Rio eyes carbon neutral
Rio Tinto PLC yesterday said that it wanted to be carbon neutral by 2050, as it booked a profit of US$10.4 billion last year, up 18 percent from 2018. The company said that it aims for a 15 percent reduction in emissions by 2030 from 2018 levels and “net-zero emissions from our operations by 2050.” The target would cover its own operations, but not emissions from upstream or downstream activities. The firm said that it would spend approximately US$1 billion on “climate-related” projects over the next five years.
Diageo warns of profit loss
Diageo PLC yesterday said that the spread of COVID-19 in China and the Asia-Pacific region could knock up to US$260 million off its profit this year as bars and restaurants remain closed. The London-based company, whose brands include Johnnie Walker, said that the virus could affect its organic net sales and organic operating profit by between ￡225 million and ￡325 million (US$291.7 million and 421.4 million) and ￡140 million to ￡200 million respectively. It said that these ranges exclude any impact of the virus on any other markets.
Firms look outside China
More than one-quarter of businesses grappling with COVID-19 in Asia say that they are setting up or using supply chains that reduce their reliance on China, a survey released yesterday by the American Chamber of Commerce in Singapore showed. About 28 percent said that they were making such adjustments, and 14 percent said that they were shifting some or all of their supply chains outside of China, the poll conducted from Feb. 12 to Tuesday last week found. About two-thirds of members are US-based companies.
Cathay staff take leave
More than 25,000 Cathay Pacific Airways Ltd (國泰航空) staff are taking unpaid leave amid the COVID-19 outbreak. Chief executive officer Augustus Tang (鄧健榮) said in an internal memo that challenges “remain acute,” and he thanked employees for their support. The Hong Kong-based airline this month asked its 33,000 workers to take three weeks off between Sunday and June 30. Most staff have taken the offer, but the acceptance rate is lower for pilots and cabin crew, a person familiar with the plan said.
Samsung site reveals info
Samsung Electronics Co on Tuesday said that a “technical error” caused its UK Web site to display other customers’ personal information. The company said that the error affected fewer than 150 customers on the site. People who logged on were able to see someone else’s name, phone number, address, e-mail address and previous orders. Samsung said that it did not leak card details.
Facebook buys game studio
Facebook Inc on Tuesday said that it has acquired development studio Sanzaru Games to join its Oculus gaming group. Sanzaru has produced a number of games, including Sonic the Hedgehog and Marvel Studios franchises, its Web site shows. The “vast majority” of Sanzaru’s nearly 100 employees would join Oculus, including the company’s founders, but would operate independently out of its existing offices, Facebook said. Terms of the acquisition were not disclosed.
Dutch brewing company Heineken NV yesterday said that it has reached an agreement to acquire a subsidiary brewery of Taiwan’s Sanyo Whisbih Group (三洋維士比集團). Heineken is to assume majority ownership and management rights of the Long Chuan Zuan Co (龍泉鑽興業) brewery in Pingtung County’s Neipu Township (內埔), the Dutch company said. It would become the first multinational brewing company to operate brewery in Taiwan once the acquisition is completed. The deal has been approved by the Ministry of Economic Affairs’ Investment Commission, but details of the financial transaction cannot be disclosed at this time, as terms of the settlement have not been completed,
Had Audrey Hepburn and Gregory Peck hopped on an electric scooter rather than a Vespa in the classic film Roman Holiday, their spin around the Eternal City might have ended in tears. The number of crashes and near-misses involving the two-wheelers has prompted Rome authorities to impose some order on a booming rental market that began two years ago. The havoc came to a head earlier this month when two US tourists attempted a night-time drive down the Spanish Steps, causing more than 25,000 euros (US$26,392) worth of damage to the 18th-century monument. Caught on security footage, the couple in their late 20s
LOOK WHO OWES: China’s exposure to Taiwanese banks was the second-largest, with Luxembourg third, followed by Hong Kong and Japan, the central bank said The US remained the largest debtor country to Taiwan’s banking sector for a 27th consecutive quarter in the first quarter of this year, with its exposure rising 8.3 percent from a quarter earlier on the back of an increase in US bonds, the central bank said on Friday. Data compiled by the central bank showed that outstanding international claims by Taiwanese banks on a direct risk basis to the US stood at US$125.38 billion as of the end of March. Department of Financial Inspection deputy head Pan Ya-hui (潘雅慧) said that the US Federal Reserve’s launch of a rate hike cycle in
GREEN CITY: The company is set to invest US$8 billion to make electric vehicles and batteries for a new city that would rely entirely on renewable energy sources Indonesia said that Hon Hai Precision Industry Co (鴻海精密) is considering investing in the country’s new capital city, a move that would bolster the US$34 billion construction project. Hon Hai, which is known as Foxconn Technology Group (富士康科技集團), is looking at setting up an electric bus system and an Internet of Things network at Nusantara, as Indonesia’s new capital is to be called, Indonesian Minister of Investment Bahlil Lahadalia said in a statement yesterday. Hon Hai chairman Young Liu (劉揚偉) met with Indonesian President Joko Widodo on Saturday to discuss the company’s plan to invest US$8 billion to build a manufacturing plant