Toronto bourse closes early
Technical problems forced Canada’s largest bourse, the Toronto Stock Exchange, to close early on Friday, said its owner, TMX Group Ltd. TMX early on Friday afternoon said on Twitter that users were “unable to connect to our exchanges,” adding about one hour before the normal close of trading that its markets would be shut down. “TMX today experienced an internal technical issue” that affected service on the Toronto and Montreal bourses, it said. “We have identified the issue and are working to rectify.” Trading is expected to resume tomorrow, it said.
Government figures showed that the unemployment rate remained unchanged this month as the labor market stayed strong. The Federal Employment Agency on Friday said that the unemployment rate remained at 5.3 percent when adjusted for seasonal factors. In real terms, the number of unemployed people dropped 74,358 to 2.38 million jobless this month. That brought the unadjusted unemployment rate down to 5.3 percent, compared with 5.5 percent a month earlier.
Agencies ‘negative’ on UK
Worries about a messy Brexit continue to dog Britain’s economy, warranting keeping the “negative” outlook on its sovereign debt, ratings agencies Standard & Poor’s Financial Services LLC and Fitch Ratings Inc said on Friday. The agencies affirmed their “AA” high-grade rating on the government’s long-term sovereign debt, but pointed to lingering uncertainty about the split from the EU.
HNA eyes sale of NYC tower
Less than one year after HNA Group Co (海航集團) paid US$2.21 billion for 245 Park Ave in New York City — a purchase that raised eyebrows for its near-record price — the troubled Chinese conglomerate is in talks to sell the Manhattan office tower. SL Green Realty Corp, a lender to 245 Park Ave, is in discussions with HNA to purchase the building, according to people with knowledge of the matter. In addition to a sale, another option being discussed is a debt recapitalization of the property, the people said.
Boeing in talks to buy KLX
Boeing Co is in talks to acquire KLX Inc, the Wall Street Journal reported, as the world’s largest planemaker seeks to ramp up a new division providing maintenance, spare parts and other services to airlines. An agreement might come as soon as tomorrow, although a deal could still be derailed, the newspaper said, citing people familiar with the matter. KLX is a distributor of aircraft spare parts and oil and gas equipment, and had a market value of US$3.7 billion as of Thursday’s close.
Daimler Q1 profit falls 11%
Daimler AG, maker of Mercedes-Benz luxury cars, saw its first-quarter net profit fall 11 percent from a year earlier, when the company had one-time gains from financial factors and the sale of real estate. The Stuttgart, Germany-based automaker on Friday said that profits also slipped at its van and bus businesses. For the group as a whole, net profit totaled 2.35 billion euros (US$2.85 billion), down from 2.65 billion euros in the same period last year.
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
Nano-X Imaging Ltd, a start-up founded by Israeli investor Ran Poliakine, is joining forces with South Korean chipmaker SK Hynix Inc to build a machine that could disrupt a century-old X-ray industry. Valued at about US$2 billion after listing on the NASDAQ last month, Nano-X is seeking to transform a multibillion-dollar industry that has essentially relied on the same technology since Nobel Prize in Physics winner Wilhelm Roentgen discovered X-rays in the late 19th century. Nano-X’s device uses semiconductors instead of metal filaments to generate X-rays. The backing of SK Hynix, the world’s second-largest maker of memory chips, is a boost for
Continental AG, which makes control units for Daimler AG cars, cannot pursue antitrust claims against a group of patent owners, including Qualcomm Inc, which are seeking royalties on telecommunications technology, a federal judge in Texas ruled. Avanci LLC, a licensing pool formed by Qualcomm, Nokia Oyj, Sharp Corp and other owners of patents on technology standards, is not breaching antitrust laws when it negotiates license agreements with automakers rather than the component makers, Barbara Lynn, chief district judge for the Northern District of Texas, said in dismissing the suit in a decision posted on Friday. The licensing group charges US$15 per vehicle
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