easyJet to buy Airbus planes
British no-frills airline easyJet yesterday said it had agreed to buy 15 Airbus A320 single-aisle planes worth US$1.1 billion and had secured an option to buy another 33. “easyJet PLC today announced that it has reached agreement with Airbus to exercise existing options over 15 Airbus A320 aircraft for delivery between 2012 and 2014 and to secure new options over a further 33 A320 aircraft,” the company said. It added that “whilst the total list price for the 15 new A320 aircraft should be approximately US$1.1 billion ... easyJet has been granted substantial confidential price concessions” from European planemaker Airbus.
San Miguel eyes shipping
San Miguel Corp one of the Philippines’ largest companies, said yesterday it was planning a big investment in the local shipping industry, after a unit acquired a substantial stake in a Manila port. The company famous for its beer said it was setting aside an initial 20 billion pesos (US$457.5 million) for a project to house the supply requirements of its increasingly diverse businesses at a Manila harbor. “We advise that the company and its subsidiaries are evaluating the viability of constructing a centralized and integrated logistics complex within the Manila North Harbor area,” the listed firm said in a market disclosure.
Motorola splits into two
Motorola split into two companies yesterday, marking the final step in the years-long breakup of the consumer electronics industry pioneer. Motorola began selling car radios in the 1930s, followed by TVs in the ‘40s and cellphones in the ‘80s. The breakup that began in 2008 is motivated by the desire to present two simple businesses to investors rather than one complicated one. Motorola split its consumer-oriented side, which makes cellphones, from the professional business of selling police radios and barcode scanners to government and corporate customers. The companies, Motorola Mobility and Motorola Solutions, began trading on the New York Stock Exchange yesterday.
Hotmail back to normal
Microsoft Corp’s Hotmail service, the world’s most-used online e-mail system, is back to normal operations on Monday after some users over the weekend lost access to e-mails or found them transferred to a deleted mail folder. The world’s largest software company, which has more than 360 million Hotmail users, said it had “restored full e-mail access and recovered content to those who were affected.” Microsoft’s online message boards and Twitter were abuzz with complaints on Sunday about the Hotmail glitch. Microsoft said it was still investigating the root cause of the problem, which started four days ago.
US bankruptcies rise 9%
US consumer bankruptcy filings rose 9 percent last year compared with 2009, reaching 1.53 million, according to the American Bankruptcy Institute — lower than its projection that bankruptcies would total 1.6 million. The pace of bankruptcy filings slowed in the last quarter, with fewer petitions in October and November than during the same period a year earlier, the Alexandria, Virginia-based institute said. The slowdown at the end of the year was the result of more consumers reducing debt and cutting spending, institute executive director Samuel Gerdano said on Monday.
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
Shin Kong Financial Holding Co (新光金控) yesterday said that its insurance unit would adjust its investment portfolio after being banned from buying new stocks a day earlier by the Financial Supervisory Commission (FSC). “We will research what we can do based on the commission’s specific instructions after we receive the regulator’s formal documents,” Shin Kong Financial spokesman Sunny Hsu (徐順鋆) told the Taipei Times by telephone. The commission on Tuesday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$941,722) for reckless investment, and demanded that the insurer reduce its overseas investment ratio from 43 percent to 39 percent. The fine would affect
Taipei Times: When do you think the hospitality industry can return to how it was before the COVID-19 pandemic? How does Formosa International Hotels Group (FIH, 晶華酒店集團) fare this quarter and beyond? FIH chairman Steve Pan (潘思亮): The virus outbreak will have a serious impact on business travel, driven mainly by meetings, incentive travel, conferences and exhibitions over the past three decades. For the past six months, many businesspeople have grown used to exchanging information on the Internet, where more people can participate. The trend might sustain for three to five years until people are vaccinated and it is safe to
EQUITIES TAIEX moves sharply higher The TAIEX moved sharply higher yesterday as buying focused on Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) after a strong showing by its American Depositary Receipts overnight. However, the gains were capped after the benchmark index breached 13,000 points and ran into technical hurdles, prompting investors to turn cautious, dealers said. At the end of the session, the TAIEX was up 131.11 points, or 1.02 percent, at 12,976.76. Turnover was NT$206.328 billion (US$7.04 billion), with foreign institutional investors buying a net NT$18.47 billion in shares, Taiwan Stock Exchange data showed. TSMC rose 2.92 percent to close at NT$458.