Credit Suisse to be penalized
The Japanese Securities and Exchange Surveillance Commission recommended that the Financial Services Agency penalize Credit Suisse Group AG’s Japanese brokerage unit for leaking private information about a company, the commission said in a statement yesterday. An analyst at the Swiss firm gave non-public information to a colleague in the sales division, plus at least one customer, about an unidentified company’s earnings forecast, the commission said. The sales employee then solicited at least 33 customers to buy shares in the company whose information was leaked, the commission said.
Cherokee declared green
Chrysler’s Jeep has been declared green by the Japanese government, becoming the first gasoline-engine US-brand vehicle to qualify for this nation’s green-car tax incentive. The automaker said yesterday this year’s Jeep Cherokee Trailhawk meets the emissions and fuel-efficiency standards allowing buyers to take a tax break of about ￥58,000 (US$530) off the price tag. The vehicle sells for about ￥5.1 million in Japan, although the cost depends on the model and other options.
Tencent seeking US$2bn
Tencent Holdings Ltd (騰訊), Asia’s biggest Internet company, is speaking with banks about getting a syndicated loan of as much as US$2 billion as it expands operations and pushes ahead with acquisitions, people familiar with the matter said. The Chinese firm, which operates the WeChat and QQ instant message systems, is seeking a five-year facility of US$1.5 billion to US$2 billion, the people said. The financing is separate from a five-year loan of US$2.45 billion it worked out with banks last year, the people said.
Carrefour revenue rises
Carrefour SA, France’s largest retailer, reported stronger first-quarter revenue, boosted by growth in southern Europe and Latin America, and improving sales in China. Revenue reached 20.1 billion euros (US$22.6 billion), Boulogne-Billancourt-based Carrefour said yesterday in a statement. Analysts expected 20 billion euros, according to the median of 13 estimates compiled by Bloomberg. Growth was 3.1 percent excluding calendar effects and gasoline sales.
GoPro eyeing versatility
GoPro Inc on Thursday announced that it is teaming up with outside developers to make it easier to use the company’s mini-cameras with apps or synch them with other devices. The effort to make GoPro products more versatile and, ideally, more tempting to buyers came after a GoPro Developer Program in San Francisco has been underway quietly for more than a year, the company said. A hundred companies have partnered with GoPro in the program.
BNP Paribas to axe 675 jobs
BNP Paribas SA plans to eliminate as many as 675 jobs at its investment-banking division in France, or about 11 percent of the unit’s workforce, as regulators increase scrutiny of riskier activities. The cuts in the corporate and institutional banking unit are to be carried out through a voluntary departure program, France’s largest lender said on Thursday. The bank is seeking 1 billion euros in annual cost savings at the securities unit by 2019 as it focuses on businesses that absorb less capital and generate higher fees.
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
With the US dollar expected to weaken in the next 12 months due to near-zero interest rates, investors should consider purchasing US corporate bonds, Standard Chartered Bank Taiwan Ltd (渣打台灣銀行) said on Thursday. The bank said that the US Federal Reserve since last month has been buying bonds issued by US companies to curb default rates. The US dollar is forecast to be weaker against the pound, the euro and the yen, as well as the Canadian dollar, the Swedish krona and the Swiss franc, as the greenback lacks high investment returns after the Fed in March slashed the benchmark interest rate
BAD RAP: The exchange said Tatung had seriously breached shareholders’ rights and failed to give a satisfactory explanation of its board election dispute Tatung Co (大同) shares yesterday plunged by the maximum daily limit of 10 percent to NT$18.90, the lowest in three months, after the Taiwan Stock Exchange (TWSE) on Tuesday evening changed the company’s classification to a full-delivery stock effective tomorrow. The TWSE’s move follows the company’s failure to give a clear and satisfactory explanation of why it deprived dozens of shareholders of their voting rights during a board election at the annual shareholders’ meeting on Tuesday morning. Under the exchange’s regulations, investors are not allowed to engage in margin trading of a full-delivery stock, TWSE spokeswoman Rebecca Chen (陳麗卿) told
SIZE MATTERS: Medium-sized hotels that do not have the support of parent groups are more vulnerable and are forced to take action, a REPro Knight Frank researcher said About 50 hotels across Taiwan are seeking to exit the market as they succumb to the bleak business outlook amid international travel restrictions imposed to combat the COVID-19 pandemic. Yomi Hotel (優美飯店) on Minsheng E Road, Sec 1, in Taipei is seeking to transfer ownership with an asking price of NT$950 million (US$32.15 million) and a pledge for a lease contract that guarantees a 3 percent return. The budget hotel, with room rates that start from NT$1,400 per night, maintains normal operations, but has been struggling since March, when the government placed restrictions on inbound and outbound travel. Occupancy rates for hotels in