PG&E files for protection
PG&E Corp yesterday filed for voluntary Chapter 11 bankruptcy protection, succumbing to liabilities stemming from wildfires in northern California in 2017 and last year. The owner of the biggest US power utility has filed a motion seeking court approval for a US$5.5 billion debtor-in-possession financing, it said in a statement. PG&E listed assets of US$71.39 billion and liabilities of US$51.69 billion in a document filed in the US Bankruptcy Court for the Northern District of California. “Throughout this process, we are fully committed to enhancing our wildfire safety efforts, as well as helping restoration and rebuilding efforts across the communities impacted,” PG&E interim CEO John Simon said. The company said it intends to pay suppliers in full under normal terms for goods and services provided on or after the date of the filing.
Intel to invest in new plant
Intel yesterday said it is expanding its operations in Israel, where ministers said that the US chipmaker would invest about US$10 billion in a new plant. “Intel today announced it will submit a business plan to the government of Israel for continued investment in the company’s Kiryat Gat manufacturing site,” a statement from Intel’s Israeli representatives said. Minister of Finance Moshe Kahlon late on Monday said he was informed by Intel of its “unprecedented decision expected to bring thousands of jobs to the south.” Minister of the Economy and Industry Eli Cohen said that Intel had chosen to “build its most advanced plant here in Israel.” Last year, Intel had already decided on a US$5 billion upgrade to the site.
Bug allows eavesdropping
A FaceTime bug lets people hear and even see those they are calling on iPhones, even if the other person has not answered. When a telephone number is dialed on FaceTime — the iPhone’s calling feature — the caller can swipe up from the bottom of the screen and tap an option to add a person, video demonstrations showed. If the caller then enters their own number as that of the added caller, a group call begins, even though the person being called has not answered. The caller can then eavesdrop on the person being called, and in some demonstrations even watch them through the camera app. Declining a call breaks the connection. The bug, initially outlined by Apple Inc product and review Web site 9to5Mac.com, was reported by several media outlets. An Apple statement quoted in US media said that it was aware of the issue and has “identified a fix that will be released in a software update later this week.”
SAP to restructure
German giant SAP SE yesterday said it would launch a nearly billion-euro restructuring plan after profits stagnated last year, adding that it is on track to grow revenue and earnings this year. Net profit last year added just 1 percent to about 4.1 billion euros (US$4.69 billion), but operating profit surged 17 percent to 5.7 billion euros, on revenue up 5 percent at 24.7 billion euros. SAP said it plans to spend 800 million to 950 million euros “to further simplify company structures and processes.” Executives aim to realize a “minor cost benefit” this year, before slashing annual outgoings by up to 850 million euros from next year. The program comes on top of the group’s US$8 billion acquisition of Qualtrics, which CEO Bill McDermott said meant SAP was “poised to revolutionize the business software industry.”
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