AUTOMAKERS
Mexico fines VW US$8.9m
Mexican authorities fined German automaker Volkswagen AG (VW) US$8.9 million on Monday for selling more than 45,000 cars without certificates for emissions and noise compliance. The cars were all this year’s models and included the brands VW, Audi, SEAT, Porsche and Bentley, according to the prosecutor’s office for environmental protection. The fine followed an inspection in December last year of Volkswagen’s Mexican office in the central state of Puebla. The plant produces cars for Mexico and export markets. The prosecutor’s office said the Mexican Ministry of Environment and Natural Resources is still investigating whether VW cars sold in Mexico were fitted with devices to cheat emissions tests.
AVIATION
Orders in at Singapore show
Mitsubishi Aircraft Corp, the maker of Japan’s first passenger jet, and propeller-plane maker ATR yesterday announced orders from lessors at the Singapore Airshow amid concern that a two-year, multibillion-dollar order spree could soon start losing steam. Mitsubishi Aircraft signed a letter of intent with US lessor Aerolease Aviation LLC for 10 planes on a firm basis, with an option to purchase 10 more, the companies said in a statement. The cost for 20 planes would be US$946 million in list prices, before customary discounts. ATR said it won a US$130 million order from Singapore-based lessor Avation PLC.
TELECOMS
Netherlands merger set
British mobile phone giant Vodafone and US cable group Liberty Global on Monday said they are merging their Netherlands operations to create a company worth 19 billion euros (US$21 billion). The companies said they are going to create a 50-50 joint venture. Vodafone, whose Dutch operations are worth a bit less than those of Liberty Global, is going to make a cash payment of 1 billion euros to the US firm to equalize ownership in the new firm. With more than 15 million customers, it will be the second largest telecom company in the Netherlands. The companies foresee synergies of 280 million euros per year and 3.5 billion euros altogether, when cost reductions are taken into account.
MANUFACTURING
Michelin earnings rise 19%
Michelin & Cie, Europe’s biggest tiremaker, yesterday posted a 19 percent increase in full-year earnings for last year as lower raw material prices and cost-cutting helped lift profitability for car and truck tires. Operating profit before one-time gains and charges increased to 2.58 billion euros from 2.17 billion euros in 2014, the French firm said in a statement. That exceeded the 2.48 billion euro average of 15 analyst estimates compiled by Bloomberg. Michelin will raise the dividend to 2.85 euros a share from 2.50 euros for 2014. Analysts were predicting a payout of 2.70 euros a share. The company forecast higher operating earnings this year before currency fluctuations and structural free cash flow of at least 800 million euros.
TELECOMS
Orange sees earnings rise
Orange SA yesterday reported a slight increase in earnings and said the discussions to take over Bouygues Telecom will take several more weeks. Full-year adjusted earnings before interest, taxes, depreciation and amortization rose less than 1 percent to 12.4 billion euros, France’s largest phone company said in a statement. Analysts predicted 12.3 billion euros. Sales were little changed at 40.2 billion euros, compared with the average estimate of 40.1 billion euros.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan
RSS