MINING
Billiton profits drop 5.5%
Billiton yesterday posted a 5.5 percent fall in first-half profits to US$9.94 billion, largely due to volatility in commodity prices. The interim result in the six months to Dec. 31 last year was nevertheless one of the largest in Australian history and compared to the record US$10.5 billion it booked in the previous corresponding period. Revenue increased 9.7 percent to US$37.48 billion from US$34.17 billion previously. Iron ore and petroleum were the standout performers, with aluminum, base metals, nickel and diamonds among the worst.
ELECTRONICS
Samsung eyes ‘smart TVs’
Samsung Electronics yesterday said it plans to sell more than 25 million “smart TVs” this year as it tries to capture the emerging Internet TV market. The firm hopes to fill more than half of its planned global flat-screen TV sales of 50 million this year with Internet-enabled, interactive TVs, said Kim Hyun-suk, head of the firm’s TV business. Samsung’s latest smart TV recognizes human voices in about 30 languages to turn itself on or off, switch channels or adjust volume. It also recognizes hand motions and offers about 1,500 applications.
BIOTECHNOLOGY
Illumina rejects Roche offer
Illumina Inc’s board unanimously rejected Roche Holding AG’s US$5.7 billion bid to take over the maker of gene-mapping tools as “grossly inadequate.” “The timing of the offer is blatantly opportunistic and does not reflect Illumina’s strong platform of new products and pipeline,” chairman William Rastetter and CEO Jay Flatley said on Tuesday in a letter to shareholders. Roche went directly to shareholders of California-based Illumina in a hostile bid after the company rebuffed its approaches. The Switzerland-based drugmaker yesterday said it was “disappointed” with Illumina’s response.
ENTERTAINMENT
Walt Disney income up 12%
The Walt Disney Co said on Tuesday that its net income rose 12 percent in the final quarter of last year, as a slimmer movie slate and upbeat theme park results helped it top earnings forecasts even while revenue gains were less than expected. Net income in the October through December period rose to US$1.46 billion, or US$0.80 per share, from US$1.30 billion, or US$0.68 per share, a year earlier. Revenue in the company’s fiscal first quarter ticked up 1 percent to US$10.78 billion from US$10.72 billion. Fees paid by distributors of ESPN rose, but advertising revenue at ESPN and broadcast network ABC was flat, the firm said.
REAL ESTATE
Beijing office rents beat NY
Office rents in Beijing are more expensive than New York after rising 75 percent last year as China’s rapid economic growth sparked strong demand, Cushman & Wakefield said. Beijing is now in fifth place for the world’s most expensive office space, with New York’s midtown Manhattan coming sixth, the company said in its 2012 rankings released this month. The top spot was captured by Hong Kong, followed by London and Tokyo.
TELECOMS
Nokia cutting 4,000 jobs
World-leading mobile phone maker Nokia plans to cut 4,000 jobs at its smartphone manufacturing facilities in Finland, Hungary and Mexico by the end of this year. “The expected headcount impact by country is 2,300 in Komarom [Hungary], 700 in Reynosa [Mexico] and 1,000 in Salo [Finland],” spokesman James Etheridge said yesterday.
Zhang Yazhou was sitting in the passenger seat of her Tesla Model 3 when she said she heard her father’s panicked voice: The brakes do not work. Approaching a red light, her father swerved around two cars before plowing into a sport utility vehicle and a sedan, and crashing into a large concrete barrier. Stunned, Zhang gazed at the deflating airbag in front of her. She could never have imagined what was to come: Tesla Inc sued her for defamation for complaining publicly about the vehicles brakes — and won. A Chinese court ordered Zhang to pay more than US$23,000 in
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday held its first board of directors meeting in the US, at which it did not unveil any new US investments despite mounting tariff threats from US President Donald Trump. Trump has threatened to impose 100 percent tariffs on Taiwan-made chips, prompting market speculation that TSMC might consider boosting its chip capacity in the US or ramping up production of advanced chips such as those using a 2-nanometer technology process at its Arizona fabs ahead of schedule. Speculation also swirled that the chipmaker might consider building its own advanced packaging capacity in the US as part
‘NO DISRUPTION’: A US trade association said that it was ready to work with the US administration to streamline the program’s requirements and achieve shared goals The White House is seeking to renegotiate US CHIPS and Science Act awards and has signaled delays to some upcoming semiconductor disbursements, two sources familiar with the matter told reporters. The people, along with a third source, said that the new US administration is reviewing the projects awarded under the 2022 law, meant to boost US domestic semiconductor output with US$39 billion in subsidies. Washington plans to renegotiate some of the deals after assessing and changing current requirements, the sources said. The extent of the possible changes and how they would affect agreements already finalized was not immediately clear. It was not known
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday said that its investment plan in Arizona is going according to schedule, following a local media report claiming that the company is planning to break ground on its third wafer fab in the US in June. In a statement, TSMC said it does not comment on market speculation, but that its investments in Arizona are proceeding well. TSMC is investing more than US$65 billion in Arizona to build three advanced wafer fabs. The first one has started production using the 4-nanometer (nm) process, while the second one would start mass production using the