Apple scales up encryption
Apple Inc on Wednesday said it was strengthening encryption on its iPhones to thwart police efforts to unlock handsets without legitimate authorization. The move by Apple, the latest in an ongoing clash with law enforcement, comes amid reports of growing use of a tool known as GrayKey that can enable police to bypass iPhone security features. The new features are not designed to frustrate law enforcement, but prevent any bypassing of encryption by good or bad actors, Apple said.
Rolls-Royce to cut UK jobs
Britain’s Rolls-Royce said it would cut 4,600 jobs primarily in the UK as part of a plan to simplify its business and save ￡400 million (US$538 million) a year by the end of 2020. The engineering company said the job cuts and overhaul of its business would cost it ￡500 million and be spread between now and the end of 2020, which would be reported as separate one-off costs, allowing it to stick to its targets for free cash flow. Rolls-Royce has 55,000 employees worldwide of which 26,000 are in Britain.
Carlsberg plans India IPO
Carlsberg A/S is planning a initial public offering (IPO) of its Indian business, people with knowledge of the matter said, as it seeks to tap India’s growing middle class’s increasing thirst for foreign beer. The Danish brewer is interviewing potential arrangers for the share sale over the next few weeks, said the people, who asked not to be identified because the information is private.
Volkswagen to accept fine
Volkswagen AG on Wednesday said that it is being fined 1 billion euros (US$1.18 billion) by German authorities in connection with the diesel emissions scandal. Volkswagen said in a statement it would accept the fine imposed by prosecutors in Braunschweig. Prosecutors concluded that Volkswagen failed to properly oversee the activity of its engine development department, resulting in about 10.7 million diesel vehicles with illegal emissions-controlling software being sold worldwide.
Swire discusses HK sale
Swire Properties Ltd is in talks to sell its stakes in two Hong Kong towers to Hengli Investments Holding Group (恆力房地產) for more than HK$14 billion (US$1.78 billion), people familiar with the matter said, adding to a spate of deals in the world’s priciest office market. Hengli is in discussion with banks on getting financing for the purchase of the buildings, known as Cityplaza Three and Cityplaza Four, the people said. Hengli is a Hong Kong-based property investment firm linked to Chen Chang Wei (陳長偉), who is listed as a director of the company, regulatory filings showed.
GDP estimate might improve
The World Bank might boost its projection for economic growth in the nation, where the pace of expansion hit a five-year high last quarter. A stable outlook and signs that companies are investing again domestically are among the positive factors for the second-largest economy in Southeast Asia, said Ulrich Zachau, the world bank’s director for Thailand and regional partnerships. The lender’s estimate is for a 4.1 percent climb in GDP this year. GDP rose 4.8 percent in January through March from a year earlier, exceeding all estimates in a Bloomberg survey.
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
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
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
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