SOLAR PANELS
Sunrun buying out rival
The US’ largest rooftop solar installer, Sunrun Inc, is taking out one of its major rivals, Vivint Solar Inc, in a deal valued at US$3.2 billion. Sunrun is buying Vivint in an all-stock transaction, under which each share of Vivint is to be exchanged for 0.55 shares of Sunrun, the companies said in a statement on Monday. The acquisition is expected to close during the fourth quarter, subject to approvals.
SOFTWARE
Palantir seeks stock listing
Data analysis specialist Palantir Technologies Inc has filed for a stock listing, the company said in a statement on Monday. The Californian company, which sells software used by governments and large companies worldwide, is looking to go public later this year, Bloomberg reported. It could be one of the biggest initial public offerings since Uber Technologies Inc, with the secretive Palantir previously valued at US$20 billion in 2015 — although it was not clear what valuation the company would seek in going public.
ENERGY
Eni drops price forecasts
Eni SpA became the latest oil company to cut its long-term price assumptions, saying that the novel coronavirus pandemic would have a lasting effect on the industry. Eni now sees benchmark Brent crude at US$60 a barrel in 2023 real terms, down from a previous estimate of US$70, the company said late on Monday, warning of impairment charges. Rivals Royal Dutch Shell PLC and BP PLC have also cut price forecasts as the lockdown-induced slump batters their business, forcing producers to reassess the value of their assets amid a shift to cleaner energy.
PUBLISHING
Reach to cut 550 jobs
British newspaper publisher Reach PLC yesterday said that it would cut about 550 jobs, or 12 percent of its workforce, after the COVID-19 pandemic hit circulation and advertising. Reach, whose titles include the Daily Mirror and Daily Express, said that second-quarter revenue declined 27.5 percent, with print revenue down 29.5 percent and digital revenue down 14.8 percent. The company has seen increased adoption of its digital products, with customer registrations passing the 2.5 million mark during the pandemic.
REAL ESTATE
Zara owner shifts focus
Fashion label Zara owner Amancio Ortega has turned his attention to real estate. The Spanish billionaire’s property holdings have soared to 15.2 billion euros (US$17.13 billion), his firm revealed for the first time yesterday, giving him the largest real-estate portfolio among Europe’s super-rich. Ortega, 84, invested 2.1 billion euros in real estate last year through various subsidiaries of his holding company Pontegadea, the firm said in an e-mailed statement. Pontegadea had a net income of 1.8 billion euros for last year, including 621 million euros from real-estate assets.
CHEMICALS
LG Polymers found negligent
An investigation into a deadly gas leak at a South Korean-owned chemical plant in southern India that killed 12 people in May recommended that the factory be moved away from inhabited areas, a report released yesterday said. The probe at the plant run by LG Polymers, which is owned by South Korea’s LG Chem Ltd, found that the company was negligent and warning systems were not working, the local state government said on Monday.
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Power supply and electronic components maker Delta Electronics Inc (台達電) yesterday said it plans to ship its new 1 megawatt charging systems for electric trucks and buses in the first half of next year at the earliest. The new charging piles, which deliver up to 1 megawatt of charging power, are designed for heavy-duty electric vehicles, and support a maximum current of 1,500 amperes and output of 1,250 volts, Delta said in a news release. “If everything goes smoothly, we could begin shipping those new charging systems as early as in the first half of next year,” a company official said. The new
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