Cameron lands a job
Former prime minister David Cameron, who stepped down abruptly last year after failing to convince voters to remain in the EU, has been appointed to his first high-profile commercial role. Cameron will take on an advisory post with the US-based First Data Corp, which handles credit and debit-card transactions for about 6 million merchants worldwide, the company said in a statement on Friday. Cameron will focus on consolidating First Data’s base in its key markets as well as promoting the company’s expansion into new regions, the statement said.
Rosengren backs rate hikes
Federal Reserve Bank of Boston President Eric Rosengren stepped up his argument to keep the central bank on track for additional gradual interest rate increases, warning against being too sensitive to short-term economic data. Answering questions after delivering a speech in Montreal, Rosengren said inflation will probably be “much closer to 2 percent” a few months into next year as the impact fades from notable pricing changes for mobile phones and certain pharmaceuticals that have helped keep levels low this year. Inflation expectations in the country are “well-anchored,” he said, adding that wage growth remains subdued given a jobless rate that fell to a 16-year low last month.
Ex-boss’ jail term upheld
The nation’s highest court on Friday upheld a four-year jail sentence on the former Generali SpA chairman Cesare Geronzi for his role in the 2003 bankruptcy of food company Cirio. The decision by the Rome-based Court of Cassation is final and cannot be appealed. However, three of the four years are to be wiped out under a national amnesty and Geronzi, a symbol of old-style Italian capitalism, would not serve any jail time because of his age, 82. The court also ordered a new trial for Cirio’s ex-chief, Sergio Cragnotti, who was handed a sentence of eight years and eight months in 2015.
Ryanair COO to leave post
Ryanair Ltd chief operations officer Michael Hickey has announced plans to leave his post at the end of this month following the cancelation of tens of thousands of flights scheduled for the coming months. Company officials on Saturday said that Hickey will still have an “advisory role” after he steps down following decades with the airline. He is the first senior executive to leave because of the damaging flight cancelations, which have disrupted travel plans for about 700,000 passengers and undercut the company’s bid to improve its customer service reputation. The flights were canceled because of holiday staffing and scheduling errors.
Sycamore bets on retailing
Private equity firm Sycamore Partners is betting on the ailing retail sector at a time when other investors are shying away. The buyout firm, which last month bought Staples Inc, is trying to raise US$4 billion for its biggest fund yet, two people with knowledge of the matter said. It is planning to finish raising the money in January, one of the people said. Founded by Stefan Kaluzny and Peter Morrow in 2011, Sycamore is invested in fashion retailers Nine West, Talbots and Coldwater Creek, as well as department-store chain Belk Inc and others.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
Sony Corp has cut its estimated Play Station 5 (PS5) production for this fiscal year by 4 million units, down to about 11 million, following production issues with its custom-designed system-on-chip (SOC) for the new console, people familiar with the matter said. The Tokyo-based electronics giant in July boosted orders with suppliers in anticipation of heightened demand for gaming in the holiday season and beyond, as people spend more time at home due to the COVID-19 pandemic. However, the company has come up against manufacturing issues, such as production yields as low as 50 percent for its SOC, which have cut into
HEAVY INVESTMENT: Moody’s affirmed the firm’s ‘Aa3’ rating with a ‘stable’ outlook due to its leading position in the industry and ability to match customer requirements Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue this year is expected to increase about 21 percent to NT$1.29 trillion (US$44.01 billion) from NT$1.07 trillion last year, driven by strong demand for advanced 5-nanometer and 7-nanometer chips mainly used in smartphones and high-performance computing devices, a Moody’s Investors Service report on Wednesday said. TSMC’s rate of revenue growth next year is to increase to 7.5 percent, the ratings agency said. The company, which supplies 5-nanometer chips for Apple Inc’s new iPad series, has introduced the advanced chips ahead of its competitors and gained a significant share of the market for the foundry industry’s
O2O BICYCLE SHOW: The Taiwan Bicycle Show next year is to be online to offline, with forums, audio-visual conferences and livestreaming of the offline events Local bicycle makers expect demand to continue outpacing supply due to orders triggered by the COVID-19 pandemic, with some companies seeing orders back up through next year. “Next year is all full in terms of orders. Our lead time on components is one year,” Giant Manufacturing Co Ltd (巨大機械) chairwoman Bonnie Tu (杜綉珍) told a news conference in Taipei organized by the Taiwan External Trade Development Council (TAITRA) to announce next year’s Taipei Cycle Show. The pandemic has reduced bicycle supplies and increased demand around the world, Robert Wu (吳盈進), chairman of KMC (Kuei Meng) International Inc (桂盟國際), one of the world’s