BOE to boost fees on Brexit
The Bank of England (BOE) plans to boost fees on British banks to recover ￡5.4 million (US$6.7 million) of regulatory costs associated with Brexit. The British Prudential Regulation Authority on Friday said that the nation’s withdrawal from the EU “will require a significant amount of work” to review rules and respond to industry questions. The central bank said the industry might need to pay more money in the future if further costs are identified. It included the new fee in its proposed levies on the industry for 2017-2018.
Central bank cuts key rate
The central bank on Friday cut its key rate for the first time in six months and said more cuts were coming, offering a welcome boost to the country’s struggling economy. Falling inflation gave the central bank the leeway to shave a quarter-point off its headline rate and promise more easing down the road. The central bank announced the cut to 9.75 percent after a regular monetary policy meeting.
Credit Suisse hikes bonuses
Credit Suisse Group AG increased its bonus pool 6 percent, defying a trend toward smaller payouts at many of its peers in an effort to prevent an exodus of talent from its investment banking and Asian operations. The bank awarded 3.09 billion Swiss francs (US$3.1 billion) in incentive pay for last year, an annual report released on Friday showed, even as charges tied to legal settlements pushed it to a second consecutive annual loss. The bank last year posted a loss of 2.7 billion francs as it absorbed charges from a US$5.3 billion settlement with the US Department of Justice over its pre-crisis mortgage securities business.
Kraft Heinz lays off 200
Kraft Heinz Co has laid off 200 white-collar workers in Canada and the US. The company is realigning its administrative functions to be more efficient, Kraft Heinz senior vice president of corporate and government affairs Michael Mullen said on Friday. The company did not say where the layoffs occurred. Kraft Heinz has about 41,000 employees worldwide. The workers being laid off have all been notified and Mullen said the company appreciates their contributions.
US court voids most of suit
Brazilian miner Vale SA on Friday said the US District Court for the Southern District of New York annulled nearly all parts of a class-action lawsuit against the company and executives over the collapse of a tailings dam in Brazil in 2015. The only parts of the case that remain ongoing are linked to specific statements made by Vale in 2013 and 2014 and a conference call in November 2015, the company said.
Baidu to expand in the US
Baidu Inc (百度) is to double its footprint in Silicon Valley with a second research and development facility, seeking to gain an edge in artificial intelligence technology. China’s largest search engine provider is to add 150 employees, it said in a statement on Friday. Baidu has about 200 people at its existing site in Sunnyvale, California, with about 1,300 engineers working on the technology in China and the US.
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