dutch brewing company Heineken NV on Friday announced an investment of NT$13.5 billion (US$414.62 million) over the next five years in Taiwan. The first multinational brewing company to operate in Taiwan, Heineken made the statement at a ceremony held at its brewery in Pingtung County. It also outlined its efforts to make the brewery “net zero” by 2030. Heineken has been in the Taiwanese market for 20 years, Heineken Taiwan managing director Jeff Wu (吳建甫) said. With strong support from local consumers, the Dutch brewery decided to transition from sales to manufacturing in the country, Wu said. Heineken assumed majority ownership and management rights
ARTIFICIAL INTELLIGENCE: The chipmaker last month raised its capital spending by 28 percent for this year to NT$32 billion from a previous estimate of NT$25 billion Contract chipmaker Powerchip Semiconductor Manufacturing Corp (力積電子) yesterday launched a new 12-inch fab, tapping into advanced chip-on-wafer-on-substrate (CoWoS) packaging technology to support rising demand for artificial intelligence (AI) devices. Powerchip is to offer interposers, one of three parts in CoWoS packaging technology, with shipments scheduled for the second half of this year, Powerchip chairman Frank Huang (黃崇仁) told reporters on the sidelines of a fab inauguration ceremony in the Tongluo Science Park (銅鑼科學園區) in Miaoli County yesterday. “We are working with customers to supply CoWoS-related business, utilizing part of this new fab’s capacity,” Huang said, adding that Powerchip intended to bridge
Microsoft Corp yesterday said that it would create Thailand’s first data center region to boost cloud and artificial intelligence (AI) infrastructure, promising AI training to more than 100,000 people to develop tech. Bangkok is a key economic player in Southeast Asia, but it has lagged behind Indonesia and Singapore when it comes to the tech industry. Thailand has an “incredible opportunity to build a digital-first, AI-powered future,” Microsoft chairman and chief executive officer Satya Nadella said at an event in Bangkok. Data center regions are physical locations that store computing infrastructure, allowing secure and reliable access to cloud platforms. The global embrace of AI