RETAIL
Liquidation for hhgregg
Consumer electronics chain hhgregg Inc is going out of business and shutting down all its stores in the US. The Indianapolis-based company on Friday said that it is to liquidate its assets after failing to find a buyer for the business. It filed for bankruptcy protection last month. Founded in 1955, the retailer had 220 stores in 19 US states selling major appliances such as washers and TVs, as well as computers and home theater systems. As of May last year, it had about 5,000 employees.
RIDE-HAILING
Italy rules against Uber
An Italian court on Friday banned the use of smartphone apps for the ride-hailing group Uber Technologies Inc, saying that they contribute to traditional taxis facing unfair competition, local media outlets reported. In a ruling that is subject to appeal, a court in Rome upheld a complaint filed by taxi unions and gave Uber 10 days to end the use of various phone apps on Italian territory, along with the promotion and advertising of them. If Uber does not comply it could face a fine of 10,000 euros (US$10,592) for each day it remains in defiance of the court. Uber said it was shocked by the ruling and that it would appeal immediately, seeking suspension of the ruling.
PHARMACEUTICALS
Fresenius eyes Akorn
Fresenius SE, Europe’s biggest publicly traded healthcare provider, on Friday said that it is in talks to buy US generic drugmaker Akorn Inc. While discussions are under way, there is no certainty of a deal, said Fresenius, a maker of dialysis and medical products. The Bad Homburg, Germany-based company did not elaborate in a statement about the talks. A spokeswoman for Akorn declined to comment. Bloomberg reported on the discussions earlier on Friday. Following that report, Akorn shares closed up 18 percent, the biggest one-day gain since May last year, giving Akorn a market valuation of US$3.7 billion.
LAWSUITS
Reality TV stars in tax row
Jersey Shore star Michael Sorrentino and his brother have been hit with additional tax fraud charges. Federal prosecutors on Friday said that Michael Sorrentino was indicted on charges including tax evasion, structuring bank deposits to avoid reporting requirements and falsifying records. Marc Sorrentino was charged with falsifying records to obstruct a grand jury investigation. They previously pleaded not guilty to charges they filed bogus tax returns on nearly US$9 million and claimed millions in personal expenses as business expenses. They are to be arraigned on the new charges on April 17.
EXECUTIVE PAY
Kelleher receives US$19.5m
Morgan Stanley president Colm Kelleher, who runs the firm’s investment bank and retail brokerage, received US$19.5 million for his work last year, a 27 percent annual increase. Kelleher, 59, was paid US$1.67 million in salary, US$6.88 million in deferred cash and US$2.4 million in deferred stock, the New York-based bank said on Friday in a regulatory filing. He also got a US$4.06 million cash bonus and a US$4.49 million long-term incentive. His 2015 compensation totaled US$15.3 million.
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
RECORD-BREAKING: TSMC’s net profit last quarter beat market expectations by expanding 8.9% and it was the best first-quarter profit in the chipmaker’s history Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which counts Nvidia Corp as a key customer, yesterday said that artificial intelligence (AI) server chip revenue is set to more than double this year from last year amid rising demand. The chipmaker expects the growth momentum to continue in the next five years with an annual compound growth rate of 50 percent, TSMC chief executive officer C.C. Wei (魏哲家) told investors yesterday. By 2028, AI chips’ contribution to revenue would climb to about 20 percent from a percentage in the low teens, Wei said. “Almost all the AI innovators are working with TSMC to address the
FUTURE PLANS: Although the electric vehicle market is getting more competitive, Hon Hai would stick to its goal of seizing a 5 percent share globally, Young Liu said Hon Hai Precision Industry Co (鴻海精密), a major iPhone assembler and supplier of artificial intelligence (AI) servers powered by Nvidia Corp’s chips, yesterday said it has introduced a rotating chief executive structure as part of the company’s efforts to cultivate future leaders and to enhance corporate governance. The 50-year-old contract electronics maker reported sizable revenue of NT$6.16 trillion (US$189.67 billion) last year. Hon Hai, also known as Foxconn Technology Group (富士康科技集團), has been under the control of one man almost since its inception. A rotating CEO system is a rarity among Taiwanese businesses. Hon Hai has given leaders of the company’s six