Bangladesh mulls Fed suit
Bangladesh’s central bank has hired a US lawyer for a potential lawsuit against the Federal Reserve Bank of New York after hackers stole US$81 million from its account with the US bank, while US Representative Carolyn Maloney called for a probe of last month’s cyberattack on Bangladesh Bank. The FBI is helping investigate the heist, which led to the ouster of Bangladesh’s central bank governor. Bangladesh Bank criticized the New York Fed in an internal report, saying the latter allowed five of 35 fraudulent payment instructions to go through.
BSP maintains rates
The central bank left its benchmark interest rate unchanged for a 12th straight meeting, as an anticipated boost to the economy from a May election allows policymakers to resist joining a wave of monetary easing. Bangko Sentral ng Pilipinas (BSP) kept the rate it pays lenders for overnight deposits at 4 percent, it said yesterday. BSP also held the rate on so-called special deposit accounts at 2.5 percent. The Philippine economy is forecast to expand 5.9 percent this year, helped by domestic consumption.
Thailand keeps key rate
The central bank kept its key interest rate unchanged for a seventh straight meeting as policymakers expect that the economy would soon start to see the benefit of stimulus measures introduced by the military government. The Bank of Thailand held its one-day bond repurchase rate at 1.5 percent, with committee members voting unanimously in favor, it said yesterday.
Oracle sues HP over OS
Oracle Corp accused Hewlett Packard (HP) Enterprise Co in a lawsuit of helping a partner company illegally sell software support for the Solaris operating system. Oracle claims HP Enterprise knew that Terix Computer Co was marketing its support services without authorization and was also aware that Oracle required customers who installed Solaris updates to pay for technical support, according to a complaint on Tuesday in federal court in San Jose, California. Oracle alleges copyright infringement and seeks a court order barring HP Enterprise from distributing its software code.
Origin raises Affymetrix bid
Origin Technologies Corp increased its all-cash offer to buy Affymetrix Inc to US$17 a share, as it seeks to top an agreed deal between the medical technology company and Thermo Fisher Scientific Inc. The new bid is 21 percent more than the US$1.3 billion that Thermo Fisher proposed in January, a statement from Origin Technologies on Tuesday said. Origin Technologies also upped the reverse termination fee — the amount it would pay if it pulled out of a deal — to US$100 million from US$75 million.
Enel net profit quadruples
Italian energy company Enel SpA on Tuesday said its net profit more than quadrupled to 2.2 billion euros (US$2.5 billion), although operating profit and sales both dipped. Despite the leap in net profit, the figure was still below the 2.9 billion euros expected by analysts surveyed by Factset Estimates. Sales slipped 0.2 percent to 75.7 billion euros and operating earnings as measured before taxes, depreciation and amortization slid 2.9 percent to 15.3 billion euros.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB