Casino revenue up 17%
Gambling revenue in the territory posted a 17 percent gain last month, thanks to active gaming by Chinese betters keen to play in the country’s only legal casino hub. The gains mark 25 straight months of rising gambling revenues in the former Portuguese colony. Figures released yesterday by the Macanese Gaming Inspection and Coordination Bureau showed that revenues rose 17 percent to 26.6 billion patacas (US$3.29 billion), exceeding analysts’ expectations of 15 to 17 percent growth.
Joblessness falls to 8.2%
Unemployment across the 19-country currency area has fallen to its lowest level since the most acute phase of the global financial crisis a decade ago. Eurostat, the EU’s statistics agency, on Friday said that the unemployment rate in July was 8.2 percent. That was unchanged from the previous month’s rate, which Eurostat revised down from 8.3 percent. The rate is the lowest since November 2008. Across the eurozone, there were 13.38 million people unemployed in July.
Fitch revises down outlook
Fitch Ratings on Friday revised its outlook for long-term debt from stable to negative, citing the risks of a “new and untested” coalition government. In a statement, Fitch said that it expects “fiscal loosening” from the new populist government, possibly leaving “Italy’s very high level of public debt more exposed to potential shocks.” The country’s economy was hit hard by the 2008 global financial crisis and the eurozone debt meltdown.
Renesas mulls merger
Renesas Electronics Corp, the second-biggest supplier of semiconductors used in cars, said it is considering an acquisition of Integrated Device Technology Inc to expand beyond the automotive sector. The two companies are to meet next week, and Renesas plans to make a tender offer valued at about US$6 billion, although prospects for an agreement are unclear, Japan’s Nihon Keizai Shimbun reported on Friday. The Japanese chipmaker later said in a statement that a deal with Integrated Device is just one option under consideration.
Delivery giant plans IPO
Chinese food delivery giant Meituan Dianping (美團點評) plans to raise as much as US$4.5 billion in an initial public offering (IPO) in Hong Kong, people with knowledge of the matter said. The company plans to sell shares at between HK$60 and HK$72 apiece, the people said. Meituan is seeking a valuation of as much as US$55 billion, one of the people said. The company aims to start taking investor orders from Tuesday through Sept. 12, and expects to price the offering on Sept. 12 with shares to start trading on Sept. 20, the people said.
Swiss whistle-blower cleared
A Swiss asset manager who in 2013 provided US prosecutors with more than 100 files from clients suspected of dodging taxes has been cleared of spying-related charges in his home country, recently published Swiss court documents showed. Martin Egli, who hired one of the country’s best-known defense attorneys to help clear his name, was awarded 33,300 Swiss francs (US$34,366) in the case, mostly for legal fees.
Polytronics Technology Corp (聚鼎科技) yesterday announced that it is buying Henkel AG’s thermal clad dielectric material (TCLAD) business division for US$26 million as the Taiwanese firm aims to improve its technology, product portfolio and revenue performance. Polytronics, headquartered in the Hsinchu Science Park (新竹科學園區), is a supplier of protection components and heat dissipation materials. The firm entered the metallic heat-dissipation substrate market in 2007 and developed a unique solventless production process. Its board of directors approved signing an agreement with Henkel to acquire the German chemical firm’s TCLAD division in the US. The purchase includes all assets and business interests, including equipment,
SIZE MATTERS: Medium-sized hotels that do not have the support of parent groups are more vulnerable and are forced to take action, a REPro Knight Frank researcher said About 50 hotels across Taiwan are seeking to exit the market as they succumb to the bleak business outlook amid international travel restrictions imposed to combat the COVID-19 pandemic. Yomi Hotel (優美飯店) on Minsheng E Road, Sec 1, in Taipei is seeking to transfer ownership with an asking price of NT$950 million (US$32.15 million) and a pledge for a lease contract that guarantees a 3 percent return. The budget hotel, with room rates that start from NT$1,400 per night, maintains normal operations, but has been struggling since March, when the government placed restrictions on inbound and outbound travel. Occupancy rates for hotels in
With the US dollar expected to weaken in the next 12 months due to near-zero interest rates, investors should consider purchasing US corporate bonds, Standard Chartered Bank Taiwan Ltd (渣打台灣銀行) said on Thursday. The bank said that the US Federal Reserve since last month has been buying bonds issued by US companies to curb default rates. The US dollar is forecast to be weaker against the pound, the euro and the yen, as well as the Canadian dollar, the Swedish krona and the Swiss franc, as the greenback lacks high investment returns after the Fed in March slashed the benchmark interest rate
A Bollywood actor’s face tattooed on his arm, Sandeep Bacche’s devotion shocks few in India where stars enjoy semi-divine status, but even there the hallowed silver screen might be losing its shine to streaming services and pandemic fears. “Whenever things get better and theaters begin operations, I will watch three movies a day for sure just as a way to celebrate,” said the Mumbai rickshaw driver, who is recovering from the virus himself. However, others might not join the party. With cinemas shut for months due to a COVID-19 lockdown, and little prospect they will reopen soon, frustrated Bollywood producers have turned to