Investors reject Wynn bid
Shareholders of Wynn Resorts Ltd on Friday rejected the bid by Elaine Wynn, cofounder and former wife of CEO Stephen Wynn, to remain on the company’s board, ending the most public and awkward proxy battle in the company’s 13-year history. Elaine Wynn, 72, is the third-largest shareholder. She appeared sanguine and poised as the results were announced at a shareholder meeting, aware that the odds had been against her. “While I am certainly disappointed by the result of today’s vote, I am hopeful that I have once again served as an agent for change and improvement for this company, which I love so deeply,” she said in a statement.
Mylan bid for Perrigo official
Generic drugmaker Mylan NV is making official its offer for over-the-counter medicines maker Perrigo Co as it remains at the center of a three-way battle: Mylan wants to buy Perrigo, while a larger rival wants to buy Mylan. Perrigo has already rejected Mylan’s offer and on Friday reiterated it feels the bid, worth more than US$30 billion, is too low. Meanwhile, Israeli drugmaker Teva Pharmaceutical Industries Ltd on Friday said it is committed to acquiring Mylan, which in turn has expressed skepticism about Teva’s plan. Teva is offering US$40.1 billion for Mylan.
Economy grows by 7.2%
The nation’s economy posted growth of 7.2 percent last year, the IMF said on Friday, in an encouraging sign of recovery from the chaos of a coup and long-running armed conflict. Christian Josz, the IMF’s mission chief in the capital, Bamako, compared the figure with weak 1.7 percent growth in 2013 and stagnation in 2012. He praised the government for making “major efforts to strengthen the management of public finances, insisting on compliance with fiscal rules and reversals of markets” in the final months of last year.
EU approves Lafarge sale
The EU on Friday removed a key hurdle to the merger between French cement giant Lafarge SA and Swiss rival Holcim Ltd, approving the sale of assets demanded for the deal to go through. Lafarge and Holcim agreed to their 40 billion euro (US$43.5 billion) tie-up to form the world’s biggest cement company last year, but EU regulators said they would have to sell assets worth 6.5 billion euros to ease fears the new firm would hurt competition. The European Commission said it has approved the sale of those assets to Irish building materials group CRH PLC, finding that it posed no separate competition risk.
Ex-minister confirms case
A former transportation minister confirmed in an interview released on Friday that officials have filed a corruption complaint against him. Local media have reported that a warrant is out for his arrest. Major General Hebert Garcia Plaza said the allegations involve a deal to buy three ferries from Europe on behalf of the South American country. He told the weekly newspaper Quinto Dia that he is still deciding whether to present himself for a hearing. Garcia Plaza denied any involvement in corrupt deals, and said he does not trust the country’s justice system.
MOBILE SMART: The Dimensity 1200 is 22 percent better in terms of performance than its predecessor, and 25 percent more power-efficient, the handset chip designer said MediaTek Inc (聯發科) yesterday unveiled its premium 5G processors — the Dimensity 1200 and Dimensity 1100 — as it vies for a larger slice of the world’s rapidly growing 5G smartphone market. Manufactured using Taiwan Semiconductor Manufacturing Co’s (台積電) 6-nanometer process technology, the Dimensity 1200 processor performs 22 percent better than the previous generation Dimensity 1000+ processor, and is 25 percent more power-efficient, MediaTek said. Chinese smartphone brands Xiaomi Corp (小米) and Realme Mobile Telecommunications (Shenzhen) Co (銳爾覓移動通信) are to be the first adopters of the latest Dimensity chips, the companies said during a virtual media briefing. Xiaomi plans to equip its first
From India to China to the US, automakers cannot make vehicles — not that no one wants any, but because a more than US$450 billion industry for semiconductors got blindsided. How did both sides end up here? Over the past two weeks, automakers across the world have bemoaned the shortage of chips. Germany’s Audi, owned by Volkswagen AG, would delay making some of its high-end vehicles because of what chief executive officer Markus Duesmann called a “massive” shortfall in an interview with the Financial Times. The firm has furloughed more than 10,000 workers and reined in production. That is a further blow
‘BROAD RANGE’: The US Department of Commerce intends to deny a significant number of license requests for exports to Huawei, an industry association said US President Donald Trump’s administration notified Huawei Technologies Co (華為) suppliers, including chipmaker Intel Corp, that it is revoking certain licenses to sell to the Chinese company and intends to reject dozens of other applications to supply the telecommunications firm, people familiar with the matter told reporters. The action — likely the last against Huawei under Trump — is the latest in a long-running effort to weaken the world’s largest telecommunications equipment maker, which Washington sees as a national security threat. The notices came amid a flurry of US efforts against China in the final days of Trump’s administration. US president-elect Joe
AWARENESS NEEDED: The central bank urged lenders to know their customers before undertaking business for them and to seek funding in conventional ways The central bank yesterday said that it would take action against four foreign lenders for their involvement in helping companies trade in the deliverable forward market in contravention of foreign-exchange regulations. Some grain merchants newly based in Taiwan have since July 2019 been practicing questionable currency-trading activity, with the help of branches and subsidiaries of six foreign banks, the monetary policymaker told an unscheduled news conference. Affiliated firms as of July last year completed currency-related deals they referred to as trading that totaled US$11 billion, which was not in sync with their real business needs, the central bank said after wrapping up