UNITED STATES
Waters vows Trump probe
Democrat Maxine Waters, in line to take over the House Financial Services Committee, told colleagues she would undertake a deep dive into President Donald Trump’s “money trail,” beginning with ties to Deutsche Bank AG. In a memo obtained by Bloomberg, Waters promised that if she becomes the next chair of the panel with oversight over Wall Street, she would look at Deutsche Bank and examine any so-called suspicious activity reports filed with the Financial Crimes Enforcement Network.
HEALTHCARE
Kirin to shift from beer
Kirin Holdings Co, Japan’s second-largest beer brewer, plans to shift its core business strategy from beverages to “health and illness-preventing” solutions, the Sankei newspaper reported, citing chief executive officer Yoshinori Isozaki. The Tokyo-based company is planning a global expansion of products that use its proprietary lactic acid bacteria technology, which it believes can prevent illnesses, such as the common cold and influenza, the newspaper reported.
AUTO RACING
NASCAR bids for ISC stock
NASCAR has submitted a non-binding offer to acquire all Class A and Class B common stock of International Speedway Corp (ISC) not already owned by the controlling shareholders of auto racing series. The intent is to combine ISC and NASCAR as one privately-run group of companies led by the France family. Jim France, chairman and chief executive officer of NASCAR, said that the two companies need a unified approach for growth. NASCAR’s offer is to be reviewed by a committee of ISC board members.
SOFTWARE
Symantec stock rebounds
Symantec Corp’s shares have slumped this year amid an internal accounting investigation and waning consumer interest in antivirus software for PCs. Last week, the stock surged after a report that private equity firm Thoma Bravo LLC had approached the cybersecurity company about a potential takeover. “Sometimes we get some headlines, rumors and speculation and our policy is not to comment,” Symantec chief executive officer Greg Clark told Bloomberg Television on Thursday.
INFRASTRUCTURE
Atlantia to pay compensation
Italian infrastructure group Atlantia has set aside 350 million euros (US$396.81 million) to cover the estimated cost of rebuilding the Genoa bridge, which collapsed in August, and compensating the families of those killed. Atlantia’s net profit of 733 million euros was below an average estimate from analysts of 767 million euros. The company also decided not to pay an interim dividend for the first time since 2013.
ROMANIA
New wage tiers announced
The government has passed an emergency ordinance creating two different levels for the minimum national wage. According to Friday’s measure, the minimum monthly salary is to be 2,080 leu (US$506.32) starting Jan.1, while those with higher education qualifications or 15 years of employment are guaranteed 2,350 leu. Previously, there was a flat minimum monthly salary of 1,900 leu regardless of an employee’s qualifications.
ISSUES: Gogoro has been struggling with ballooning losses and was recently embroiled in alleged subsidy fraud, using Chinese-made components instead of locally made parts Gogoro Inc (睿能創意), the nation’s biggest electric scooter maker, yesterday said that its chairman and CEO Horace Luke (陸學森) has resigned amid chronic losses and probes into the company’s alleged involvement in subsidy fraud. The board of directors nominated Reuntex Group (潤泰集團) general counsel Tamon Tseng (曾夢達) as the company’s new chairman, Gogoro said in a statement. Ruentex is Gogoro’s biggest stakeholder. Gogoro Taiwan general manager Henry Chiang (姜家煒) is to serve as acting CEO during the interim period, the statement said. Luke’s departure came as a bombshell yesterday. As a company founder, he has played a key role in pushing for the
China has claimed a breakthrough in developing homegrown chipmaking equipment, an important step in overcoming US sanctions designed to thwart Beijing’s semiconductor goals. State-linked organizations are advised to use a new laser-based immersion lithography machine with a resolution of 65 nanometers or better, the Chinese Ministry of Industry and Information Technology (MIIT) said in an announcement this month. Although the note does not specify the supplier, the spec marks a significant step up from the previous most advanced indigenous equipment — developed by Shanghai Micro Electronics Equipment Group Co (SMEE, 上海微電子) — which stood at about 90 nanometers. MIIT’s claimed advances last
CROSS-STRAIT TENSIONS: The US company could switch orders from TSMC to alternative suppliers, but that would lower chip quality, CEO Jensen Huang said Nvidia Corp CEO Jensen Huang (黃仁勳), whose products have become the hottest commodity in the technology world, on Wednesday said that the scramble for a limited amount of supply has frustrated some customers and raised tensions. “The demand on it is so great, and everyone wants to be first and everyone wants to be most,” he told the audience at a Goldman Sachs Group Inc technology conference in San Francisco. “We probably have more emotional customers today. Deservedly so. It’s tense. We’re trying to do the best we can.” Huang’s company is experiencing strong demand for its latest generation of chips, called
GLOBAL ECONOMY: Policymakers have a choice of a small 25 basis-point cut or a bold cut of 50 basis points, which would help the labor market, but might reignite inflation The US Federal Reserve is gearing up to announce its first interest rate cut in more than four years on Wednesday, with policymakers expected to debate how big a move to make less than two months before the US presidential election. Senior officials at the US central bank including Fed Chairman Jerome Powell have in recent weeks indicated that a rate cut is coming this month, as inflation eases toward the bank’s long-term target of two percent, and the labor market continues to cool. The Fed, which has a dual mandate from the US Congress to act independently to ensure