Uber loss shrinks in Q4
Uber Technologies Inc on Friday released earnings figures showing that its loss narrowed in the final quarter of last year, while revenue growth slowed. The loss in the final three months of the year amounted to US$865 million, compared with US$1.1 billion in the same period a year earlier. The San Francisco-based ride-sharing giant reported revenue of US$3 billion, a 25 percent increase from a year earlier. Revenue for the full year rose 43 percent to US$11.3 billion, with Uber’s annual loss shrinking 15 percent to US$1.8 billion, it said.
Amazon leads Rivian funding
Electric vehicle (EV) start-up Rivian on Friday announced a US$700 million investment round led by Amazon.com Inc, which recently pumped money into a young self-driving car technology firm. Details of Amazon’s stake in US-based Rivian were not disclosed, but the company said that it would remain independent. Rivian has a team of more than 750 people and development centers in the US and England, it said.
Duterte passes reforms
President Rodrigo Duterte signed into law key economic measures that are seen to help lower rice prices, strengthen the central bank and bolster state revenues. Duterte signed a bill that would remove caps on rice imports and boost supply of the staple grain, Executive Secretary Salvador Medialdea said. The president approved amendments to the central bank charter that would expand its powers and pave the way for the injection of additional government capital. The measures are to take effect 15 days from their publication in newspapers.
Indonesia drops fuel prices
State-owned energy company PT Pertamina reduced the price of jet fuel sold at airports, after President Joko Widodo ordered a review following complaints about high air fares blamed on soaring fuel costs. The company lowered the price of fuel sold at Jakarta’s Soekarno-Hatta International Airport by 3 percent to 7,960 rupiah (US$0.56) per liter from yesterday, it said in a statement. The price of aviation fuel in Jakarta is about 26 percent lower than at Singapore’s Changi Airport, Pertamina said.
Regulator slams Yes Bank
Yes Bank Ltd came under fire from the Reserve Bank of India, which said that its selective disclosures from an audit report by the regulator was a “deliberate attempt” to mislead the public. The risk assessment report on Yes Bank prepared by the central bank identified several lapses and regulatory breaches in various areas of functioning, the company said in a stock exchange filing on Friday. Yes Bank also breached confidentiality rules and contravened regulatory guidelines by releasing the information from the risk assessment report, the central bank said.
JPMorgan has virtual coin
JPMorgan Chase on Thursday unveiled a prototype for a digital coin system using blockchain, a first among major banks. The system, called JPM Coin, which for now is only at the prototype stage and for business-to-business deals, would permit institutional clients to make instantaneous payments to other bank clients.
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,
ELECTRIC FARMLAND: TSMC’s proposal to clear 230 hectares of reforested land for what would become Taiwan’s largest photovoltaic solar farm has generated concerns New rules curbing solar farms built on agricultural land sparked fierce debate at a packed public hearing at the Legislative Yuan yesterday, with industry representatives saying that the new restrictions would endanger President Tsai Ing-wen’s (蔡英文) green energy goals, while agricultural officials emphasized the importance of protecting farmers and the environment. The Tsai administration has set a target to generate 20 percent of the nation’s power from renewable sources by 2025, by which time it also aims to install 20 gigawatts (GW) of solar power, including 6GW from rooftop solar systems and 14GW from ground-mounted solar farms. Although rooftop solar systems are
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday posted monthly revenue that suggested second-quarter sales surpassed analysts’ estimates, underscoring how its technological lead is helping the chipmaker weather the COVID-19 pandemic and US sanctions on its second-biggest customer Huawei Technologies Co (華為). Apple Inc’s main iPhone chipmaker posted sales of NT$120.88 billion (US$4.08 billion) for last month, up 40.8 percent year-on-year and bringing its revenue for the second quarter to NT$310.7 billion, beating the NT$308.8 billion analysts expected on average. TSMC, a barometer for the industry thanks to its heft in the global supply chain, had previously lowered its revenue outlook for this
‘SENSITIVE MARKETS’: The previously unannounced project would involve the company handing over control of data to a third party to sidestep privacy concerns Google has abandoned plans to offer a major new cloud service in China and other politically sensitive countries due in part to concerns over geopolitical tensions and the COVID-19 pandemic, two employees familiar with the matter said, revealing the challenges for US tech giants to secure business in those markets. In May, the search giant shut down the initiative, known as “Isolated Region” and which sought to address nations’ desires to control data within their borders, the employees said. The action was considered a “massive strategy shift,” said one of the employees, who added that Isolated Region had involved hundreds of employees