TECHNOLOGY
Chip tester seeks purchaser
UTAC Holdings Ltd, the Singapore-based chip testing firm backed by TPG Capital, has appointed Citigroup Inc to advise on a planned sale of its business, people with knowledge of the matter said. The company has started gauging interest from potential buyers, including private equity funds and Chinese semiconductor firms, the people said. The company explored options for the business last year, including a sale and an initial public offering, after completing a bond restructuring, Bloomberg News reported at the time.
AVIATION
Vietnam Air to update fleet
Vietnam Airlines is considering an order of 50 to 100 Boeing Co 737 Max airplanes this year to replace its aging fleet of Airbus SE single-aisle aircraft. The state-owned carrier might also buy long-range jets in preparation for flights to California. The new aircraft would be for delivery from 2020 to 2030, chief executive officer Duong Tri Thanh said in an interview in Hanoi. While Thanh did not specify which Max model the carrier plans to buy, based on list prices of the popular Max 8, the order would be valued at about US$6.1 billion to US$12.2 billion.
STEEL
‘No deal’ brings bill due
British Steel Ltd could face a financial hit of ￡100 million (US$130.84 million) or more in three weeks’ time if British Prime Minister Theresa May is unable to secure a Brexit deal, two people familiar with the matter said. The costs relate to the private equity-owned steelmaker’s carbon pollution bill for last year, which is due for payment by March 15, the people said. British Steel and its owner, Greybull Capital LLP, said that the steelmaker is prepared for various Brexit scenarios.
BANKING
Societe Generale to cut jobs
French banking group Societe Generale SA is planning to cut 1,500 positions in its BFI corporate and investment banking arm, Le Figaro newspaper reported on Saturday. The bank is looking at two scenarios, both of which envisage 1,500 job cuts worldwide, with about 700 of them in France, the report said, citing internal bank documents. The company said in a statement on Saturday that it is still reviewing activities in its corporate and investor client business, so it could not comment on the impact on jobs.
UNITED KINGDOM
Banks eye ￡44bn in claims
Banks face a final bill of ￡44 billion to settle claims that they mis-sold payment protection insurance, the Mail said on Sunday, citing its own analysis. The study is based on published information extrapolated over the period until the Aug. 29 cutoff that the Financial Conduct Authority has set for claims, the report said. Lenders have already set aside about 40 billion pounds to compensate customers.
TECHNOLOGY
Newest HoloLens unveiled
Microsoft Corp unveiled the latest version of its HoloLens augmented reality headset on Sunday, promising wearers would feel more immersed in the augmented reality experience and more comfortable. The company showed off how the HoloLens 2 can track eye movements, and allow wearers to feel as though they can touch and manipulate holograms. The devices were also attached to hard hats for construction workers.
TECH PARTNERSHIP: The deal with Arizona-based Amkor would provide TSMC with advanced packing and test capacities, a requirement to serve US customers Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is collaborating with Amkor Technology Inc to provide local advanced packaging and test capacities in Arizona to address customer requirements for geographical flexibility in chip manufacturing. As part of the agreement, TSMC, the world’s biggest contract chipmaker, would contract turnkey advanced packaging and test services from Amkor at their planned facility in Peoria, Arizona, a joint statement released yesterday said. TSMC would leverage these services to support its customers, particularly those using TSMC’s advanced wafer fabrication facilities in Phoenix, Arizona, it said. The companies would jointly define the specific packaging technologies, such as TSMC’s Integrated
An Indian factory producing iPhone components resumed work yesterday after a fire that halted production — the third blaze to disrupt Apple Inc’s local supply chain since the start of last year. Local industrial behemoth Tata Group’s plant in Tamil Nadu, which was shut down by the unexplained fire on Saturday, is a key linchpin of Apple’s nascent supply chain in the country. A spokesperson for subsidiary Tata Electronics Pvt yesterday said that the company would restart work in “many areas of the facility today.” “We’ve been working diligently since Saturday to support our team and to identify the cause of the fire,”
China’s economic planning agency yesterday outlined details of measures aimed at boosting the economy, but refrained from major spending initiatives. The piecemeal nature of the plans announced yesterday appeared to disappoint investors who were hoping for bolder moves, and the Shanghai Composite Index gave up a 10 percent initial gain as markets reopened after a weeklong holiday to end 4.59 percent higher, while Hong Kong’s Hang Seng Index dived 9.41 percent. Chinese National Development and Reform Commission Chairman Zheng Shanjie (鄭珊潔) said the government would frontload 100 billion yuan (US$14.2 billion) in spending from the government’s budget for next year in addition
Sales RecORD: Hon Hai’s consolidated sales rose by about 20 percent last quarter, while Largan, another Apple supplier, saw quarterly sales increase by 17 percent IPhone assembler Hon Hai Precision Industry Co (鴻海精密) on Saturday reported its highest-ever quarterly sales for the third quarter on the back of solid global demand for artificial intelligence (AI) servers. Hon Hai, also known as Foxconn Technology Group (富士康科技集團) globally, said it posted NT$1.85 trillion (US$57.93 billion) in consolidated sales in the July-to-September quarter, up 19.46 percent from the previous quarter and up 20.15 percent from a year earlier. The figure beat the previous third-quarter high of NT$1.74 trillion recorded in 2022, company data showed. Due to rising demand for AI, Hon Hai said its cloud and networking division enjoyed strong sales
RSS