‘Googlers’ protest CBP
Hundreds of Google employees on Wednesday called on the company to avoid working for the US Customs and Border Protection (CBP) until it stops “engaging in human rights abuses.” A petition signed by more than 600 “Googlers” as of late afternoon was prompted by word that CBP was preparing to request bids on a massive cloud computing contract. Google is a major cloud computing provider.
Wage hike plan falters
The government’s pledge to boost the nation’s minimum wage is foundering because of an economic slowdown. US-China trade tension and its impact on the kingdom is one of the risks to monitor, Minister of Labor Chatumongol Sonakul said. “It would be very difficult to do a wage increase at all” if the economy is “looking bad,” Chatumongol, a former Bank of Thailand governor, said in an interview on Wednesday in Bangkok. At the same time, he said wages need to climb in principle to improve the nation’s outlook.
Deutsche seeks next chair
Deutsche Bank AG supervisory board chairman Paul Achleitner is searching for his successor after overseeing a tumultuous period marked by multiple restructurings, top management changes and a slumping share price. The search is partly in response to shareholder criticism about succession planning, people with knowledge of the matter said. “Mr Achleitner’s term as chairman runs until 2022. Beyond that, there are clear rules governing succession issues on the supervisory board; the nomination committee prepares them,” a Deutsche Bank spokesman said by e-mail.
OCBC eyeing Permata
Oversea-Chinese Banking Corp (OCBC) is weighing a bid for Standard Chartered PLC’s Indonesian bank, people with knowledge of the matter said, a move that might create the nation’s fifth-largest lender. The Singaporean bank is considering an offer for almost 90 percent of PT Bank Permata, which has a market value of about US$1.9 billion, the people said. OCBC is interested in the stakes held equally by Standard Chartered and Jakarta-listed PT Astra International, with each owning 44.6 percent, the people said.
Maersk beats estimates
A.P. Moller-Maersk A/S delivered an operating profit in the second quarter that beat analyst estimates, as the world’s largest shipping line reassured investors it can keep its outlook, despite an uncertain trade environment. The company reported earnings before interest, taxes, depreciation and amortization of US$1.36 billion, beating analysts’ average estimate of US$1.24 billion. Maersk said synergies of US$1 billion from combining its container transport activities came sooner than expected, which drove profit in the quarter.
Ryanair pilots to strike
Ryanair DAC pilots are to strike for two days next week, their union said on Wednesday, escalating an internal pay row at the budget airline. Irish trade union Forsa said directly employed pilots would strike for 48 hours from 00:01am on Thursday, matching planned industrial action from British pilots. A strike notice was served on Dublin-headquartered Ryanair on Wednesday after mediation stalled earlier in the day.
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
DIVERSIFICATION: Although COVID-19 would push more companies to produce in emerging markets, DBS said that it was unlikely that firms would totally leave China Geopolitical tensions and supply disruptions are expected to accelerate the migration of manufacturing out of China, as concerns about the risk of production concentrated in one country increase, S&P Global Ratings said. Although its economic expansion might be weaker than previous levels due to the accelerated relocation of manufacturing, China’s economic growth would still be stronger than that of most other economies, the ratings agency said. “While absolute growth rates will moderate, we believe China’s economic performance will continue to be a key sovereign credit support,” S&P Global Ratings credit analyst Tan Kim Eng (陳錦榮) said in a statement on Thursday. “Its growth
Taiwan’s corporate landscape has changed significantly over the past 20 years, with Hon Hai Precision Industry Co (鴻海精密) replacing Formosa Plastics Corp (台塑) as the revenue leader, while Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) has emerged as the most profitable firm, a survey of Taiwan’s 50 largest companies published on Tuesday last week showed. The Chinese-language CommonWealth Magazine survey ranked Taiwan’s 50 largest companies based on their revenue last year, and compared them with the results of a similar survey it conducted in 2000. Only 33 companies on the original list remained in this year’s rankings, the survey found, following two
The Financial Supervisory Commission (FSC) would set up new guidance by the end of August to boost corporate governance, insurers’ solvency, green financing, financial technology, the trust industry and information security, new FSC Chairman Thomas Huang (黃天牧) said yesterday. “Corporate governance has been improved in terms of compliance and shareholding disclosure with former chairman Wellington Koo (顧立雄) at the helm. It is time to move to the next phase to focus on companies’ roles in sustainable development,” Huang told a news conference in New Taipei City. The commission would also set policies to incentivize companies to increase green financing and adopt the