BANKING
UBS reports no trading loss
UBS Group AG, Switzerland’s biggest bank, said its trading businesses did not suffer a loss in the market turmoil that erupted when the Swiss National Bank surprisingly scrapped its limit on the franc. “In aggregate, UBS did not experience negative revenues in its trading businesses in connection with the announcement,” the bank said in a statement yesterday. It said it would provide further information on its outlook for the first quarter when it releases fourth-quarter results next month.
GAMING
Galaxy expanding in Macau
Galaxy Entertainment Group Ltd (銀河娛樂集團), the casino operator controlled by billionaire Lui Che-woo (呂志和), plans to spend about HK$57 billion (US$7.4 billion) more to expand in Macau and will recreate New York’s Broadway theater to woo more visitors. The company will add a 3,000-seat entertainment theater in Macau, Lui said yesterday at a press conference in Hong Kong. Galaxy has committed HK$100 billion to Macau’s Cotai strip, with a part of it already invested.
RESORTS
France clears Club Med sale
French regulators on Thursday cleared the way for Chinese conglomerate Fosun International Ltd (復星國際) to buy the holiday resorts group Club Med for about 939 million euros (just more than US$1 billion) and set Feb. 9 as the closing date for the offer. The Financial Markets Authority said that stock market operator Euronext Paris “will make known, in an announcement, the conditions for completing [the deal] and a detailed calendar.”
CONGLOMERATES
Sony may delay profit report
Sony Corp yesterday said it was asking Japanese regulators for permission to delay the release of its earnings next month after a cyberattack at its Hollywood film unit compromised “a large amount of data” on its systems. The Japanese firm said its US-based Sony Pictures Entertainment subsidiary will not have time to put together its financial statements owing to the attack linked to its controversial movie The Interview.
SPORTING GOODS
Adidas meets targets
Adidas yesterday said it met its targets for last year, but earnings were hit by special factors such as the falling ruble and the sale of its Rockport brand. Full-year sales grew 2 percent to 14.8 billion euros (US$16.7 billion) last year, and net profit “reached the earnings target of around 650 million euros,” the German company said. Adidas said these were 80 million euros in writedowns on its Russian business “as a result of the significant deterioration of the Russian ruble.” In addition, the sale of its Rockport brand would hit profits by a “double-digit million euro amount” or tens of millions euros, it said.
RETAIL
Starbucks profit jumps 82%
Starbucks Corp’s fiscal first-quarter earnings soared 82 percent as the coffee chain attracted more customers who snapped up an expanded offerings of food and drinks over the holidays. Starbucks said it earned US$983.1 million in the quarter ended Dec. 28, or US$1.30 per share. That compared with US$540.7 million or US$0.71 per share, a year earlier. The coffee chain posted revenue of US$4.8 billion in the period, beating consensus forecasts. Analysts expected US$4.79 billion, according to Zacks Investment Research.
NEW MARKET: The partnership opens up India to the Dutch company, which already has a strong hold in the semiconductor market of South Korea, Taiwan and China ASML Holding NV entered into a partnership agreement with Tata Electronics Pvt Ltd aimed at ramping up India’s goal to develop domestic chip-manufacturing capabilities. The Dutch company’s technology would help power Tata Electronics’ planned 300 millimeter (mm) semiconductor foundry in Gujarat, according to a joint statement from the two companies on Saturday. The signing of a memorandum of understanding coincides with a visit by Indian Prime Minister Narendra Modi to the Netherlands, which is looking to deepen bilateral relations with New Delhi. ASML, whose top customers include Taiwan Semiconductor Manufacturing Co (台積電) and Samsung Electronics Co, makes lithography machines that can print
TECH RELIANCE: Growth is increasingly reflecting an unequal K-shaped distribution, where technology sectors outperform and other industries struggle, an expert said Standard Chartered Bank has significantly raised its forecast for Taiwan’s economic growth to 9.5 percent this year, up from 7.6 percent previously, citing surging artificial intelligence (AI) demand driving exports, semiconductor production and investment. The upgrade reflects a sustained AI supercycle that continues to fuel demand for advanced chips and technology infrastructure, which form the backbone of Taiwan’s exports, the bank said in a report this week. “We raise our 2026 growth forecast to reflect a much stronger-than-expected first-quarter GDP figure,” Standard Chartered senior economist for greater China and Asia Tommy Wu (胡東安) said in the report. Driven largely by a 35.3 percent
Tokyo Electron's Taiwan unit today said in a written response that it respects the judicial process, takes the court ruling seriously and would not appeal in the Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) trade secrets case. Last month, a court fined the Taiwan unit of Japan's Tokyo Electron NT$150 million (US$4.74 million) in a case involving trade secrets related to TSMC's sensitive chip technology.
Two of Taiwan’s international carriers, Starlux Airlines Co (星宇航空) and EVA Airways Corp (長榮航空), have retained the five-star airline rating awarded by international airline review organization Skytrax. Starlux was awarded the distinction for a second consecutive year, while EVA Air received it for the 11th straight year, Skytrax said in statements released yesterday and on Thursday last week, respectively. The five-star rating is considered one of the airline industry's highest honors and is awarded following professional audits of airline product and frontline service standards, Skytrax said. The ratings are based on in-depth assessments using unified global quality standards rather than customer review scores
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