HK shares sink on warning
Shares in Hong Kong banks declined after Morgan Stanley cut the sector’s outlook, saying the stocks would underperform as a slowing economy and falling interest rates hurt profitability. Morgan Stanley reduced its recommendation on the industry to cautious from in-line. Falling local interest rates would further cloud the outlook, the brokerage said. While banks are trading below long-term averages, they might continue to de-rate, similar to what is happened in other markets such as China and South Korea, Morgan Stanley said.
Twitter unveils data lapse
Twitter Inc on Tuesday apologized after “inadvertently” using telephone numbers and e-mail addresses for advertising even though the personal data was provided for account security. Twitter users’ telephone numbers and e-mail addresses — submitted to allow account authentication — were matched with advertisers’ own data to enable targeted ads. None of the user data was shared with partners outside of the company and it was unclear how many people were affected, Twitter said. The issue was fixed in the middle of last month, it said.
Philippine bid examined
A consortium comprising Australian shipbuilder Austal Ltd and US private equity firm Cerberus Capital Management LP could make an offer in the coming weeks for Hanjin Heavy Industries & Construction Co’s cash-strapped shipyard in the Philippines. The companies, which have until Oct. 31 to submit a bid, are in exclusive talks with creditors and finishing up due diligence, court-appointed receiver Rosario Bernaldo said in a telephone interview on Tuesday. The shipyard in Zambales province is the largest in the Philippines, covering 300 hectares.
Rich Latin Americans eyed
Credit Suisse Group AG is considering a return to US wealth management after a four-year absence. Talks have focused on the ambition to add US$15 billion of assets under management at a new base in Miami, mostly catering to wealthy Latin Americans, people familiar with the matter said. If the bank moves ahead, it could employ up to 30 people, including control and support staff in Florida, the people said, asking not to be identified as the talks are private. No final decision has been taken and talks are at an early stage, they said.
Malaysian sale mulled
Exxon Mobil Corp is considering a sale of its Malaysian upstream offshore assets as the US energy giant continues with its divestiture program, people with knowledge of the matter said. The company is working with an adviser on the potential sale of the Malaysian assets, which could raise between US$2 billion to US$3 billion, the people said, asking not to be identified.
ARM eyes common tech
ARM Holdings PLC is joining with automakers General Motors Co and Toyota Motor Corp to establish common computing systems for self-driving vehicles, an effort the companies hope will speed development of the technology. The company said it was helping to create the Autonomous Vehicle Computing Consortium along with the two automakers and industry suppliers Bosch Corp, Denso Corp and Continental AG. Also helping found the group are Nvidia Corp and NXP Semiconductors NV, both of which embed ARM’s technology in their chips.
PLANNED OUT: The government is lifting sale and export restrictions on 60% of the 20 million masks made daily, but people can still make purchases using their NHI cards Twenty thousand boxes of 50 masks each would be on sale at FamilyMart convenience stores starting tomorrow, Taiwan FamilyMart Co Ltd (全家便利商店) said yesterday. A box of 50 masks would cost NT$249 for those with FamilyMart memberships and NT$299 for those without, with no limits placed on how many boxes a person can buy, the company said. Convenience store chain operator Hi-Life International Co Ltd (萊爾富) said that it would also start selling masks from tomorrow. It has yet to announce details about prices and quantity. Hypermarket chain operator Carrefour Taiwan (家樂福) said that it would start selling packs of five
Delta Electronics Inc (台達電), the nation’s leading power management solutions provider, has signed an agreement to acquire Canadian software firm Trihedral Engineering Ltd to bolster its smart production efforts, it said on Saturday. Delta said in a statement that it would acquire Trihedral for C$45 million (US$32.68 million) through its 100 percent-owned subsidiary Delta Electronics (Netherlands) BV. Trihedral specializes in supervisory control and data acquisition (SCADA) and industrial Internet of Things software, which would strengthen Delta’s hardware offerings in fast-growing areas such as automation, artificial intelligence and data analytics, it said. “The collection, monitoring and analyzing of data are critical to Delta’s two
From the customer’s perspective, car rental is a straightforward business. The only uncertainty is whether the hire company will charge you for the scratch they discover when you hand back the vehicle. Hertz Global Holdings Inc’s bankruptcy protection filing on Friday last week was a reminder that today even the simplest business models are underpinned by a lot more financial complexity than meets the eye. The proximate cause of Hertz’s demise was of course the sudden collapse in bookings caused by COVID-19 travel restrictions. The company’s monthly revenue last month fell 73 percent year-on-year, a shortfall that even the most resilient
BOOSTING BUYING: A source said that the idea of pre-ordering vouchers online is being considered, but the preliminary plan is for people to buy them at post offices A stimulus voucher program to be rolled out next month to boost consumption would be available not only to Taiwanese, but also foreign nationals and Chinese spouses who hold residency permits, a source familiar with the matter said yesterday. The government is fine-tuning the details of the program, which involves issuing vouchers for in-store purchases to revive buying amid the COVID-19 pandemic. During a radio interview on Monday last week, National Development Council (NDC) Minister Kung Ming-hsin (龔明鑫) said that the plan is to allow anyone, regardless of age or income level, to buy NT$3,000 (US$99.89) worth of vouchers for