FINANCE
Illicit funding plagues Brazil
A former director of Brazilian oil giant Petrobras who has accused dozens of politicians of taking kickbacks allegedly pocketed one himself for the purchase of a US refinery, local media reported. Paulo Roberto Costa, currently in custody for money laundering, told police and justice ministry officials probing his allegations that he took 1.5 million reais (US$636,000) as part of a deal to buy the Texas-based refinery, Globo television reported on Thursday. Costa is at the heart of a corruption scandal that has made waves as Brazil approaches an Oct. 5 election and has left Brazilian President Dilma Rousseff fighting to fend off a challenge by former party ally Marina Silva.
MANUFACTURING
Firms vie for Dresser-Rand
General Electric (GE) is lined up with Germany’s Siemens and other companies in pursuit of oil equipment maker Dresser-Rand Industries, with any deal likely to be worth more than US$6 billion. Sources close to the matter told AFP on Friday that GE has had preliminary discussions with the company. Earlier media reports in Europe said Germany’s Siemens was set to launch a multibillion-dollar bid for Dresser-Rand, even as Siemen’s Swiss rival Sulzer had its eyes on the company as well. Also potentially involved in any dealmaking is the Russian group Renova, which has 5 percent of Dresser-Rand, according to reports.
HEDGE FUNDS
Citibank appeal dismissed
A US court on Friday dismissed an appeal by Citibank and Argentina to let the country make payments on debt tied up in a bitter legal battle with hedge funds.
The Federal Appeals Court for the Second Circuit ruled it did not have jurisdiction in the case and sent the appellants back to New York District Judge Thomas Griesa, who has blocked Argentina from servicing its restructured debt until it settles its US$1.3 billion dispute with the two US hedge funds.
Citibank was caught up in the row when Griesa expanded his initial payment freeze to include bonds issued under Argentine law.
OIL
Russia drilling to cease
Exxon Mobil said on Friday it will wind down drilling in Russia’s Arctic in the face of US sanctions targeting Western cooperation with Moscow’s oil sector, after the US granted a brief extension to safely mothball its operations. Washington extended sanctions on Russia last week over its aggression in Ukraine. The new measures seek to stop billions of dollars worth of cooperation between Western and Russian energy companies on oil drilling in Russia’s Arctic, in Siberia and offshore. Companies have until Sept. 26 to stop the work.
CELLPHONES
Phones 4U sells 140 stores
Phones 4U’s administrators PwC said Vodafone UK had agreed to take on 140 of its stores on Friday, saving 887 jobs, while a further 628 staff will be made redundant. The mobile phone retailer, which has 550 standalone stores and 5,596 employees, fell into administration on Monday after the nation’s biggest mobile operator EE joined Vodafone in not renewing its network agreement. The administrators said discussions to sell parts of the business were continuing. The deal remains subject to court approval on Monday and the terms were not revealed.
Taiwan will prioritize the development of silicon photonics by taking advantage of its strength in the semiconductor industry to build another shield to protect the local economy, National Development Council (NDC) Minister Paul Liu (劉鏡清) said yesterday. Speaking at a meeting of the legislature’s Economics Committee, Liu said Taiwan already has the artificial intelligence (AI) industry as a shield, after the semiconductor industry, to safeguard the country, and is looking at new unique fields to build more economic shields. While Taiwan will further strengthen its existing shields, over the longer term, the country is determined to focus on such potential segments as
UNCERTAINTY: Innolux activated a stringent supply chain management mechanism, as it did during the COVID-19 pandemic, to ensure optimal inventory levels for customers Flat-panel display makers AUO Corp (友達) and Innolux Corp (群創) yesterday said that about 12 to 20 percent of their display business is at risk of potential US tariffs and that they would relocate production or shipment destinations to mitigate the levies’ effects. US tariffs would have a direct impact of US$200 million on AUO’s revenue, company chairman Paul Peng (彭雙浪) told reporters on the sidelines of the Touch Taiwan trade show in Taipei yesterday. That would make up about 12 percent of the company’s overall revenue. To cope with the tariff uncertainty, AUO plans to allocate its production to manufacturing facilities in
COLLABORATION: Given Taiwan’s key position in global supply chains, the US firm is discussing strategies with local partners and clients to deal with global uncertainties Advanced Micro Devices Inc (AMD) yesterday said it is meeting with local ecosystem partners, including Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), to discuss strategies, including long-term manufacturing, to navigate uncertainties such as US tariffs, as Taiwan occupies an important position in global supply chains. AMD chief executive officer Lisa Su (蘇姿丰) told reporters that Taiwan is an important part of the chip designer’s ecosystem and she is discussing with partners and customers in Taiwan to forge strong collaborations on different areas during this critical period. AMD has just become the first artificial-intelligence (AI) server chip customer of TSMC to utilize its advanced
Chizuko Kimura has become the first female sushi chef in the world to win a Michelin star, fulfilling a promise she made to her dying husband to continue his legacy. The 54-year-old Japanese chef regained the Michelin star her late husband, Shunei Kimura, won three years ago for their Sushi Shunei restaurant in Paris. For Shunei Kimura, the star was a dream come true. However, the joy was short-lived. He died from cancer just three months later in June 2022. He was 65. The following year, the restaurant in the heart of Montmartre lost its star rating. Chizuko Kimura insisted that the new star is still down
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