FRANCE
Foreign investors gather
Nearly 140 chief executives from companies around the world are to gather at the Versailles Palace outside Paris tomorrow, as the French government steps up efforts to attract more foreign investors. French President Emmanuel Macron orchestrated what is being billed as an “attractiveness summit” as executives converge for the World Economic Forum in Davos, Switzerland, next week. A handful of economic accords are to be announced, including a major investment in “traditional industry” and two in “high-tech and artificial intelligence,” an official in the president’s office said.
SPAIN
Fitch upgrades debt rating
Fitch Ratings on Friday upgraded Spain’s sovereign debt rating, pointing to the country’s growing economy and improving fiscal health. The economic impact of the Catalonia region’s effort to declare independence last month have been “limited” so far, but the political standoff will weigh on growth, the agency said. Fitch raised Spain’s long-term debt rating one notch to “A-” with a stable outlook. Fitch said that Spain was enjoying the fruits of an economic recovery, with the economy likely having expanded by an average of 3.3 percent between 2015 and last year. The central government deficit is likely to hit its 3.1 percent target this year.
FINANCIAL SERVICES
CEO takes home huge bonus
Morgan Stanley boosted chief executive officer James Gorman’s compensation for last year by 20 percent to US$27 million, the most pay he has received since taking the helm eight years ago. Gorman, 59, got a US$12.8 million long-term incentive, US$6 million of deferred cash, US$5.6 million cash bonus, US$1.5 million salary and restricted shares worth almost US$1.2 million, bank spokesman Wesley McDade said. Last year, Morgan Stanley had record revenue from wealth management and stabilized its fixed-income division after restructuring. This week, its market value eclipsed that of rival Goldman Sachs Group Inc for the first time in a decade.
AUTOMAKERS
Start-up hunts funding
Byton (拜騰), a Chinese electric car start-up founded by former BMW AG executives, is seeking about US$400 million in a new round of funding, people with knowledge of the matter said. The Nanjing-based company, which showcased a concept car at the CES in Las Vegas this month, has been reaching out to potential investors to gauge their interest, according to the sources. Byton received US$200 million from a Suning Holdings Group Co (蘇寧集團) fund and some state-owned firms in Jiangsu Province, chief operating officer Daniel Kirchert said in August last year.
INTERNET
Missouri offer revealed
The US state of Missouri offered Amazon.com Inc nearly US$2.5 billion in incentives spread over 10 years in its failed bid to lure the company’s second headquarters to the state, according to figures released on Friday by the state Department of Economic Development. The state proposed building an “innovation corridor” between Kansas City and St Louis to provide employees and sites for Amazon. Amazon has said its second headquarters would bring up to 50,000 jobs and an investment of more than US$5 billion.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion
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