Germany’s Siemens AG has decided to stand by a contract linked to a coal mine in Australia that climate activists had called for it to drop.
The German industrial conglomerate’s chief executive officer, Joe Kaeser, had promised to review Siemens’ involvement in the project in light of climate activists’ opposition.
Yet in a statement late on Sunday, Kaeser said that “there is practically no legally and economically responsible way to unwind the contract without neglecting fiduciary duties.”
Siemens on Dec. 10 signed the contract to supply signaling systems for a rail link between the Carmichael coal mine and a port. The vast mine is owned by Indian firm Adani Power Ltd, and the contract is worth about 18 million euros (US$20 million) to Siemens.
Kaeser wrote that there were competitors — “thus, whether or not Siemens provides the signaling, the project will still go ahead.”
However, he added after a managing board meeting that “given the importance of legitimate environmental concerns, we have secured the right to pull out of the contract if our customer violates the very stringent environmental obligations.”
The group Fridays for Future, which has held weekly protests demanding action against climate change for more than a year, wanted Siemens to quit the mine project, because emissions from coal-fired power plants contribute to global warming.
Kaeser met the group’s representatives on Friday.
Leading Fridays for Future activist Luisa Neubauer called Kaeser’s decision “disastrous” and said the group was planning to demonstrate in front of Siemens offices yesterday.
NOTABLE SHIFT: By 2030, 50% of all laptops would be assembled in Southeast Asia, while Taiwan would still mostly focus on research and development, a report said Global laptop and desktop computer supply chains are expected to shift significantly away from China in the next 10 years, a Market Intelligence & Consulting Institute (MIC, 產業情報研究所) report said. By 2030, only 40 percent of global laptop production would remain in China, said the report, which was released on Thursday. “The reshuffling of the global supply chain will be one of the most important trends in the next 10 years,” the institute said in the report. “In the long run, key component makers will follow laptop assemblers in moving out of China.” The Taipei-based institute predicted most key component makers
Yageo Corp (國巨), the world’s third-largest supplier of multilayer ceramic capacitors, has formed a strategic alliance with Hon Hai Precision Industry Co (鴻海精密) to develop key electronic components for electric vehicles and digital healthcare, it said yesterday. The alliance is to help Yageo boost its revenue from high-end components for vehicles and industrial, medical and aerospace devices, as well as those used in 5G and Internet-of-Things devices, the company said. The companies signed the strategic alliance agreement at Yageo’s headquarters in New Taipei City’s Sindian District (新店). Their cooperation is to start this quarter, the companies said in a joint statement. “Through the cooperation
SUPPLY CONSTRAINTS: The transferred orders might not provide an immediate revenue boost given local chipmakers’ high utilization rates, a senior analyst said Shares of local contract chipmakers yesterday rose as much as the 10 percent daily limit, as investors bet on orders being transferred from Semiconductor Manufacturing International Corp (SMIC, 中芯國際) after the US imposed export restrictions on the Chinese chipmaker. United Microelectronics Corp (UMC, 聯電) shares soared 10 percent to close at NT$27.5 as 380 million shares changed hands on the Taiwan Stock Exchange. UMC is the world’s No. 3 foundry by revenue, followed by SMIC, according to data from market researcher TrendForce Corp (集邦科技). UMC has product and customer portfolios similar to those of SMIC, TrendForce said, adding that UMC offers 14-nanometer and
‘IMPORTANT MILESTONE’: The firm expects to launch the generic of Revlimid in the US after March 2022. It has already launched the product in some European countries Lotus Pharmaceutical Co Ltd (美時化學製藥) has received tentative approval from the US Food and Drug Administration (FDA) for its abbreviated new drug application (ANDA) for lenalidomide, the company said in a statement on Friday. The ANDA approval is for 2.5mg, 5mg, 10mg, 20mg and 25mg capsules of lenalidomide, which is a generic version of blood cancer drug Revlimid developed by Celgene Corp. It is the first product fully developed and manufactured in Lotus’ facilities in Taiwan. Lotus expects to launch the product in the US — based on its patent litigation settlement with Celgene last year — some time after March