INTERNET
Instagram crash draws ire
Photograph-sharing site Instagram was not working on Saturday and frustrated users quickly turned to social network Twitter and other Web sites to share their complaints. On the company’s official Twitter feed, it confirmed there was a problem, calling it “a feed delivery issue,” and said it was working to fix it. The downed service quickly prompted complaints and jokes on Twitter and other sites, often linked to the popularity of sharing photographs of meals with the service. The company did not immediately clarify what had caused the problem or say when it would be fixed.
MINING
Anglo American seeks pay
Anglo American PLC is seeking compensation from Venezuela at a World Bank tribunal over the 2012 cancelation of mining concessions by former Venezuelan president Hugo Chavez’s government. The World Bank’s International Center for Settlement of Investment Disputes said on its Web site the claim was introduced on Thursday, but gave no more details. Venezuela faces more than 20 international compensation cases in disputes largely stemming from the Chavez era from 1999 to last year. Anglo American had a 91.4 percent stake in the Loma de Niquel project until the government canceled 13 concessions and refused to renew three others, according to the company’s Web site.
BANKING
Greek bank to boost reserve
Greece’s Eurobank on Saturday said its board had approved a 2.86 billion euro (US$4 billion) capital increase, in the latest move by one of the country’s biggest lenders to bolster its reserves. “The general meeting approved ... the increase of the share capital of the bank by up to 2.864 billion euros,” the bank said in a statement. Up to 9.54 billion in new shares will be issued and according to reports, the capital hike is expected to be completed by next month. The offer price per share cannot be lower than 0.30 euros, the bank said. Shares in the bank closed down 4.2 percent on Friday at 0.43 euros.
E-COMMERCE
Writers resume Google fight
The Authors Guild says that Google Inc is stealing business from retailers and has asked a New York federal appeals court to find that the Internet giant is violating copyright laws with its massive book digitization project. The guild filed papers with the second US Circuit Court of Appeals on Friday. It asked the appeals court to reinstate its lawsuit alleging that Google’s effort to create the world’s largest digital library violates the rights of authors. It said Google was driving potential book purchasers away from retailers, boosting its advertising revenues and stifling competition through the project. In November last year, a judge had ruled in favor of the Mountain View, California-based company.
MANUFACTURING
Symrise to close rivals’ gap
Symrise AG’s planned 1.3 billion euro purchase of French flavors and pet-food additive maker Diana Group helps the German company close the gap on larger rivals Givaudan SA and International Flavors and Fragrances Inc. The company has entered into exclusive talks with owner Paris-based buyout firm Ardian Sarl, formerly known as Axa Private Equity. A deal is expected to be completed in the third quarter, Holzminden, Germany-based Symrise said in a statement. It expects the acquisition to be earnings accretive from next year.
PROTECTIONISM: China hopes to help domestic chipmakers gain more market share while preparing local tech companies for the possibility of more US sanctions Beijing is stepping up pressure on Chinese companies to buy locally produced artificial intelligence (AI) chips instead of Nvidia Corp products, part of the nation’s effort to expand its semiconductor industry and counter US sanctions. Chinese regulators have been discouraging companies from purchasing Nvidia’s H20 chips, which are used to develop and run AI models, sources familiar with the matter said. The policy has taken the form of guidance rather than an outright ban, as Beijing wants to avoid handicapping its own AI start-ups and escalating tensions with the US, said the sources, who asked not to be identified because the
Taipei is today suspending its US$2.5 trillion stock market as Super Typhoon Krathon approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed-income trading, statements from its stock and currency exchanges said. Yesterday, schools and offices were closed in several cities and counties in southern and eastern Taiwan, including in the key industrial port city of Kaohsiung. Taiwan, which started canceling flights, ship sailings and some train services earlier this week, has wind and rain advisories in place for much of the island. It regularly experiences typhoons, and in July shut offices and schools as
Her white-gloved, waistcoated uniform impeccable, 22-year-old Hazuki Okuno boards a bullet train replica to rehearse the strict protocols behind the smooth operation of a Japanese institution turning 60 Tuesday. High-speed Shinkansen trains began running between Tokyo and Osaka on Oct. 1, 1964, heralding a new era for rail travel as Japan grew into an economic superpower after World War II. The service remains integral to the nation’s economy and way of life — so keeping it dazzlingly clean, punctual and accident-free is a serious job. At a 10-story, state-of-the-art staff training center, Okuno shouted from the window and signaled to imaginary colleagues, keeping
Arm Holdings PLC approached Intel Corp about potentially buying the ailing chipmaker’s product division, only to be told that the business is not for sale, according to a source with direct knowledge of the matter. In the high-level inquiry, Arm did not express interest in Intel’s manufacturing operations, said the source, who asked not to be identified because the discussions were private. Intel has two main units: A product group that sells chips for personal computers, servers and networking equipment, and another that operates its factories. Representatives for Arm and Intel declined to comment. Intel, once the world’s largest chipmaker, has become the
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