CHIPMAKERS
NXP, Marvell unveil deal
NXP Semiconductors NV agreed to buy the Wi-Fi connectivity business of Marvell Technology Group Ltd in a deal valued at US$1.76 billion. The all-cash acquisition includes Marvell’s Wi-Fi and Bluetooth technology and related assets, and will allow the automotive industry’s biggest supplier of chips to offer customers a broader range of options to connect devices to the Internet. The deal should close by the first quarter of next year, the companies said.
ENERGY
Delek to buy oil, gas fields
Delek Group Ltd, the energy company controlled by Israeli billionaire Yitzhak Tshuva, agreed to buy North Sea oil and gas fields from Chevron Corp for about US$2 billion. Delek’s Ithaca Energy unit is to acquire Chevron’s Central North Sea assets, including the Alba, Alder and Erskine fields as well as the Britannia, Elgin/Franklin and Jade non-operated projects, it said yesterday. Chevron’s stake in the BP PLC-operated Clair venture is not included in the transaction.
MEXICO
Central bank cuts forecast
The central bank on Wednesday cut its forecast for the growth of Latin America’s second-largest economy — the latest bad business news for President Andres Manuel Lopez Obrador. The Bank of Mexico slashed its growth forecast or this year by 0.3 percentage points to a range of 0.8 to 1.8 percent. The news came after the economy shrank 0.2 percent in the first quarter of the year.
BANKING
SoftBank seeks loans
SoftBank Group Corp’s Vision Fund plans to borrow about US$4 billion against its equity stakes in Uber Technologies Inc and other start-ups, according to a report in the Financial Times. The fund is discussing the loan with banks, including Goldman Sachs Group Inc, and would use as collateral its holdings in Guardant Health Inc and Slack Technologies Inc, as well as the ride-hailing giant, the paper said.
INVESTMENT
WeWork in talks for credit
WeWork Cos is in talks with banks about arranging a US$2.75 billion credit line ahead of a planned initial public offering (IPO), people with knowledge of the matter said. JPMorgan Chase & Co is leading the potential financing, the people said. WeWork, which rents office space and desks to workers around the world, last month said it had filed paperwork confidentially with the US Securities and Exchange Commission for an IPO.
INVESTMENT
Hansoh plans IPO in HK
Hansoh Pharmaceutical Group Co (豪森醫藥) is seeking to raise as much as US$1 billion in a Hong Kong IPO after attracting cornerstone investors including Singapore’s sovereign wealth fund GIC Pte and Boyu Capital (博裕資本). The Jiangsu Province, China-based company is offering 551 million shares at HK$13.06 to HK$14.26 apiece, according to terms for the deal.
TAXATION
New G20 policy mulled
G20 countries are planning a new tax policy for digital giants like Google, based on the business a company does in a country, not where it is headquartered, the Nikkei business daily reported yesterday. The basic policy is likely to be signed by G20 finance ministers next month in the Japanese city of Fukuoka, the newspaper said.
PROTECTIONISM: China hopes to help domestic chipmakers gain more market share while preparing local tech companies for the possibility of more US sanctions Beijing is stepping up pressure on Chinese companies to buy locally produced artificial intelligence (AI) chips instead of Nvidia Corp products, part of the nation’s effort to expand its semiconductor industry and counter US sanctions. Chinese regulators have been discouraging companies from purchasing Nvidia’s H20 chips, which are used to develop and run AI models, sources familiar with the matter said. The policy has taken the form of guidance rather than an outright ban, as Beijing wants to avoid handicapping its own AI start-ups and escalating tensions with the US, said the sources, who asked not to be identified because the
Taipei is today suspending its US$2.5 trillion stock market as Super Typhoon Krathon approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed-income trading, statements from its stock and currency exchanges said. Yesterday, schools and offices were closed in several cities and counties in southern and eastern Taiwan, including in the key industrial port city of Kaohsiung. Taiwan, which started canceling flights, ship sailings and some train services earlier this week, has wind and rain advisories in place for much of the island. It regularly experiences typhoons, and in July shut offices and schools as
Her white-gloved, waistcoated uniform impeccable, 22-year-old Hazuki Okuno boards a bullet train replica to rehearse the strict protocols behind the smooth operation of a Japanese institution turning 60 Tuesday. High-speed Shinkansen trains began running between Tokyo and Osaka on Oct. 1, 1964, heralding a new era for rail travel as Japan grew into an economic superpower after World War II. The service remains integral to the nation’s economy and way of life — so keeping it dazzlingly clean, punctual and accident-free is a serious job. At a 10-story, state-of-the-art staff training center, Okuno shouted from the window and signaled to imaginary colleagues, keeping
Arm Holdings PLC approached Intel Corp about potentially buying the ailing chipmaker’s product division, only to be told that the business is not for sale, according to a source with direct knowledge of the matter. In the high-level inquiry, Arm did not express interest in Intel’s manufacturing operations, said the source, who asked not to be identified because the discussions were private. Intel has two main units: A product group that sells chips for personal computers, servers and networking equipment, and another that operates its factories. Representatives for Arm and Intel declined to comment. Intel, once the world’s largest chipmaker, has become the
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