SinoPac income falls 22%
SinoPac Financial Holdings Co (永豐金控) on Friday reported that net income in the first seven months of the year fell 22.26 percent annually to NT$5.79 billion (US$183.4 million). During the period, earnings by Bank SinoPac (永豐銀行), its largest subsidiary, dropped 27.45 percent to NT$4.53 billion. SinoPac Securities Co (永豐金證券) saw net income during the same period surge 32.84 percent to NT$898 million, as the TAIEX began rallying in June to regain a foothold above the 9,000-point benchmark.
Airbnb seeks funding
Home-sharing company Airbnb Inc is raising US$850 million, according to a disclosure filed with the US state of Delaware. The equity round values the San Francisco-based company at US$30 billion, people told Bloomberg in June. The filing did not disclose who is making the investment. Airbnb has raised about US$3.2 billion in equity since July last year, according to private stock market company Equidate.
JPMorgan denies deal report
JPMorgan Chase on Friday denied that it ever intended to buy troubled Italian rival BMPS, as people close to the reported deal had reported. “This is not accurate and was never under consideration,” a JPMorgan spokesperson told reporters. Sources on Wednesday had indicated that Jamie Dimon, chief executive of the largest US bank by assets, and Daniel Pinto, the London-based head of JPMorgan’s investment and finance department, were behind the plan to bail out the Banca Monte Paschi di Siena unveiled last week.
AbbVie files arthritis suit
Biotechnology drugmaker AbbVie Inc filed a lawsuit seeking to block Amgen Inc from selling a copy of arthritis medicine Humira, its top seller. Amgen’s proposed copy would infringe at least 10 patents, AbbVie said as it reserved the right to assert as many as 51 other patents. It was seeking a court order to prevent Amgen from selling a copy of the biotech drug. AbbVie is trying to protect a rheumatoid arthritis injection whose sales surged 17 percent in the second quarter to US$4.15 billion.
Firm sues over US taxes
A Norwegian oil company is suing West Virginia’s Marshall County after it says it was denied a refund of almost US$350,000 after overpaying for property taxes. The Intelligencer reported that Statoil filed a lawsuit in circuit court against Marshall County assessor Chris Kessler and West Virginia State tax commissioner Mark Matkovich. The company said the overpayments were the result of a clerical error. Kessler said that although a clerical error might have been initially responsible for the overpayment, the company’s failure to double-check in a timely manner amounts to negligence.
Duke seeks bids for assets
Duke Energy Corp has invited Canada’s Brookfield Asset Management Inc and French utility Engie SA to submit binding bids for its Latin American power assets, people with knowledge of the matter said. State-owned electricity generator China Three Gorges Corp (中國長江三峽集團) was also chosen to proceed to the next round, the people said.
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