Kingtrans damaged in blast
Evergreen Group’s (長榮集團) Chinese logistics subsidiary, Kingtrans International Logistics (Tianjin) Co (天津長華國際物流), has been badly damaged by the deadly explosions in Tianjin this week. Evergreen on Friday said the Tianjin logistics unit is only 500m from the center of the explosions — the Tianjin Binhai New Area — on Wednesday night, therefore the blasts have dealt a big blow to its subsidiary. Sources from Tianjin familiar with the situation said that Kingtrans could lose tens of millions of yuan as the plant and shipping containers it owns have been almost completely destroyed.
‘Flash crash’ trader bailed
A British court has granted bail to the financial trader accused of contributing to the 2010 Wall Street “flash crash.” District Judge Quentin Purdy, sitting at Westminster Magistrate’s Court, accepted a renewed bail application from Navinder Singh Sarao with conditions, including a ban on travel outside Greater London and restrictions on the use of the Internet for financial purposes. Sarao must also provide a ￡50,000 (US$78,225) surety deposit. Sarao, 36, had been in custody awaiting an extradition hearing since he was arrested April 21 in London on charges including fraud and commodities manipulation.
UBS finded for misstatement
A unit of UBS AG was fined US$750,000 for misstating that tax-exempt interest paid to customers was taxable, according to the US’ Financial Industry Regulatory Authority. As a result of inadequate procedures to address short positions in municipal bonds, UBS told about 4,370 customers that about US$1.2 million in interest the firm paid them was exempt from taxes, the authority said. In fact, UBS did not hold the bonds on behalf of the customers and the interest the firm paid them was taxable as ordinary income. The error resulted in the underpayment of about US$282,000 in federal taxes, the regulator said.
JC Penney losses narrow
JC Penney Co on Friday said that its losses narrowed in the second quarter on better-expected sales, fueled by men’s clothing, fine jewelry and the beauty brand Sephora. “Although there is much work to do ... it’s clear that when we execute well, we can deliver profitable sales and take market share,” JC Penney chief executive officer Marvin Ellison said. The retailer lost US$138 million, or US$0.45 per share, for the quarter that ended Aug. 1. That compares with a loss of US$172 million, or US$0.56 per share, a year earlier.
EU expected to pass GE bid
General Electric Co (GE) is expected to secure approval from EU antitrust regulators for its proposed 12.4 billion euro (US$13.78 billion) deal to buy French peer Alstom’s power business, two people familiar with the matter said on Friday. The green light from the European Commission is to come 14 years after it rejected General Electric’s attempt at a US$42 billion takeover of Honeywell International, despite clearance by US authorities. The US conglomerate, which offered concessions to head off the commission’s worries about the company’s largest-ever acquisition, improved its package last week.
‘ACCORDING TO PLAN’: A company official said that it has set up production sites worldwide to provide services and that its Wisconsin project was going smoothly Hon Hai Precision Industry Co’s (鴻海精密) smart manufacturing center in Wisconsin would begin trial manufacturing in the middle of this year, the company said yesterday, adding that it plans to build a research institute to develop key technologies to support growth over the next five years. Hon Hai, known internationally as Foxconn Technology Group (富士康科技集團), said in an annual report submitted to the Taiwan Stock Exchange that its planned Foxconn Institute for Research in Science and Technology would conduct research into artificial intelligence, next-generation communications, quantum computing, cybersecurity and nano semiconductors in Taiwan. Hon Hai is to make products at the center
TV and online retailer Momo.com Inc (富邦媒體) yesterday said it has set up a new logistics subsidiary, Fu Sheng Logistics Co (富昇物流), to oversee the company’s extensive shipping operations. Leveraging Momo’s 23 satellite warehouses and distribution centers nationwide, Fu Sheng will be in charge of executing the retailer’s same-day shipment plan for deliveries in Taipei, New Taipei City, Taoyuan, Taichung, Tainan and Kaohsiung, Momo said in a press release. Seeking to further shorten its supply chain, the company is to set up another seven satellite warehouses and distribution centers by the end of the year. “Fu Sheng has a fleet of 200 couriers
E Ink Holdings Inc (元太科技), the world’s sole supplier of e-paper displays for e-readers and shelf labels, posted its best quarterly net profit for the first quarter in nine years amid increased demand during a traditionally slow season. Net profit soared 80 percent to NT$787 million (US$26.23 million) in the quarter ended March 31, compared with NT$438 million a year earlier. That translated into earnings per share of NT$0.69, up from NT$0.39. E Ink posted lower royalty income of NT$371.23 million last quarter from NT$448.74 million a year earlier, a company financial statement showed. E Ink said that it expects royalty income to
STAYING AHEAD: Fitch said that TSMC remains technologically ahead of others, but Samsung is building a new chip fab, while China is investing in its domestic industry As escalating US-China tensions and COVID-19-related production disruptions force US technology supply chains to transform, Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) US$12 billion chip fabrication plant in Arizona would be key to spurring greater US production of core semiconductor components, Fitch Ratings said. “We view the US-TSMC alliance as a first step in building a more autonomous US technology supply chain, given high barriers to entry, specifically related to the significant capital and design capability required for leading-edge semiconductor manufacturing,” Fitch said in a statement on Tuesday. “By working with TSMC, US chipmakers will not face the financial burden of incremental investment