China-Japan plan advances
China and Japan made key progress on a program that would allow cross-listing of exchange-traded funds and make it easier for investors to buy shares in each other’s nations. Both sides have sped up market access and bolstered regulatory cooperation since a memorandum of understanding was signed in October last year, China Securities Regulatory Commission Chairman Yi Huiman (易會滿) said in a statement yesterday.
Dassault eyes US firms
French technology company Dassault Systemes SE is seeking US acquisitions and considering targets including Medidata Solutions Inc, a software company focused on clinical trials, according to people familiar with the matter. Dassault is discussing the potential purchase of Medidata to bolster its life science unit, the people said. Deliberations are preliminary and the French software maker might decide against proceeding with a takeover or opt for a different company, they said. Medidata could also draw interest from other suitors, one of the people said.
China bolsters penalties
China is intensifying its crackdown on makers of ineffective vaccines by introducing heavier penalties and more stringent regulations. Companies guilty of making or selling counterfeit vaccines can be fined between 15 to 30 times the value of the products involved, China News Service reported, citing the second draft of a new vaccine management law. That compares with a proposed five to 10 times the value of the goods in the first draft in November last year. The penalty would be capped at 30 million yuan (US$4.5 million) for goods valued below 1 million yuan.
French union mulls strike
Norwegian Air’s largest cabin crew union in France has called for a strike from Wednesday to Friday, seeking higher pay and better working conditions, a union representative said on Saturday. UNAC representative Anastasia Durand told reporters that the union represents 70 percent of the airline’s 158 cabin crew based at Charles de Gaulle airport in Paris, also known as Roissy, from where Norwegian has four or five flights per day. Durand said there had been no formal vote for the strike, but the union had sounded out staff and there was general support for the action.
Dubai debuts expected
Three companies are preparing initial public offerings on Dubai’s main stock exchange, the bourse said, potentially ending a 17-month drought as it boosts efforts to entice local firms to list domestically rather than abroad. “We are at different stages of discussions with potential issuers, including three companies from the industry, oil and gas services, as well as healthcare sectors,” exchange operator Dubai Financial Market PJSC said in an e-mailed response to questions. The timing of the deals is up to the companies, it said.
Deal to end strikes
Stop & Shop supermarket workers and company officials on Sunday reached a tentative three-year contract agreement that includes wage increases for all associates and maintains health coverage, according to news releases from both parties. The company said the agreement ends employee strikes that started on April 11 at 240 Stop & Shop stores in Massachusetts, Rhode Island and Connecticut.
‘ACCORDING TO PLAN’: A company official said that it has set up production sites worldwide to provide services and that its Wisconsin project was going smoothly Hon Hai Precision Industry Co’s (鴻海精密) smart manufacturing center in Wisconsin would begin trial manufacturing in the middle of this year, the company said yesterday, adding that it plans to build a research institute to develop key technologies to support growth over the next five years. Hon Hai, known internationally as Foxconn Technology Group (富士康科技集團), said in an annual report submitted to the Taiwan Stock Exchange that its planned Foxconn Institute for Research in Science and Technology would conduct research into artificial intelligence, next-generation communications, quantum computing, cybersecurity and nano semiconductors in Taiwan. Hon Hai is to make products at the center
STAYING AHEAD: Fitch said that TSMC remains technologically ahead of others, but Samsung is building a new chip fab, while China is investing in its domestic industry As escalating US-China tensions and COVID-19-related production disruptions force US technology supply chains to transform, Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) US$12 billion chip fabrication plant in Arizona would be key to spurring greater US production of core semiconductor components, Fitch Ratings said. “We view the US-TSMC alliance as a first step in building a more autonomous US technology supply chain, given high barriers to entry, specifically related to the significant capital and design capability required for leading-edge semiconductor manufacturing,” Fitch said in a statement on Tuesday. “By working with TSMC, US chipmakers will not face the financial burden of incremental investment
E Ink Holdings Inc (元太科技), the world’s sole supplier of e-paper displays for e-readers and shelf labels, posted its best quarterly net profit for the first quarter in nine years amid increased demand during a traditionally slow season. Net profit soared 80 percent to NT$787 million (US$26.23 million) in the quarter ended March 31, compared with NT$438 million a year earlier. That translated into earnings per share of NT$0.69, up from NT$0.39. E Ink posted lower royalty income of NT$371.23 million last quarter from NT$448.74 million a year earlier, a company financial statement showed. E Ink said that it expects royalty income to
The latest US government action against Huawei Technologies Co (華為) takes direct aim the company’s HiSilicon (海思) chip division — a business that in over the past few years has become central to China’s ambitions in semiconductor technology, but is now to lose access to tools that are central to its success. That could make it the most damaging measure by the US yet against a Chinese company. On Wednesday, US officials told reporters that the Huawei’s chip division functioned as a “tool of strategic influence” for the Chinese Communist Party. Huawei, for its part, denounced the US allegations and called the