Bug rewards offered
Fiat Chrysler Automobiles NV is turning to DIY mechanics and hackers to expose software vulnerabilities in its vehicles. The US-Italian automaker is offering a bounty of US$150 to US$1,500 to people who spot software bugs and report them so they can be fixed. The size of the reward depends on how critical the bug is and how many vehicles it affects. Fiat Chrysler said it is the first automaker with a full lineup of cars and trucks to offer such a bounty, although US electric car maker Tesla Motors Inc has made similar offers.
Nexen to cut 350 jobs
China National Offshore Oil Corp Ltd’s (CNOOC, 中國海洋石油) Nexen Energy unit is to cut 350 jobs this year after deciding not to repair its Long Lake oil-sands upgrader in Alberta, Canada, following an explosion in January. The facility, which processes bitumen into light synthetic crude oil, cannot be feasibly repaired in the short term, executives said via telephone on Tuesday. Workers will lose their jobs at Long Lake and at the Calgary headquarters. Nexen will continue producing bitumen from Long Lake, resulting in lower costs, as well as improved reliability and safety, the company said.
Economy grows by 26.3%
The economy grew by a barely believable 26.3 percent last year, according to official data published on Tuesday, which was largely skewed by companies relocating to the country for tax purposes. The Central Statistics Office said that the nation’s GDP had increased “significantly” last year as it drastically upgraded a previous estimate of 7.8 percent growth. The office said the result was largely due to “an increase in the number of new aircraft imports for international leasing activities” and the “reclassifications of entire balance sheets.”
Burberry reports flat sales
Burberry PLC reported a 3 percent drop in like-for-like sales in a “challenging” first quarter, underlining the size of the task facing Marco Gobbetti when he takes over as chief executive officer from Christopher Bailey next year. The British luxury goods group said a positive 3 percent contribution from new stores resulted in flat retail sales of ￡423 million (US$562 million), slightly better than analysts’ expectations. Burberry benefited from a drop in the value of the pound after Britain last month voted to leave the EU. It said its adjusted profit for the year would be boosted by about ￡90 million if exchange rates remain at current levels, compared with a previous forecast of a ￡50 million boost.
CBO projects rise in debt
Debt is set to rise faster than previously expected over the next two decades due to slower economic growth and congressional approval for tax cuts last year, the Congressional Budget Office said on Tuesday. In its latest report, the office projected that federal debt would climb from 75 percent of GDP currently to 122 percent by 2040. That is up from the office’s previous estimate of 107 percent for 2040 and well above a post-World War II peak of 106 percent of GDP. For 2046, the office lowered its debt projection by 14 percentage points to 141 percent of GDP, saying it now expects interest rates to be lower than previously anticipated.
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
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