TELECOMS
Vodafone in acquisition talks
Vodafone Group PLC has confirmed that it is in early stage discussions with Liberty Global PLC regarding the potential acquisition of some “overlapping continental European assets” that are owned by Liberty Global. Vodafone acknowledged the discussions in a statement on Friday that followed reports of talks in the Financial Times. The newspaper reported that the talks were likely to involve holdings in the UK and Germany. Vodafone said there is no certainty the deal would take place and said the matter was limited in scope.
EMPLOYMENT
Best Buy doles out bonuses
US consumer electronics retailer Best Buy Co said it would be handing out bonuses to more than 100,000 employees, joining a list of companies sharing a portion of their windfall from the corporate tax reform law with employees. The Minneapolis-based chain said that this month it would pay one-time bonuses of US$1,000 to full-time workers and US$500 to part-time employees. Company spokesman Jeff Shelman said full-time salaried employees on a bonus plan would not get the extra funds.
REAL ESTATE
UK sees fewer homes built
UK homebuilding activity shrank last month, ending a 16-month expansion, according to a report on Friday. IHS Markit’s monthly index fell to 48.1, the lowest since just after the Brexit vote in 2016 and below the key 50 line that separates expansion from contraction. The reading was down from 55.3 in December last year. Housing had been the main driver of growth in recent months and its slump dragged the overall construction purchasing managers’ index to 50.2 — a four-month low — from 52.2. IHS Markit said new construction orders fell slightly for the first time in four months.
BANKING
Fed chair moves forward
US Federal Reserve Chair Janet Yellen, the first woman to head the nation’s central bank, is not taking any time off. Her last day at the Fed was on Friday. She is to start a new job tomorrow at the Brookings Institution. The Washington think tank said Yellen would join the institution’s Hutchins Center on Fiscal and Monetary Policy as a distinguished fellow in residence.
SHIPPING
Fincantieri wins French deal
Italian shipbuilding company Fincantieri SpA said on Friday it has reached an agreement with France to buy 50 percent of the French shipyard STX. Fincantieri said it would pay 59.7 million euros (US$74.4 million) to conclude the deal for the shipyard in the western port of Saint-Nazaire, which builds huge cruise liners and warships. Under the terms of the agreement, the French state would keep a blocking minority in the company.
TECHNOLOGY
Dell mulls VMware merger
Dell Inc is considering merging with business software provider VMware Inc as part of several potential strategic options. The Round Rock, Texas-based computer maker already owns 82 percent of VMware. The company said the board of directors is reviewing the option. Dell, which went private in 2013, also said on Friday it is considering a public offering of stock.
TAKING STOCK: A Taiwanese cookware firm in Vietnam urged customers to assess inventory or place orders early so shipments can reach the US while tariffs are paused Taiwanese businesses in Vietnam are exploring alternatives after the White House imposed a 46 percent import duty on Vietnamese goods, following US President Donald Trump’s announcement of “reciprocal” tariffs on the US’ trading partners. Lo Shih-liang (羅世良), chairman of Brico Industry Co (裕茂工業), a Taiwanese company that manufactures cast iron cookware and stove components in Vietnam, said that more than 40 percent of his business was tied to the US market, describing the constant US policy shifts as an emotional roller coaster. “I work during the day and stay up all night watching the news. I’ve been following US news until 3am
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
Six years ago, LVMH’s billionaire CEO Bernard Arnault and US President Donald Trump cut the blue ribbon on a factory in rural Texas that would make designer handbags for Louis Vuitton, one of the world’s best-known luxury brands. However, since the high-profile opening, the factory has faced a host of problems limiting production, 11 former Louis Vuitton employees said. The site has consistently ranked among the worst-performing for Louis Vuitton globally, “significantly” underperforming other facilities, said three former Louis Vuitton workers and a senior industry source, who cited internal rankings shared with staff. The plant’s problems — which have not
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
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