DIPLOMACY
Turkey not seeking aid
Turkey did not seek economic aid from Germany during talks in Berlin on Friday and Turkish President Recep Tayyip Erdogan will not ask for support when he meets German Chancellor Angela Merkel next week, German Minister of Finance Olaf Scholz said. “Turkey has not sought economic aid, neither during our talks today [Friday] nor will it do so in the talks that the president and the chancellor will hold,” Scholz said after meeting Turkish Minister of Finance Berat Albayrak. Turkey on Thursday sharply cut its growth forecasts for this year and next.
AUTOMAKERS
Toyota to add Android
Toyota Motor Corp agreed to add Android Auto to its vehicles, according to a person familiar with the matter, ending years of resistance to the Google infotainment software due to safety and security concerns. For the first time, Toyota will allow Android Auto devices to connect directly to its cars, after announcing compatibility with Apple Inc’s CarPlay in January. The addition of Android Auto might attract customers who had stayed away from Toyota vehicles because of the lack of connectivity. An announcement could come as early as next month, a different person familiar with the plans said.
AUTOMAKERS
Ford payouts ordered
A Thai court has ordered Ford Motor Co to pay 291 customers a total of about US$720,000 in compensation for selling cars equipped with faulty transmissions. The Bangkok South Civil Court’s decision was welcomed on Friday as a victory in a country where consumers rarely win redress. Most of the plaintiffs in the class action suit are to get payments of US$800 to US$8,000 each, depending on the number of times and length of time their cars took to be repaired. However, 12 plaintiffs were denied compensation because their cars were modified before they were repaired. Ford said in a statement that it respected the court’s verdict.
BANKING
Indian firm misses payment
Infrastructure Leasing & Financial Services Ltd, an Indian shadow banker that defaulted on its commercial paper obligation earlier this year, missed payments again on Friday. The company, which helped fund India’s longest tunnel, defaulted on three non-convertible notes series, it said in a filing to the stock exchange, without disclosing the value of the debt. It was also unable to meet an obligation for a letter of credit payable to IDBI Bank Ltd, the company said in a separate filing. Trouble at the company has shaken confidence in the sector and on Friday rocked India’s stock markets.
ENERGY
Fieldwood mulls IPO
Fieldwood Energy, an offshore oil and gas explorer that emerged from bankruptcy in April, is weighing an initial public offering, people familiar with the matter said. The Houston, Texas-based company is exploring filing a public offering in early next year that could value the company at more than US$5 billion, said one the people, who asked to not be identified because the matter was not public. Fieldwood is one of the largest oil producers in the Gulf of Mexico. A representative for Fieldwood declined to comment.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday said its materials management head, Vanessa Lee (李文如), had tendered her resignation for personal reasons. The personnel adjustment takes effect tomorrow, TSMC said in a statement. The latest development came one month after Lee reportedly took leave from the middle of last month. Cliff Hou (侯永清), senior vice president and deputy cochief operating officer, is to concurrently take on the role of head of the materials management division, which has been under his supervision, TSMC said. Lee, who joined TSMC in 2022, was appointed senior director of materials management and
Nvidia Corp CEO Jensen Huang (黃仁勳) on Thursday met with US President Donald Trump at the White House, days before a planned trip to China by the head of the world’s most valuable chipmaker, people familiar with the matter said. Details of what the two men discussed were not immediately available, and the people familiar with the meeting declined to elaborate on the agenda. Spokespeople for the White House had no immediate comment. Nvidia declined to comment. Nvidia’s CEO has been vocal about the need for US companies to access the world’s largest semiconductor market and is a frequent visitor to China.
Hypermarket chain Carrefour Taiwan and upscale supermarket chain Mia C’bon on Saturday announced the suspension of their partnership with Jkopay Co (街口支付), one of Taiwan’s largest digital payment providers, amid a lawsuit involving its parent company. Carrefour and Mia C’bon said they would notify customers once Jkopay services are reinstated. The two retailers joined an array of other firms in suspending their partnerships with Jkopay. On Friday night, popular beverage chain TP Tea (茶湯會) also suspended its use of the platform, urging customers to opt for alternative payment methods. Another drinks brand, Guiji (龜記), on Friday said that it is up to individual
STABLE RESULTS: Despite June’s lower consolidated revenue, second-quarter sales still reached a record high, driven by demand for chips for AI applications Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported consolidated sales of NT$263.71 billion (US$9.02 billion) for last month, its second-lowest monthly result this year. The world’s largest contract chipmaker said in a statement that its revenue last month only fared better than the NT$260.01 billion posted in February. Last month’s figure rose 26.9 percent from a year earlier, but slumped 17.7 percent from May, the company said. However, second-quarter revenue reached NT$933.8 billion, a record high for a single quarter, company data showed. The figure represented growth of 11.26 percent from the first quarter and 38.6 percent from a year earlier. Previously, TSMC said that
RSS