Firm hit by president’s fears
Shares in Brazilian airplane maker Embraer SA plunged nearly 5 percent on Sao Paulo’s stock market after new Brazilian President Jair Bolsonaro voiced wariness about a US$5.2 billion merger that the company is planning with US giant Boeing Co. “This merger would be very good, but we can’t, as is set out in the last proposal, allow everything to be handed over to the other side in five years’ time,” he said on Friday. “That’s the worry: This is our heritage,” he said, adding: “We know of the need for this merger, for its [Embraer’s] competitiveness, so it doesn’t disappear over time.”
Munoz works on Ghosn tasks
Nissan Motor Co chief performance officer Jose Munoz, who oversaw the Japanese automaker’s global strategies, is taking a leave of absence to work on “special tasks arising from recent events,” the company said yesterday, referring to the arrest of former chairman Carlos Ghosn. Nissan spokesman Nicholas Maxfield did not offer details. Munoz is among several executives that the media have speculated could be a possible successor to Ghosn.
Credit Suisse to aid probe
Credit Suisse on Friday said it had been deceived by three former employees, accused by prosecutors in New York of orchestrating US$2 billion in dodgy loans to Mozambique, and pledged to cooperate with a US investigation. The suspects “sought to hide these activities from the bank,” Switzerland’s second-largest bank said, adding that it was not a target of the US Department of Justice indictment.
Emulex suit hits top court
The US Supreme Court on Friday agreed to hear an appeal filed by a subsidiary of Broadcom Inc seeking to put an end to a shareholder lawsuit concerning its 2015 acquisition of Emulex Corp. The legal question, which could affect other cases, is whether, under the Securities and Exchange Act, shareholders need to show intent to defraud when suing a company over statements made during the merger and acquisition process.
Apollo seeks to buy GE unit
Apollo Global Management LLC is talking to bankers about lining up debt to buy all or part of General Electric Co’s jet-leasing business, which could be worth as much as US$40 billion, people familiar with the matter said. The New York-based alternative asset manager has met with lenders to secure about US$30 billion in financing to purchase GE Capital Aviation Services as potential buyers circle one of the ailing manufacturer’s crown jewels, the people said.
Eskom extends staff cuts
Eskom Holdings SOC Ltd plans to extend its strategy of trimming top executive positions to include lower-ranking managers and finally the general workforce as the cash-strapped power utility looks to cut costs, a person familiar with the plans said. The state-owned company last month reduced its highest executive structure from 21 to nine positions by regrading and combining roles. The next phase is to cut a 600-strong layer of managers by at least 70 percent, the person said.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion