Royal Philips shares fall
Shares in Royal Philips NV tumbled the most in more than seven years after the Dutch health technology company’s third-quarter profit missed estimates and growth in the personal-health division was disappointing. The Dutch healthcare technology company’s third-quarter adjusted earnings before interest, taxes and amortization increased to 568 million euros (US$654.88 million) from 532 million euros a year earlier, it said in a statement yesterday. Analysts expected 584 million euros. Sales advanced to 4.3 billion euros, in line with the company-compiled estimate.
FWD to buy insurance arm
Billionaire Richard Li’s (李澤楷) FWD Group (富衛) is nearing an agreement to buy control of Commonwealth Bank of Australia’s (CBA) Indonesian life insurance arm, people familiar with the matter said, in a deal that would boost the tycoon’s presence in one of the fastest-growing insurance markets. A deal could be announced as soon as this week, one of the people said. A sale of the bank’s 80 percent stake in the business could fetch about US$400 million, people with knowledge of the matter said in June.
Firm cuts size of share sale
The People’s Insurance Company (Group) of China Ltd (中國人民保險集團), China’s largest property insurer, cut the size of a planned first-time domestic share sale and indicated it would proceed when the market improves. The firm would offer a maximum of 1.8 billion A-shares, less than the 2.3 billion earlier approved by the Chinese securities regulator, it said in a filing with the Hong Kong Stock Exchange yesterday. People’s Insurance would proceed at the “optimal time in light of market conditions,” the statement said.
Marqeta expands to London
Marqeta, a US financial technology start-up that helps young companies including digital-only banks issue payment cards, has expanded into Europe, the company said on Sunday. The company plans to service the region from London, where it has hired at team of five and signed up new clients, it said. Backed by Goldman Sachs Group Inc and Visa Inc, Marqeta has developed a platform that makes payment card issuing and processing simpler and more efficient for businesses, it added.
WorleyParsons buys Jacobs
WorleyParsons Ltd agreed to buy Jacobs Engineering Group Inc’s energy, chemicals and resources business for US$3.3 billion in the Australian company’s biggest acquisition. The Sydney-based firm would pay US$2.6 billion in cash and US$700 million in shares for the business, Jacobs Engineering said in a statement yesterday. The deal would allow Jacobs to focus on higher-margin businesses such as aerospace and technology, the Dallas-based company said.
Global fiscal regime mulled
German Minister of Finance Olaf Scholz said in an interview on Sunday that he backed a global minimum fiscal regime for multinationals as Europe looks to levy tax notably on US tech giants. “We need a minumum tax rate valid globally, which no state can get out of,” Scholz told the Welt am Sonntag weekly. Digital platforms “aggravate a problem that we know well from globalization and that we are trying to counter — the shifting of profits to fiscally beneficial regions,” Scholz said.
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
Shin Kong Financial Holding Co (新光金控) yesterday said that its insurance unit would adjust its investment portfolio after being banned from buying new stocks a day earlier by the Financial Supervisory Commission (FSC). “We will research what we can do based on the commission’s specific instructions after we receive the regulator’s formal documents,” Shin Kong Financial spokesman Sunny Hsu (徐順鋆) told the Taipei Times by telephone. The commission on Tuesday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$941,722) for reckless investment, and demanded that the insurer reduce its overseas investment ratio from 43 percent to 39 percent. The fine would affect
Taipei Times: When do you think the hospitality industry can return to how it was before the COVID-19 pandemic? How does Formosa International Hotels Group (FIH, 晶華酒店集團) fare this quarter and beyond? FIH chairman Steve Pan (潘思亮): The virus outbreak will have a serious impact on business travel, driven mainly by meetings, incentive travel, conferences and exhibitions over the past three decades. For the past six months, many businesspeople have grown used to exchanging information on the Internet, where more people can participate. The trend might sustain for three to five years until people are vaccinated and it is safe to
EQUITIES TAIEX moves sharply higher The TAIEX moved sharply higher yesterday as buying focused on Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) after a strong showing by its American Depositary Receipts overnight. However, the gains were capped after the benchmark index breached 13,000 points and ran into technical hurdles, prompting investors to turn cautious, dealers said. At the end of the session, the TAIEX was up 131.11 points, or 1.02 percent, at 12,976.76. Turnover was NT$206.328 billion (US$7.04 billion), with foreign institutional investors buying a net NT$18.47 billion in shares, Taiwan Stock Exchange data showed. TSMC rose 2.92 percent to close at NT$458.