MINING
Glencore sued over police
Peruvian villagers suing miner Glencore PLC are to argue in London’s High Court next week that the company should be held liable over their allegations they were abused by Peruvian police, the law firm representing them said on Tuesday. The allegations, to be presented in a 10-day hearing that starts on Monday next week, illustrates potential legal risks for mining companies that sign pacts with Peruvian police for the provision of security services at their operations. The lawsuit by 22 Peruvians said that Xstrata PLC, acquired by Glencore in 2013, failed to take reasonable steps to prevent abuses by police in deadly protests at the Tintaya copper mine in 2012, London law firm Leigh Day said.
PRIVATE EQUITY
Blackstone aims for US$800bn
Blackstone Group LP could double its assets under management to US$800 billion in five years, chief executive officer Steve Schwarzman said. “We have internal targets, plans, aspirations to basically double where we are which would take us to US$800 billion,” Schwarzman said in Bloomberg TV interview in Riyadh yesterday. When asked whether the New York-based asset manager could be a trillion dollar fund, he said: “That’s possible.” Schwarzman, 70, said last week that he expects Blackstone’s assets to continue rising in the fourth quarter of the year.
Pharmaceuticals
Sanofi to sue over patent
French drugmaker Sanofi SA said it is suing a US pharmaceuticals company for allegedly infringing the patent on its key insulin treatment as sales of its diabetes drugs are falling. Sanofi’s Lantus insulin drug, a major source of revenue for the French group, is no longer being reimbursed by several top US health insurance companies which have switched to a cheaper competitor. That pushed sales of the French group’s diabetes treatments down by 12 percent in the second quarter of the year. Sanofi said in a statement late on Tuesday that it is suing US-based Mylan for alleged infringement of 18 patents.
FOOD AND BEVERAGE
McDonald’s earnings strong
McDonald’s on Tuesday turned in another strong round of earnings following heavy promotions in the US as it ramps up tech-focused home-delivery and mobile-pay initiatives. The fast food giant scored a solid 6 percent jump in global comparable sales, fueled by gains in several key markets, including the US, China, Britain and Canada. “We’re building a better McDonald’s and winning back customers,” said chief executive Steve Easterbrook, who was appointed in 2015 and has been credited with turning around the chain, and dousing worries about rival chains and growing consumer enthusiasm for healthier fare.
RENEWABLE ENERGY
Equis Energy acquired
Investment fund Global Infrastructure Partners agreed to buy Equis Energy, a Singapore-based developer of renewable power projects, for US$5 billion including debt, an industry record. The deal includes US$1.3 billion of liabilities and is expected to close in the first quarter of next year, the companies said in a joint statement yesterday. Equis Energy’s portfolio of assets includes solar, wind and hydroelectric power operations in Australia, Japan, India, Indonesia, the Philippines and Thailand. Renewable power is attracting more investor interest as governments throughout Asia seek alternatives to fossil fuels to meet rising energy demand.
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
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
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