Tue, Feb 26, 2019 - Page 10 News List

World Business Quick Take

Agencies

TECHNOLOGY

Chip tester seeks purchaser

UTAC Holdings Ltd, the Singapore-based chip testing firm backed by TPG Capital, has appointed Citigroup Inc to advise on a planned sale of its business, people with knowledge of the matter said. The company has started gauging interest from potential buyers, including private equity funds and Chinese semiconductor firms, the people said. The company explored options for the business last year, including a sale and an initial public offering, after completing a bond restructuring, Bloomberg News reported at the time.

AVIATION

Vietnam Air to update fleet

Vietnam Airlines is considering an order of 50 to 100 Boeing Co 737 Max airplanes this year to replace its aging fleet of Airbus SE single-aisle aircraft. The state-owned carrier might also buy long-range jets in preparation for flights to California. The new aircraft would be for delivery from 2020 to 2030, chief executive officer Duong Tri Thanh said in an interview in Hanoi. While Thanh did not specify which Max model the carrier plans to buy, based on list prices of the popular Max 8, the order would be valued at about US$6.1 billion to US$12.2 billion.

STEEL

‘No deal’ brings bill due

British Steel Ltd could face a financial hit of £100 million (US$130.84 million) or more in three weeks’ time if British Prime Minister Theresa May is unable to secure a Brexit deal, two people familiar with the matter said. The costs relate to the private equity-owned steelmaker’s carbon pollution bill for last year, which is due for payment by March 15, the people said. British Steel and its owner, Greybull Capital LLP, said that the steelmaker is prepared for various Brexit scenarios.

BANKING

Societe Generale to cut jobs

French banking group Societe Generale SA is planning to cut 1,500 positions in its BFI corporate and investment banking arm, Le Figaro newspaper reported on Saturday. The bank is looking at two scenarios, both of which envisage 1,500 job cuts worldwide, with about 700 of them in France, the report said, citing internal bank documents. The company said in a statement on Saturday that it is still reviewing activities in its corporate and investor client business, so it could not comment on the impact on jobs.

UNITED KINGDOM

Banks eye £44bn in claims

Banks face a final bill of £44 billion to settle claims that they mis-sold payment protection insurance, the Mail said on Sunday, citing its own analysis. The study is based on published information extrapolated over the period until the Aug. 29 cutoff that the Financial Conduct Authority has set for claims, the report said. Lenders have already set aside about 40 billion pounds to compensate customers.

TECHNOLOGY

Newest HoloLens unveiled

Microsoft Corp unveiled the latest version of its HoloLens augmented reality headset on Sunday, promising wearers would feel more immersed in the augmented reality experience and more comfortable. The company showed off how the HoloLens 2 can track eye movements, and allow wearers to feel as though they can touch and manipulate holograms. The devices were also attached to hard hats for construction workers.

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