Mt. Gox to be liquidated
Failed bitcoin exchange Mt. Gox has given up its plan to rebuild under bankruptcy protection and has asked a Tokyo court that it be liquidated, Dow Jones Newswires reported yesterday. Reasons for the decision are the complexity of the procedures involved, including the difficulty of holding meetings with creditors spread around the world, the report said, citing “people familiar with the situation.”
Coca-Cola soda sales fall
Coca-Cola Co, the world’s biggest beverage maker, said on Tuesday that the amount of soda it sold globally fell for the first time in 15 years. The drop in the first quarter was offset by stronger sales of its non-carbonated drinks that include Minute Maid, Powerade and Dasani bottled water. Overall volume rose 2 percent, an improvement from the 1 percent increase the previous quarter. However, the 1 percent decline in global soda volume is notable for Coca-Cola: The last time the figure fell was in 1999, according to the company.
BHP Billiton raises outlook
Global giant BHP Billiton raised its fiscal year iron-ore production outlook for a second time this year yesterday after seeing a better-than-expected jump in output in the first quarter of the year. The world’s biggest mining company increased its guidance for production this year until June to 217 tonnes, up from the 212 tonnes previously forecast. That comes despite concerns about the strength of the economy in China, the No. 1 buyer of ore. It said production in the first quarter rose 23 percent year-on-year to 49.6 million tonnes.
Minister eyes GDP growth
The nation’s economy is forecast to expand by 3 percent next year, picking up briskly after years of stagnant growth, a top government economist said on Tuesday. Brazilian Minister of Planning Miriam Belchior said in a report presented to the national legislature that inflation for Latin America’s biggest economy was expected to be 5 percent next year. Last year, GDP grew a modest 2.3 percent for a third consecutive year, compared with a torrid pace of 7.5 percent in 2010.
Bond woes hit Credit Suisse
Swiss giant Credit Suisse said its net profit fell 34 percent in the first quarter as bond-market woes hurt earnings at its investment banking business. Profit fell to 859 million Swiss francs (US$979 million) from SF1.303 billion in the same quarter a year ago. Group core revenues fell 8 percent to SF6.469 billion. Income before taxes rose 15 percent to SF1.102 billion. The bank said yesterday it saw lower revenues and earnings at its investment banking division, which faced “a challenging market environment.”
Burberry revenue up 19%
British group Burberry PLC said strong sales in China and South Korea helped it to a 19 percent rise in second-half revenue, but that it expected currency headwinds to hit profits in the next two years. The firm, which sells trench coats and leather goods emblazoned with its distinctive camel, red and black check pattern, said yesterday total revenue for the six months to March 31 was ￡1.3 billion (US$2.2 billion), broadly in line with analysts’ forecasts.
Gogoro Inc (睿能創意) yesterday launched its first electric bicycle, the Gogoro Eeyo 1, in Taiwan, after unveiling the bike in New York in late May and in France on Tuesday. The company said it would also introduce the series in other European countries such as Germany and the Netherlands. The “Eeyo project” is the fourth of Gogoro’s eight projects that concentrate on smart transportation, which includes Gogoro’s electric scooter, battery swap system and electric scooter sharing service, company founder and chief executive officer Horace Luke (陸學森) told a media briefing in Taipei. “There are various types of city commuters. We will not
EXPERIMENTAL DRUG: While news about a COVID-19 vaccine is more eye-catching, developing a treatment would be more viable, the Senhwa boss said Senhwa Biosciences Inc (生華科) aims to raise NT$1.5 billion (US$50.57 million) by issuing 15 million new common shares in the third quarter of this year to fund the research of new drugs, including the experimental drug Silmitasertib for the treatment of COVID-19, the company said on Monday. That would be the firm’s largest fundraising effort after it raised more than NT$1.4 billion from an initial public offering on the Taipei Exchange (TPEX) in April 2017, chief financial officer Sarah Chang (張小萍) told the Taipei Times by telephone. The price of the new shares would depend on the firm’s average share price
NOT A PANACEA: Offering 5G services would not solve the problem of declining telecom incomes, chairman Sheih Chi-mau said, expecting a flat 5G telecom revenue Chunghwa Telecom Co (中華電信) yesterday became the nation’s first telecom to debut its 5G services, offering tiered tariffs that include a threshold of NT$599 and flat rates, as it aims to switch half of its subscribers to the 5G network within three years. Subscribers would have unlimited data transmission for monthly fees starting at NT$1,399 — the same flat rate as when the company launched its 4G service in 2014 — and they can subscribe to the highest-rate plan for NT$2,699 per month for faster data transmission speeds and larger bandwidth, the company said. Data transmission speeds would be within the range
STAYING AHEAD: TSMC expects its sales this year to grow 14 to 19 percent and could spend up to US$3.52 billion on research and development, leaving its rivals far behind Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) reported that the US last year approved 99 percent of its patent applications, which placed the tech giant among the top patent holders in the US. In its Corporate Social Responsibility Report, TSMC said it last year secured about 3,600 patents worldwide, including more than 2,300 in the US. As of the end of last year, TSMC owned more than 39,000 patents, the report said. The company last year filed almost 6,500 patent applications worldwide and ranked among the top 10 patent applicants in the US. In Taiwan, it was the largest patent applicant for the fourth