Glencore sued over police
Peruvian villagers suing miner Glencore PLC are to argue in London’s High Court next week that the company should be held liable over their allegations they were abused by Peruvian police, the law firm representing them said on Tuesday. The allegations, to be presented in a 10-day hearing that starts on Monday next week, illustrates potential legal risks for mining companies that sign pacts with Peruvian police for the provision of security services at their operations. The lawsuit by 22 Peruvians said that Xstrata PLC, acquired by Glencore in 2013, failed to take reasonable steps to prevent abuses by police in deadly protests at the Tintaya copper mine in 2012, London law firm Leigh Day said.
Blackstone aims for US$800bn
Blackstone Group LP could double its assets under management to US$800 billion in five years, chief executive officer Steve Schwarzman said. “We have internal targets, plans, aspirations to basically double where we are which would take us to US$800 billion,” Schwarzman said in Bloomberg TV interview in Riyadh yesterday. When asked whether the New York-based asset manager could be a trillion dollar fund, he said: “That’s possible.” Schwarzman, 70, said last week that he expects Blackstone’s assets to continue rising in the fourth quarter of the year.
Sanofi to sue over patent
French drugmaker Sanofi SA said it is suing a US pharmaceuticals company for allegedly infringing the patent on its key insulin treatment as sales of its diabetes drugs are falling. Sanofi’s Lantus insulin drug, a major source of revenue for the French group, is no longer being reimbursed by several top US health insurance companies which have switched to a cheaper competitor. That pushed sales of the French group’s diabetes treatments down by 12 percent in the second quarter of the year. Sanofi said in a statement late on Tuesday that it is suing US-based Mylan for alleged infringement of 18 patents.
FOOD AND BEVERAGE
McDonald’s earnings strong
McDonald’s on Tuesday turned in another strong round of earnings following heavy promotions in the US as it ramps up tech-focused home-delivery and mobile-pay initiatives. The fast food giant scored a solid 6 percent jump in global comparable sales, fueled by gains in several key markets, including the US, China, Britain and Canada. “We’re building a better McDonald’s and winning back customers,” said chief executive Steve Easterbrook, who was appointed in 2015 and has been credited with turning around the chain, and dousing worries about rival chains and growing consumer enthusiasm for healthier fare.
Equis Energy acquired
Investment fund Global Infrastructure Partners agreed to buy Equis Energy, a Singapore-based developer of renewable power projects, for US$5 billion including debt, an industry record. The deal includes US$1.3 billion of liabilities and is expected to close in the first quarter of next year, the companies said in a joint statement yesterday. Equis Energy’s portfolio of assets includes solar, wind and hydroelectric power operations in Australia, Japan, India, Indonesia, the Philippines and Thailand. Renewable power is attracting more investor interest as governments throughout Asia seek alternatives to fossil fuels to meet rising energy demand.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
HEAVY INVESTMENT: Moody’s affirmed the firm’s ‘Aa3’ rating with a ‘stable’ outlook due to its leading position in the industry and ability to match customer requirements Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue this year is expected to increase about 21 percent to NT$1.29 trillion (US$44.01 billion) from NT$1.07 trillion last year, driven by strong demand for advanced 5-nanometer and 7-nanometer chips mainly used in smartphones and high-performance computing devices, a Moody’s Investors Service report on Wednesday said. TSMC’s rate of revenue growth next year is to increase to 7.5 percent, the ratings agency said. The company, which supplies 5-nanometer chips for Apple Inc’s new iPad series, has introduced the advanced chips ahead of its competitors and gained a significant share of the market for the foundry industry’s
Sony Corp has cut its estimated Play Station 5 (PS5) production for this fiscal year by 4 million units, down to about 11 million, following production issues with its custom-designed system-on-chip (SOC) for the new console, people familiar with the matter said. The Tokyo-based electronics giant in July boosted orders with suppliers in anticipation of heightened demand for gaming in the holiday season and beyond, as people spend more time at home due to the COVID-19 pandemic. However, the company has come up against manufacturing issues, such as production yields as low as 50 percent for its SOC, which have cut into
O2O BICYCLE SHOW: The Taiwan Bicycle Show next year is to be online to offline, with forums, audio-visual conferences and livestreaming of the offline events Local bicycle makers expect demand to continue outpacing supply due to orders triggered by the COVID-19 pandemic, with some companies seeing orders back up through next year. “Next year is all full in terms of orders. Our lead time on components is one year,” Giant Manufacturing Co Ltd (巨大機械) chairwoman Bonnie Tu (杜綉珍) told a news conference in Taipei organized by the Taiwan External Trade Development Council (TAITRA) to announce next year’s Taipei Cycle Show. The pandemic has reduced bicycle supplies and increased demand around the world, Robert Wu (吳盈進), chairman of KMC (Kuei Meng) International Inc (桂盟國際), one of the world’s