Petroliam to sell UK oil units
Petroliam Nasional Bhd, Malaysia’s state oil and gas company, agreed to sell the oil production business of its UK unit, Star Energy Group Ltd, to IGas Energy PLC, according to a company statement yesterday. Petronas, which also signed a gas supply agreement with IGas, will focus on optimizing the Humbly Grove Gas Storage Facility, which will remain with the company, it said. The move is in line with its strategy to focus on growing its European asset returns through marketing and trading, Petronas said.
Repsol on offshore license
Spanish oil group Repsol has farmed into Providence Resources Irish offshore “Dunquin” license, the Irish oil and gas company said yesterday. Repsol’s Irish subsidiary will acquire a 25 percent equity interest in the project based 200km off southwest Ireland, assuming half of its stake from Italian energy group Eni and half from US group ExxonMobil. Following the completion of the transaction, ExxonMobil and Eni will each hold a 27.5 percent interest in the license, Repsol will have 25 percent with Providence and Britain-based Sosina sharing 16 percent and 4 percent respectively.
Credit Suisse settles probe
Swiss banking giant Credit Suisse said yesterday that it has reached a deal with German authorities to end a tax evasion probe, and that it would pay 150 million euros (US$205 million) to settle the case. “Credit Suisse group and the Public Prosecutor’s Office in Duesseldorf have reached an agreement regarding the proceedings against Credit Suisse employees,” the bank said in a statement. “The entire proceedings are to be resolved.” The bank said that meant “a complex and prolonged legal dispute has been avoided.”
Jaguar to build UK plant
Jaguar Land Rover is investing in a new plant in Britain to build low-emission engines. The company said yesterday that the new plant near Wolverhampton, England, would cost ￡355 million (US$560 million) and would employ up to 750 people. Jaguar Land Rover is part of Tata Motors, which acquired the company from Ford in 2008. Jaguar Land Rover chief executive Ralf Speth said the company planned to invest ￡1.5 billion a year over five years to expand its product lines.
Hynix sale to be debated
Hynix Semiconductor Inc shareholders will discuss whether they will proceed with current sale plan amid a lack of bidders after STX Group dropped out of bidding for a stake in the world’s second-biggest computer memorychip maker, Korea Exchange Bank said. A date for the meeting has not been decided, Korea Exchange Bank spokesman Lee Sun-hwan said.
Asia steel imports probed
Australian authorities yesterday launched an inquiry into steel imports from China and four other Asian nations as domestic manufacturers suffer under the strong Australian dollar. Customs said it would examine dumping and subsidization of “certain hollow structural” steel products from Taiwan, China, South Korea, Malaysia and Thailand after a complaint from OneSteel, Australia’s second-largest steelmaker. Officials would examine imports between July last year and June 30 for evidence of OneSteel’s complaint, and look back as far as July 2007 for proof of injury to the steelmaking industry.
HSBC Bank (Taiwan) Ltd (匯豐台灣商銀) has approved two sustainability-linked loans totaling NT$450 million (US$15.55 million) for Taya Group (大亞集團) and Sinbon Electronics Co (信邦電子), the bank said yesterday, adding that interest rates would fall if the borrowers’ sustainability performance improves. Those marked the first sustainability-linked loans granted by HSBC Taiwan, it said. While HSBC Taiwan has experience providing green loans for the nation’s developers of renewable energy sources to support their projects, the bank began focusing on sustainability-linked loans to meet rising demand from companies in other sectors planning to undertake sustainability programs, it said. “As we reward our clients who reach their
‘NEW TRAVEL MARKET’: The carrier initially planned to lay off about 8,000 people globally, but after government intervention reduced that to 18 percent of its workforce Cathay Pacific Airways Ltd (國泰航空) would cut 6,000 jobs and close its Cathay Dragon brand, the South China Morning Post reported, as part of a strategic review to combat the unprecedented damage caused by the COVID-19 pandemic. The Hong Kong-based airline is expected to officially announce the plan after the market close today, the newspaper said. It initially planned about 8,000 layoffs globally, but after government intervention reduced that to 18 percent of its total workforce, including about 5,000 jobs in Hong Kong, it said. The company, which posted a HK$9.9 billion (US$1.3 billion) loss in the first half, has for months
V-SHAPED RECOVERY: Local tech firms have benefited from strong demand for 5G deployment and electronic devices required for a low-contact economy, CIER said The Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) yesterday raised its forecast for the nation’s GDP growth this year to 1.76 percent, from its previous estimate of 1.33 percent, saying exports and private consumption have staged a V-shaped recovery from the COVID-19 pandemic in the second half of the year. “The upgrade aims to reflect the fast recovery in Taiwan’s exports and domestic demand,” CIER president Chang Chuang-chang (張傳章) told a media briefing. The Taipei-based think tank said the economy might have expanded 2.77 percent last quarter — emerging from a 0.78 percent decline in the second quarter — and would grow
Hon Hai Precision Industry Co (鴻海精密) founder Terry Gou (郭台銘) yesterday said that the company remains committed to its project in Wisconsin, but appeared to condition its completion on the receipt of state incentives, the Wall Street Journal reported. Gou said in a statement that Hon Hai, known as Foxconn Technology Group (富士康科技集團) outside of Taiwan, remains committed to its investment, although “market conditions and the COVID-19 pandemic” have altered the timing of its expansion and the specifics of its manufacturing plans. The company has over the past three years invested US$750 million to transform southeastern Wisconsin into a high-tech