Government dogs Nissan
The government has called for car giant Nissan to face criminal charges for allegedly manipulating emissions data on a popular sports utility vehicle, weeks after it slapped the firm with a fine over the issue. The environment ministry called on state prosecutors to probe Nissan Korea after saying tests had shown an emission defeat system on the Qashqai model that made it appear to be less polluting than it really was. It also banned the sale of the vehicle in the country. Senior environment ministry official Hong Dong-Kon, who handles transport-related regulations, said, “today, we are going to file a criminal complaint” against Nissan Korea’s president Takehiko Kikuchi.
Lotte makes bid for Axiall
Lotte Chemical Corp made an offer to buy US-based polyethelene maker Axiall Corp as the South Korea-based petrochemical company seeks to build on its takeover of Samsung Group’s chemicals arm. Lotte submitted a plan to acquire Atlanta-based Axiall on Friday last week, according to a regulatory filing that did not give terms of the possible deal. The South Korean company formed a venture with Axiall, which has a market value of US$1.6 billion, last year to build a plant for making ethylene in the US with production to start in 2018. The petrochemical business of Lotte conglomerate is widening its product lines and seeking growth outside the country after announcing the purchase of Samsung Group’s chemicals business for about US$2.5 billion.
Lundin pushes on in Ecuador
Lundin Gold Inc is forging ahead with its gold project in Ecuador, one of the world’s largest undeveloped deposits, a signal the industry is moving back into expansion mode as the metal continues to rally. The Vancouver-based miner is planning to raise US$820 million to US$940 million in two phases to finance the Fruta del Norte project, chief executive officer Ron Hochstein said in an interview in Toronto. Hochstein was in the city to meet with potential investors about the first phase of funding, which he said is expected to raise US$120 million to US$140 million to lay the groundwork for the mine. “Discussions have been going on with commercial banks, credit institutions, etc. now for several months and we’re encouraged by the feedback,” Hochstein said by telephone in a separate interview. The second round of financing is expected to raise US$700 million to US$800 million to be used mainly for construction, he said.
US newspapers shed jobs
The US newspaper industry has shed more than half its jobs since 1990, losses which have only been partly offset by gains in online media. Official US Department of Labor data showed the newspaper sector lost 271,800 jobs in the period from January 1990 to March, or 59.7 percent of the total over the past 26 years. The numbers, first cited in a report by the news Web site Engadget, confirm the massive shift to digital media that has hammered traditional newspapers. Magazines fared only slightly better, losing 36 percent of their jobs in the same period. Employment in Internet publishing and broadcasting, meanwhile, rose from about 30,000 to about 198,000, US Bureau of Labor Statistics data showed. The latest statistics come against a backdrop of a troubled print media industry marked by shutdowns of newspapers and sharp declines in circulation and advertising revenue.
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
‘ONE-STOCK SHOW’: Turnover hit an all-time high as TSMC continued to determine the local market’s direction and surpassed Visa in market capitalization The TAIEX early yesterday hit an all-time intraday high on the back of soaring Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) shares, before tumbling back to the previous day’s close as the contract chipmaker could not single-handedly prop up the index. The TAIEX rose more than 400 points in the first 20 minutes of trading to hit a record 13,031.7 points, but later pared its gains to close down 0.01 percent at 12,586.73. Turnover was NT$343.252 billion (US$11.63 billion), the highest in the Taiwan Stock Exchange’s history. TSMC continued to dictate the market’s direction, as its early surge by the daily
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
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