RETAIL
Walmart buys lingerie firm
Walmart Inc on Friday said it would buy online lingerie retailer Bare Necessities Ltd, the latest acquisition in a niche-brand buying spree. Walmart declined to disclose how much it is paying for Bare Necessities, but said the deal would help deepen its expertise in the world of bras, swimwear and shapewear. Bare Necessities would remain a stand-alone site, the company said. Bare Necessities cofounder and chief executive officer Noah Wrubel would also lead the intimates area for Walmart.com and Jet.com.
BANKING
KKR to buy assets in India
KKR & Co is seeking to acquire assets from stressed Indian shadow lenders, as it tries to take advantage of the market disruption after a rare money market default by Infrastructure Leasing & Financial Services Ltd. The private equity company’s two Indian credit units might spend as much as 20 billion rupees (US$271.42 million) combined with purchase portfolios from local finance companies, KKR India chief executive officer Sanjay Nayar said on Friday.
AUTOMAKERS
Tesla mulls making liquor
What started as an April Fools’ Day joke that left a poor taste in Tesla Inc investors’ mouths might soon become a reality. The electric automaker on Monday submitted a trademark application for Teslaquila, describing the planned product as a distilled agave liquor. The application was filed as “based on intent to use,” which means that Tesla does not have the product ready just yet. The company needs to actually be making a product to obtain the trademark.
BLOCKCHAIN
Cohn turns start-up advisor
Gary Cohn, the former chief economic aide to US President Donald Trump and president of Goldman Sachs Group Inc, would serve as an adviser to blockchain technology start-up Spring Labs. Joining Spring Labs is his most high-profile move since resigning as National Economic Council director earlier this year after Trump imposed tariffs on aluminum and steel that Cohn opposed.
FASHION
Icicle to acquire Carven
China’s Icicle (之禾), a fashion firm that focuses on using natural fibers, was selected on Friday to take fashion label Carven out of bankruptcy, lawyers for the storied French company told reporters. One of seven offers, Icicle bid a little more than 6.5 million euros (US$7.52 million) for the company, which was founded in 1945 and sought bankruptcy protection in May. Icicle has pledged to invest another 8 million into the company. Carven’s last publicly disclosed figures were a net profit of 67,000 euros on sales of 49 million euros in 2015.
INSURANCE
Firm to shed extra US control
Prudential Financial Inc could as soon as next week shed the too-big-to-fail label that the US government slapped on it after the 2008 financial crisis, a person familiar with the matter said. The Financial Stability Oversight Council has been considering freeing the New Jersey-based insurer from heightened oversight for months. A vote on the matter might come when the panel meets in Washington on Tuesday, said the person, who asked not to be named because a decision has not yet been announced.
The Fair Trade Commission’s (FTC) ongoing review of Grab Holdings Ltd’s US$600 million acquisition of Foodpanda Taiwan’s operations, announced on March 23, has taken on fresh urgency as industry experts warn that the transaction could embed significant Chinese cybersecurity vulnerabilities into Taiwan’s digital infrastructure through Grab’s deep ties to autonomous-driving firm WeRide (文遠知行). Less than 16 months after the FTC blocked Uber Eats’ direct attempt to acquire Foodpanda Taiwan — citing potential combined market shares of 80 to 90 percent — the emergence of Grab as the buyer has prompted questions about whether the same competitive harm is simply being rerouted
POWER BUILDUP: Powered by Nvidia’s B200 Blackwell chips, the data center would support MediaTek’s computing power demand and business growth, the company said Smartphone chip designer MediaTek Inc (聯發科) yesterday launched a new artificial intelligence (AI) data center with a maximum capacity of 45 megawatts to meet its rising demand for computing power required to develop new advanced chips for AI applications. The company has completed the first-phase computing power buildup at the data center in Miaoli County’s Tongluo Township (銅鑼), providing 15 megawatts of capacity to support its research and development (R&D) capabilities, despite an industrywide shortage of key components, MediaTek said. Supply constraints have plagued a wide range of key components, including memory chips, solid-state drives, power supply units and central
IMAGE SENSORS: The Japanese company would be the controlling shareholder of the venture, with development and production lines to be set up in Kumamoto Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday said it has signed a non-binding memorandum of understanding (MOU) with Sony Semiconductor Solutions Corp to create a joint venture to develop and produce next-generation images sensors. The partnership seeks to explore and address emerging opportunities in physical artificial intelligence (AI) applications, such as automotive and robotics, paving the way for innovations and expanded technological advancements, TSMC said in a statement. Sony would be the majority and controlling shareholder of the joint venture, the statement said, adding that the company would set up development and production lines in its newly constructed fab in Kumamoto Prefecture’s
The nation’s foreign exchange reserves climbed back above US$600 billion at the end of last month, as investment gains, currency valuation effects and renewed foreign inflows offset volatility seen earlier in the month, the central bank said yesterday. Reserves stood at US$602.49 billion, up US$5.6 billion from the previous month, the central bank said. The rebound reflected returns on reserve assets, fluctuations in major currencies against the US dollar and the central bank’s market operations aimed at maintaining orderly trading conditions, Department of Foreign Exchange Director-General Eugene Tsai (蔡炯民) said. Financial markets were volatile early last month, with foreign investors recording net purchases
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