UAE visa scheme announced
The United Arab Emirates (UAE) on Monday introduced a multiple-entry visa scheme valid for five years for all nationalities, with the aim of turning the Persian Gulf state into a tourism hub. “#UAE Cabinet chaired by @HHShkMohd, approves new amendment for tourist visas in #UAE,” the government of Dubai Media Office wrote on Twitter, referring to Emir Mohammed bin Rashid Al Maktoum, the Emirati prime minister and ruler of Dubai. “The new tourist visa will be valid for 5 years and can be used for multiple entries and is open for all nationalities.” He said on Twitter that the state attracts 21 million tourists a year.
Group seeks US$1.1bn loan
A consortium led by Tencent Holdings Ltd (騰訊) is seeking a 1 billion euro (US$1.1 billion) five-year loan to help fund its US$3.4 billion purchase of a stake in Universal Music Group, people familiar with the matter have said. Five banks — Bank of America Corp, Bank of China Ltd (中國銀行), HSBC Holdings PLC, Industrial and Commercial Bank of China (Asia) Ltd (中國工商銀行) and Morgan Stanley — are expected to provide the non-recourse financing as a club deal, people said. The Chinese social media and gaming giant and its partners last month agreed to buy a 10 percent stake in Universal Music from French media company Vivendi SA after months of talks.
BOC orders 20 Airbus jets
Singapore-based aircraft leasing firm BOC Aviation Ltd (中銀航空租賃) yesterday announced that it had ordered 20 Airbus A320neo planes, with up to 12 of them planned to go to Colombian airline Avianca SA. The order is worth approximately US$2.2 billion at list prices, but airlines and leasing firms typically negotiate discounts. “We are thrilled to welcome Avianca as a new customer,” BOC Aviation chief executive Robert Martin said in a statement. “This addition of 20 new Airbus A320neo aircraft reflects our disciplined investment strategy of building our portfolio with popular and in-demand new technology aircraft that provide reliability and operational efficiency.”
Tax cuts boost growth
The nation’s economic growth was boosted by about 0.8 percentage points last year, following tax cuts of more than 2 trillion yuan (US$288 billion), the State Taxation Administration said on Monday. The tax cut was worth more than 2 percent of GDP, it said. That means that the nominal value of the economy likely grew to about 100 trillion yuan at the end of last year, according to Bloomberg calculations, up from 92 trillion yuan in 2018. Tax revenue rose 1.8 percent to about 14 trillion yuan last year, the agency said, lower than the 9.5 percent increase in 2018.
UBS splitting its business
UBS Group AG is splitting its European wealth management business into three regions and expects to cut as many as 500 private banking jobs globally as it overhauls its most important division. The revamp would break apart the Europe, Middle East and Africa private banking business led by Christl Novakovic, giving Caroline Kuhnert responsibility for central and eastern Europe, and Ali Janoudi the Middle East and Africa. Novakovic would keep Western Europe, according to an internal memo from wealth management co-heads Iqbal Khan and Tom Naratil that was obtained by Bloomberg.
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