GRAPHICS SYSTEMS
ITC to probe patent claim
The US International Trade Commission (ITC) said on Friday it had voted to open an investigation of certain graphics systems and components used in televisions, smartphones, tablets and other consumer electronics. The investigation, based on a complaint by Advanced Micro Devices Inc (AMD), alleges that the sale of certain graphics systems imported into the US infringes upon AMD patents. The ITC identified LG Electronics Inc, VIZIO Inc, MediaTek Inc (聯發科) and Sigma Designs Inc as respondents.
CREDIT RATINGS
S&P raises Russia outlook
Standard & Poor’s raised its outlook for Russia’s credit rating to “positive” from “stable” on Friday, citing improving growth prospects and a lower risk of large capital outflows. S&P said that after two years of recession, Russia was expected to resume economic growth this year, “averaging about 1.7 percent in 2017-2020.” It added that “relatively low prices, structural impediments and sanctions” will however continue to hinder a rebound in GDP, which it expects will increase by 1.5 percent this year.
FOOD & BEVERAGE
PepsiCo CEO paid even more
PepsiCo Inc chief executive officer Indra Nooyi received US$29.8 million in compensation for last year, a 13 percent increase, as efforts to steer the company’s portfolio away from sugary products helped earnings. Nooyi, 61, received US$14.4 million in cash bonuses and US$8.91 million in stock awards, according to a regulatory filing on Friday. Her package also includes a US$1.73 million salary. It is her fourth consecutive raise.
JEWELRY
Tiffany & Co beats forecasts
Tiffany & Co on Friday reported fourth-quarter earnings of US$157.8 million. On a per-share basis, the New York firm posted net income of US$1.26. Adjusted for asset impairment costs, per-share earnings were US$1.45. That exceeded Wall Street expectations of US$1.37 per share, according to a Zacks Investment Research survey. The jeweler posted revenue of US$1.23 billion, with sales in the Asia-Pacific region rising 9 percent. For the year, it had a profit of US$446.1 million, or US$3.55 per share. Revenue was US$4 billion.
BEER
Budvar brews record high
Production of Budvar beer, which has been embroiled in a legal dispute with US giant Anheuser-Busch over the use of the “Budweiser” brand, reached a record last year. Budejovicky Budvar NP, a Czech state-owned brewery, said on Friday that its output rose 0.8 percent to 1.615 million hectoliters of beer, the highest volume in its 120-year history. It said it sells about 60 percent of its production abroad.
FINANCIAL SERVICES
Credit Suisse cuts Asian jobs
Credit Suisse Group AG is cutting at least half a dozen equities jobs in Hong Kong and Tokyo, as the bank continues to rein in costs and boost returns, according to sources. Among those leaving the Zurich-based bank are Matt Pecot, head of prime services for Asia-Pacific, and Jamie White, a Hong Kong-based director for sales trading, the people said. Credit Suisse also let go four equities analysts in Tokyo, they said. The bank announced in December it will cut an additional 1 billion Swiss francs (US$1 billion) in costs.
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
MAJOR DROP: CEO Tim Cook, who is visiting Hanoi, pledged the firm was committed to Vietnam after its smartphone shipments declined 9.6% annually in the first quarter Apple Inc yesterday said it would increase spending on suppliers in Vietnam, a key production hub, as CEO Tim Cook arrived in the country for a two-day visit. The iPhone maker announced the news in a statement on its Web site, but gave no details of how much it would spend or where the money would go. Cook is expected to meet programmers, content creators and students during his visit, online newspaper VnExpress reported. The visit comes as US President Joe Biden’s administration seeks to ramp up Vietnam’s role in the global tech supply chain to reduce the US’ dependence on China. Images on
New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last
US CONSCULTANT: The US Department of Commerce’s Ursula Burns is a rarely seen US government consultant to be put forward to sit on the board, nominated as an independent director Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday nominated 10 candidates for its new board of directors, including Ursula Burns from the US Department of Commerce. It is rare that TSMC has nominated a US government consultant to sit on its board. Burns was nominated as one of seven independent directors. She is vice chair of the department’s Advisory Council on Supply Chain Competitiveness. Burns is to stand for election at TSMC’s annual shareholders’ meeting on June 4 along with the rest of the candidates. TSMC chairman Mark Liu (劉德音) was not on the list after in December last