Spain seeks to host EBA
Spain will compete with other countries in the EU to host the headquarters of the EU’s London-based bank regulator following Britain’s decision to leave the bloc, its deputy prime minister said on Friday. The race to host the European Banking Authority (EBA) is led by Paris and Frankfurt, but no decision has been reached and other countries have also put themselves forward in the scramble to give London’s agencies a new home. Spain has set up a working group to drive Spain’s bid for the EBA and for the London-based European Medicines Agency, Soraya Saenz de Santamaria told a news conference.
Central bank chief sacked
Sri Lanka’s president yesterday bowed to pressure from activists and replaced the country’s controversial central bank chief, appointing a respected economist to the top job. President Maithripala Sirisena announced that Indrajit Coomaraswamy, 66, had been appointed as the governor of the central bank, effective immediately. Coomaraswamy was previously a director of economic affairs at the Commonwealth Secretariat, an intergovernmental agency of Commonwealth countries in London. The announcement ended any prospect of outgoing governor Arjuna Mahendran being reappointed after his tenure ended on Thursday.
Refinery talks to begin
The government invited a group of companies led by SK Engineering & Construction Co of South Korea to begin negotiations to build an oil refinery, as it suspended a deal with a rival Russian company. The state halted talks with RT Global Resources Consortium after the group made “additional demands” from the government before a deal was to be signed last month, the Energy Ministry said on Friday. The government reached an agreement in principle with the group led by RT Global, a unit of Moscow-based Rostec State Corp, in May.
Facebook to translate posts
Facebook Inc on Friday began testing a translation tool that will automatically let posts be displayed in languages users prefer. The leading social network first made the “multilingual composer” tool available earlier this year for use on pages representing companies, brands, groups and celebrities through its Pages service. The factors Facebook is to use to determine which language to use for posts include locales designated in account settings and which languages users routinely use for their posts. Half of Facebook’s more than 1.5 billion users worldwide speaks a language other than English.
Flour recalled over E coli
General Mills Co is expanding its recall of certain types of flour in response to an ongoing outbreak of illnesses related to a strain of E coli bacteria. The Minneapolis-based company on June 1 voluntarily recalled 2.2 million kilograms of its Gold Medal, Signature Kitchens and Wondra flour that health officials say was the likely source of dozens of illnesses in 20 US states. The flour is largely produced at the company’s Kansas City, Missouri, plant. On Friday, the company expanded the recall to include flour made earlier in the fall that might still be in consumers’ pantries.
Polytronics Technology Corp (聚鼎科技) yesterday announced that it is buying Henkel AG’s thermal clad dielectric material (TCLAD) business division for US$26 million as the Taiwanese firm aims to improve its technology, product portfolio and revenue performance. Polytronics, headquartered in the Hsinchu Science Park (新竹科學園區), is a supplier of protection components and heat dissipation materials. The firm entered the metallic heat-dissipation substrate market in 2007 and developed a unique solventless production process. Its board of directors approved signing an agreement with Henkel to acquire the German chemical firm’s TCLAD division in the US. The purchase includes all assets and business interests, including equipment,
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
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
A Bollywood actor’s face tattooed on his arm, Sandeep Bacche’s devotion shocks few in India where stars enjoy semi-divine status, but even there the hallowed silver screen might be losing its shine to streaming services and pandemic fears. “Whenever things get better and theaters begin operations, I will watch three movies a day for sure just as a way to celebrate,” said the Mumbai rickshaw driver, who is recovering from the virus himself. However, others might not join the party. With cinemas shut for months due to a COVID-19 lockdown, and little prospect they will reopen soon, frustrated Bollywood producers have turned to