Regulator denies Iran fines
The Banking Supervision and Regulation Agency on Saturday urged the public to ignore rumors about financial institutions, in an apparent dismissal of a report that some Turkish banks face billions of dollars of US fines over alleged violations of Iran-sanctions. The regulator said in a statement that Turkey’s banks were functioning well. The Haberturk newspaper on Saturday reported that six banks potentially face substantial fines, citing senior banking sources. It did not name the banks. One bank faces a penalty in excess of US$5 billion, while the rest of the fines will be lower, it said.
Profit warnings jump in Q3
The number of profit warnings issued by British companies jumped from 45 in the second quarter to 75 in the third quarter, the biggest quarterly rise in almost six years as economic pressures weighed on retailers and support service companies, business services group EY said yesterday. The spike is significantly ahead of the average of 62 in the third quarter, EY said. Retailer Dixons Carphone PLC and construction and support service firm Carillion PLC were two of the biggest companies to warn in the period.
Israeli extradited for scam
A dual citizen of Israel and Russia has been extradited to the US to face charges in a money laundering case. Stanislav Nazarov is accused in a scheme to defraud a large reinsurance company in India. Prosecutors said the director of that company was duped through a cyberphishing scheme into wiring US$1.4 million to a bank account in the US. Nazarov then allegedly had a portion of that money transferred to him in Israel. His extradition was announced on Friday.
Wells Fargo sees departures
Three high-level foreign exchange executives and a currency trader have left Wells Fargo & Co. The bank on Friday confirmed that the employees from the investment bank side of the business were no longer with the firm, but would not say if they were fired. The bank has been trying to move beyond problems in its consumer banking operations that have tarnished its brand. It has paid millions in fines and settlements.
Concordia eyes restructuring
Canadian drugmaker Concordia International Corp, stumbling under debt that it piled on during a takeover spree, is seeking to restructure its finances and cut borrowings by at least US$2 billion, after missing an interest payment on Monday on some unsecured bonds. Management is pursuing a plan under the Canada Business Corporations Act, according to a statement on Friday, which did not outline any potential terms of a deal, but said the company would continue making payments on its secured debt.
Reckitt Benckiser to split
Reckitt Benckiser will split into two business units, the British consumer goods maker said on Wednesday, after a third-quarter fall in sales prompted it to cut its full-year forecast. The maker of Durex condoms, Nurofen tablets and Lysol disinfectants has struggled with fallout from a cyberattack, a failed product launch and a safety scandal in South Korea. Reckitt said third-quarter sales were ￡3.21 billion (US$4.23 billion), down 1 percent on a like-for-like basis.
NO VIRUS BLUES: A SEMI Taiwan official said that the virus does not slow down the global semiconductor industry’s investment in manufacturing equipment The production value of the nation’s semiconductor industry is expected to grow 16.7 percent this year from last year, outpacing the global industry’s 3.3 percent growth, industry association SEMI said yesterday. That would help Taiwan safeguard its second spot in the global semiconductor market with a production value of more than NT$3 trillion (US$102.73 billion), SEMI Taiwan president Terry Tsao (曹世綸) told a media briefing in Taipei for the Semicon Taiwan trade show beginning today. The global semiconductor industry’s production value is expected to increase to US$426 billion this year, SEMI said. In terms of semiconductor equipment investment, equipment billings from Taiwanese firms
Intel Corp has received licenses from US authorities to continue supplying certain products to Huawei Technologies Co (華為), a company spokesman said yesterday. Washington has been pushing governments around to world to squeeze out Huawei, saying that the telecom giant would hand data to Beijing for espionage. From Monday last week, new curbs have barred US companies from supplying or servicing Huawei. This week, the state-backed China Securities Journal reported that Intel had received permission to supply Huawei. China’s Semiconductor Manufacturing International Corp (SMIC, 中芯國際), which uses US-origin equipment to make chips for Huawei and other companies, last week confirmed that it had sought
INVEST IN TAIWAN: A metal components casting firm and the world’s largest maker of aluminum bicycle rims also obtained approvals to join the program Solar Applied Materials Technology Co (SOLAR, 光洋應用材料), a part of Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) “green supply chain,” has pledged to invest NT$1 billion (US$34.1 million) to build a new plant at the Tainan Technology Industrial Park (台南科技工業區), the Ministry of Economic Affairs said yesterday. SOLAR has been collaborating with TSMC to extract precious metals from waste and reuse them as “sputtering target” material in high-end semiconductor manufacturing, a TSMC press release issued in May said. Established in 1978, SOLAR also offers key materials and integrated services to customers in the optoelectronics, information and communications technology, petrochemicals and consumer electronics industries,
‘SWARM TECH’: Joint venture FARobot is to develop autonomous mobile robots that would first be deployed in Hon Hai’s factories to optimize production efficiency Hon Hai Precision Industry Co (鴻海精密) and Adlink Technology Inc (凌華科技) have formed a robotic venture that aims to use “swarm technology” to create robots that can communicate with one another on the factory floor to optimize production efficiency. Hon Hai is Apple Inc’s leading iPhone assembler and the world’s largest contract electronics maker, while Adlink supplies industrial computers and Internet of Things solutions. Through a subsidiary, Hyield Venture Capital Co (鴻揚創投), Hon Hai holds a 51 percent stake in autonomous mobile robot (AMR) developer FARobot (法博智能移動), while Adlink owns the remaining 49 percent. Together, the two companies put up NT$200