Macquarie to buy AirTrunk
The country is set for its second-largest private equity deal of the past year, with Macquarie Group Ltd’s infrastructure arm agreeing to buy most of data-center firm AirTrunk. Macquarie Infrastructure and Real Assets finalized an agreement late last week to take control of AirTrunk, people familiar with the matter said. The investment values the business at about A$3 billion (US$2.1 billion), the people said. AirTrunk chief executive officer Robin Khuda would keep a minority stake after the transaction, the people said. AirTrunk is currently owned by investors including Goldman Sachs Group Inc’s special situations arm and TPG Sixth Street Partners.
State generates surplus
The federal government made a low double-digit billion euro surplus last year, Sueddeutsche Zeitung newspaper reported yesterday, thanks to higher tax revenues and record-low interest rates. Unused special funds — including money set aside for renovating schools or incentives for fighting climate change — also contributed to the surplus, Sueddeutsche added, citing government sources.
UAE to spend in Indonesia
The United Arab Emirates (UAE) is to invest US$22.8 billion in Indonesia through a sovereign wealth fund being set up by Indonesian President Joko Widodo as the Southeast Asian nation seeks to finance billions of dollars of infrastructure and energy projects. The UAE plans to invest in building Indonesia’s new capital and also develop properties in Aceh Province, the cabinet secretariat said in a statement, citing Indonesian Coordinating Minister for Maritime Affairs and Investment Luhut Pandjaitan.
Chinese tourist boom likely
The nations’ years-long disputes with China are being resolved, and analysts at Nomura Holdings Inc expect Chinese tourists to return en masse to the nation of K-pop. Nomura said in a note on Friday last week that Chinese group-package trips are resuming and received confirmation from a major travel agency in the country that its tour companies have started offering services to domestic customers for the upcoming spring festival.
Goldman to double staff
Goldman Sachs Group Inc plans to double its headcount in the Chinese Communist Party-ruled nation over the next five years, provided it continues down the path of opening up its financial markets. The ambition to raise staffing to 600 is part of a five-year plan drawn up by executives at the New York-based investment bank, said a person familiar with matter who asked not to be identified discussing confidential plans.
Porsche deliveries up 10%
Porsche AG shrugged off widespread industry malaise, reporting record deliveries for last year and predicting that its first all-electric model Taycan would foster further growth this year. Global deliveries rose 10 percent to 280,800 vehicles last year, driven mainly by strong consumer appetite for the Macan and Cayenne sport utility vehicles, Porsche said in a statement yesterday. “We’re optimistic that we can sustain the high demand in 2020,” Porsche sales chief Detlev von Platen said in the statement. Sales momentum should benefit from “the introduction of some new models and full order books for the Taycan,” he said.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
HEAVY INVESTMENT: Moody’s affirmed the firm’s ‘Aa3’ rating with a ‘stable’ outlook due to its leading position in the industry and ability to match customer requirements Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue this year is expected to increase about 21 percent to NT$1.29 trillion (US$44.01 billion) from NT$1.07 trillion last year, driven by strong demand for advanced 5-nanometer and 7-nanometer chips mainly used in smartphones and high-performance computing devices, a Moody’s Investors Service report on Wednesday said. TSMC’s rate of revenue growth next year is to increase to 7.5 percent, the ratings agency said. The company, which supplies 5-nanometer chips for Apple Inc’s new iPad series, has introduced the advanced chips ahead of its competitors and gained a significant share of the market for the foundry industry’s
Sony Corp has cut its estimated Play Station 5 (PS5) production for this fiscal year by 4 million units, down to about 11 million, following production issues with its custom-designed system-on-chip (SOC) for the new console, people familiar with the matter said. The Tokyo-based electronics giant in July boosted orders with suppliers in anticipation of heightened demand for gaming in the holiday season and beyond, as people spend more time at home due to the COVID-19 pandemic. However, the company has come up against manufacturing issues, such as production yields as low as 50 percent for its SOC, which have cut into
O2O BICYCLE SHOW: The Taiwan Bicycle Show next year is to be online to offline, with forums, audio-visual conferences and livestreaming of the offline events Local bicycle makers expect demand to continue outpacing supply due to orders triggered by the COVID-19 pandemic, with some companies seeing orders back up through next year. “Next year is all full in terms of orders. Our lead time on components is one year,” Giant Manufacturing Co Ltd (巨大機械) chairwoman Bonnie Tu (杜綉珍) told a news conference in Taipei organized by the Taiwan External Trade Development Council (TAITRA) to announce next year’s Taipei Cycle Show. The pandemic has reduced bicycle supplies and increased demand around the world, Robert Wu (吳盈進), chairman of KMC (Kuei Meng) International Inc (桂盟國際), one of the world’s