HSBC denies Huawei plot
HSBC Holdings PLC has denied Chinese media reports that it had “framed” telecom giant Huawei Technologies Co (華為) or “fabricated evidence” that led to the arrest of Huawei chief financial officer Meng Wanzhou (孟晚舟) in Canada. Washington’s investigations into Huawei started before the bank’s involvement with the company in late 2016, HSBC said on Saturday in its first public comments on Huawei’s legal battle in North America. “HSBC has no malice against Huawei, nor has it framed Huawei,” the bank said in a statement. “HSBC has not fabricated evidence or concealed facts, nor will it distort facts or harm any customers for our own benefit.”
AstraZeneca to buy drug
AstraZeneca PLC could pay up to US$6 billion to Japan’s Daiichi Sankyo Co to develop and market a type of targeted cancer treatment in the second multibillion-dollar cancer drug collaboration between the two companies. The London-listed company yesterday said that it would pay Daiichi an upfront payment of US$1 billion for DS-1062, a type of antibody drug conjugate. The remaining amount would be paid when regulatory and sales milestones are achieved, it said.
Gates touts vaccine maker
SK Bioscience, the South Korean pharmaceutical company backed by Bill Gates, might be capable of producing 200 million COVID-19 vaccine kits by June next year, the Microsoft Corp cofounder said in a letter to South Korean President Moon Jae-in. Gates is seeking to cooperate closely with South Korea, the presidential office in Seoul said on Sunday, citing the July 20 letter, without elaborating on what else it said. The US billionaire’s foundation gave US$3.6 million in May to SK Bioscience to accelerate the development of COVID-19 vaccines. Besides working on its own vaccine candidates, the company is also one of the contract manufacturers tapped by AstraZeneca PLC to make its vaccine. The company declined to comment further yesterday.
Debenhams might be sold
Debenhams PLC, one of the UK’s biggest department stores, has initiated a plan that could see new owners as the struggling retailer assesses ways to exit its protective administration. Possible outcomes include the owners retaining the business, potential joint-venture arrangements that could involve new investors or a sale to a third party, the company said in a statement. Investment bank Lazard would be appointed to oversee the process to determine Debenhams’s future and handle any talks with possible buyers, the Mail on Sunday reported. The existing backers want to conclude the process by the end of September, the Mail said, citing unidentified sources.
Credit Suisse backs Ant
Credit Suisse Group AG invested nearly US$100 million in Ant Group (螞蟻集團) during its last funding round, according to people familiar with the matter, setting the Swiss bank up for a potential windfall as the Chinese Internet giant prepares to go public. The Zurich-based lender stands to make paper gains on the previously undisclosed investment if the offering gets a strong reception. One estimate from Bernstein projected Ant’s valuation at US$210 billion, meaning a 40 percent increase from the earlier investment level. The bank does not plan to sell its stake, the people said.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion