Nikko to buy DBS Asset
Sumitomo Trust and Banking Co’s unit Nikko Asset Management Co agreed to buy DBS Asset Management (星展資金管理) from DBS Group Holdings Ltd (星展集團) for S$137 million (US$105 million) to tap business from the expanding ranks of wealthy Asians. Under the accord, DBS Asset will also take a 7.25 percent stake in Nikko Asset and the combined firm’s managed assets will total more than US$150 billion, the companies said in a joint statement filed with the Singapore stock exchange yesterday. The number of millionaires in the Asia--Pacific region reached 3 million last year, matching those in Europe for the first time, a June report by Capgemini and Bank of America Corp’s Merrill Lynch unit said. Asian millionaires’ assets rose 31 percent to US$9.7 trillion, the study showed.
Pfizer CEO steps down
Pfizer Inc’s chief executive has stepped down without warning, acknowledging the personal toll involved in steering the world’s largest drugmaker through a multibillion-dollar merger. The departure of Jeffrey Kindler, 55, comes more than a year after Pfizer completed the signature move of his tenure — the US$67 billion acquisition of rival Wyeth. However, he leaves before the company confronts the US patent expiration of its top-selling Lipitor cholesterol medicine.
Rare-earth extractor coming
Hitachi Ltd has developed machinery to harvest rare earth metals from discarded hard-disk drives and compressors as electronics makers seek to reduce their reliance on Chinese supply. The machine can extract 100 rare earth magnets from hard disk drives per hour, about eight times faster than manual labor, Tokyo-based Hitachi said in a statement yesterday. The company plans to get 10 percent of its rare-earth needs through recycling when the business begins operating in fiscal 2013, Satoko Yasunaga said.
Cathay Pacific CEO named
Airline Cathay Pacific has announced that chief operating officer John Slosar will take over as chief executive next year when current head Tony Tyler leaves to head the industry lobby group IATA. In a press release, the Hong Kong flag carrier said Slosar would take up the post after Tyler steps down on March 31 next year. Slosar, 54, was managing director of parent company Swire Pacific’s beverage division before joining Cathay in 2007.
Hyundai halts Ulsan plant
Hyundai Motor Co stopped production at its plant in Ulsan, South Korea, yesterday because of worker unrest, less than four hours after a three-week shutdown ended. Hyundai, based in Seoul, initially stopped manufacturing at the plant on Nov. 15 after the workers began a sit-in demanding they be made permanent employees. Hyundai resumed plant operations at 50 percent of capacity at 8am yesterday even as the sit-in continued.
Philippines top call-center
The Philippines has become the call-center capital of the world, overtaking India as the No. 1 player in the global business outsourcing market, according to industry data and the government. Philippine President Benigno Aquino forecast last week that the industry’s revenues would hit US$12 billion to US$13 billion next year, rising to US$100 billion by 2020 to account for a fifth of the global market.
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
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
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