Faraday results disappoint
Integrated circuit designer Faraday Technology Corp (智原科技) yesterday reported that fourth-quarter sales and earnings were below market expectations, reflecting the effects of clients’ inventory adjustments. Faraday’s fourth-quarter net income fell 66.4 percent from the previous quarter to NT$49 million (US$1.63 million), or earnings per share of NT$0.2, while sales fell by 11.9 percent to NT$1.4 billion, a company financial statement showed. Aided by higher revenue from its high-margin silicon intellectual property rights and non-recurring engineering segments, Faraday’s overall revenue for last year increased 8.2 percent annually to NT$5.31 billion, while net income rose 32.1 percent to NT$3.48 billion, or earnings per share of NT$1.4, it said.
US firm eyes high Q1 sales
Applied Materials Inc on Wednesday released a bullish sales forecast for this quarter, suggesting that its customers are once again spending on their fabs. The company’s fiscal second-quarter sales would be US$4.34 billion, plus or minus US$200 million, and adjusted earnings would be between US$0.98 and US$1.10 a share for the period ending in April, the company said in a statement. The US company is the largest maker of machinery used by manufacturers of semiconductors, with Samsung Electronics Co, Intel Corp and Taiwan Semiconductor Manufacturing Co (台積電) among its customers.
GrabWheels takes EV partner
GrabWheels, the new mobility arm of ride-hailing firm Grab, yesterday said that it has secured US$30 million in fresh funding from Taiwanese venture capital fund KYMCO Capital (金庫資本), as part of a strategic partnership to invest in and develop two-wheeler electric-vehicle (EV) solutions to accelerate the adoption of EVs in Southeast Asia. The fund is under Taiwanese scooter maker Kwang Yang Motor Co (光陽工業), which sells its scooters under the KYMCO brand. The partnership would enable the firms to jointly explore developing and deploying two-wheel EVs, specifically KYMCO’s Ionex electric bikes, as well as the Ionex EV charging platform in Southeast Asian cities, a press release said. The US$30 million capital injection is part of GrabWheels’ ongoing Series A round.
CAL delays Cebu flights
China Airlines Ltd (中華航空) yesterday announced that it is postponing the launch of its Taoyuan-Cebu flights from March 29 to June 12 due to Manila’s announcement on Monday that it is temporarily banning Taiwanese visitors from the Philippines in a bid to contain COVID-19. CAL’s announcement came after StarLux Airlines Co’s (星宇航空) decision on Wednesday to delay the launch of its Taoyuan-Cebu route until July 1.
Breeze Group to cut jobs
Upscale mall operator Breeze Group (微風集團) on Wednesday confirmed that it plans to reduce its workforce, but declined to say whether media reports of a 30 percent cut are accurate. The planned reduction is a routine internal adjustment, Breeze said, adding that it would continue to hire professionals to help the firm expand. Breeze opened its 10th Taipei mall in January 2018 — the Breeze Nan Shan (微風南山) in the city’s Xinyi District (信義) — and plans to open another one in Nangang District (南港), it said. Taipei Department of Labor official Liu Chia-hung (劉家鴻) said his agency had not yet received a notice from Breeze about layoffs or any complaints from the group’s employees.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB