INDISTRY
CMEC to aid smelter
China’s state-owned China Machinery Engineering Corp (CMEC, 中國機械設備工程) is to modernize Tajikistan’s flagship aluminum smelter in a US$545 million deal. A representative for Tajik Aluminium Co (Talco) on Friday said that “the contract between CMEC and Talco was signed on April 15.” Talco’s smelter is a key industrial asset in an impoverished and mostly agrarian nation of 9 million bordering China. Annual production of the smelter fell 7.2 percent last year and its Soviet-era equipment is in sore need of upgrading.
CHINA
Petition supports accuser
Hundreds of people have added their names to an online petition in support of a University of Minnesota student who said she was raped in August last year by Richard Liu (劉強東), the CEO of e-commerce retailer JD.com Inc (京東). The student, Liu Jingyao (劉靜瑤), from China, filed a civil lawsuit against Richard Liu in a Minneapolis court on Tuesday, nearly four months after prosecutors declined to press criminal charges against him. The company did not immediately respond to an e-mailed request for comment.
SINGAPORE
Fraud suspect extradited
The nation has extradited an Indian national to the US to face charges in a call center operation that allegedly defrauded millions of dollars from people in the US, the US Department of Justice announced on Friday. Hitesh Madhubhai Patel, 42, of Ahmedabad, India, was scheduled to be arraigned on Friday in a Houston, Texas, federal court for his role in a case that was first announced in 2016, charging 60 people with wire fraud and money laundering conspiracy.
BANKING
Malayan ends agreement
Malayan Banking Bhd (Maybank) ended a collaboration agreement with Tuaspring and Hyflux Ltd. The termination of the agreement is expected to have a material impact on the group’s financial performance, Hyflux said in a statement to the Singapore Exchange. Maybank also stated its intention to appoint receivers and managers over the assets of Tuaspring, save for its desalination plant and shared infrastructure, according to Hyflux. The company is saddled with S$2.8 billion (US$2.1 billion) of unsecured claims and default notices.
ENERGY
Reliance denies PDVSA link
Reliance Industries Ltd does not have any arrangement to buy crude oil from Venezuela’s state-owned oil company, Petroleos de Venezuela SA (PDVSA), for payment in cash to third parties and media reports of such a mechanism are false, the company said in a statement. While releasing quarterly results on Thursday, Reliance chief financial officer V. Srikanth said it was sourcing Venezuelan crude from Russian and Chinese companies. Payment made to them for supplies are adjusted against dues owed by Venezuela to these companies, Srikanth said.
REAL ESTATE
Manhattan sale confirmed
Vornado Realty Trust sold almost half of a US$5.6 billion collection of Manhattan properties to Qatar’s sovereign wealth fund, the Qatar Investment Authority, and Crown Acquisitions Inc. The buyers would each acquire stakes of about 24 percent.
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
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