SOFTWARE
Infosys approves repurchase
Infosys Ltd has approved a 130 billion rupees (US$2 billion) share repurchase to improve returns for stakeholders of the Indian software exporter a day after chief executive officer Vishal Sikka quit amid heightened tensions between the board and founders led by ex-chairman N.R. Narayana Murthy. Asia’s No. 2 software services developer voted to buy back as many as 113 million shares at 1,150 rupees apiece at a meeting on Saturday in Bangalore, according to an exchange filing. The meeting to consider the move was scheduled before Sikka announced his resignation.
GREECE
Fitch raises rating to ‘B-’
Fitch Ratings has upgraded the country’s credit rating from “CCC” to “B-,” a one-notch improvement that still leaves the bonds issued by the crisis-battered country well below investment grade. The ratings agency on Friday said the outlook of the economy is positive and it expects talks with the country’s international creditors to be concluded “without creating instability.” A Fitch statement added that other European countries using the euro currency are expected to grant Greece substantial debt relief next year. Fitch said that will boost market confidence and help the country finance itself directly by issuing bonds after its current bailout program ends in a year.
VENEZUELA
Oil czar touts Russia ties
The Latin American country’s alliance with Russia is “perfect,” the president of state oil company Petroleos de Venezuela SA (PDVSA) said on Friday, blasting what he said was a US-led attempt to sully the growing ties between the two nations. PDVSA president Eulogio Del Pino said the US and its allies were trying to hurt Caracas’ relationship with Moscow because they feared losing Latin America to Russia’s sphere of influence. In what he said was proof of strength in Venezuela’s oil industry, Del Pino said joint ventures with Russian companies in Venezuela were producing about 250,000 barrels per day. “We’re working in perfect alliance,” Del Pino said.
RETAIL
Target drops food start-up
Target Corp is no longer to sell products made by food start-up Hampton Creek Inc after an internal review, the latest major blow to the beleaguered maker of Just Mayo eggless mayonnaise and other plant-based foods. The retail giant decided to end the relationship about two months after receiving what it described as “specific and serious food safety allegations about Hampton Creek products.” Target pulled the San Francisco company’s products from shelves in June. Hampton Creek has said its products are safe and comply with the US Food and Drug Administration rules. The agency has said it would not investigate unless it receives reports of consumers getting sick and has “no safety concerns with Hampton Creek at this time.”
ENERGY
Sempra is mystery bidder
Sempra Energy is the mystery third bidder for Oncor Electric Delivery Co that is competing with Berkshire Hathaway Inc and Elliott Management Corp, according to people familiar with the matter. San Diego, California-based Sempra has made a US$9.3 billion offer for the Texas utility, the people said. Lawyers disclosed that another bidder had emerged for Oncor during a bankruptcy hearing on Friday without revealing the name of the suitor. Oncor is a division of bankrupt Energy Future Holdings Corp. Representatives for Sempra, Oncor and Elliott declined to comment.
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