CONSUMER GOODS
Unilever profit dips 0.8%
Unilever PLC yesterday announced a 0.8 percent dip in annual net profit to 5.6 billion euros (US$6.7 billion) in what it said was a volatile year. The maker of brands including Magnum ice cream, Cif surface cleaner and Dove soap, last year enjoyed strong demand for hand cleaners and household cleaning products due to the COVID-19 pandemic, as well as increased food purchases. However sales of beauty products were hit by lockdowns, the group said.
ENERGY
Shell sinks into losses
Royal Dutch Shell PLC dived into a net loss of US$21.7 billion last year, the oil giant said yesterday, as the COVID-19 pandemic slashed global energy demand. That compared with a net profit of US$15.8 billion in 2019, the British-Dutch group said in a statement. Shell’s result is similar to British rival BP, which on Tuesday reported a net loss of US$20.3 billion for last year.
TELECOMS
Nokia expects further losses
Nokia Oyj yesterday said it expects revenue this year to continue to drop as the telecommunications equipment maker battles share loss and falling product prices in some markets. It forecast sales of 20.6 billion euros to 21.8 billion euros, the company said in a statement. Adjusted operating profit in the fourth quarter last year fell to 1.1 billion euros, better than analysts’ average estimate of 955.3 million euros, while sales fell 5 percent to 6.57 billion euros, it said.
SHIPBUILDING
Hyundai Heavy falls into red
The world’s biggest shipbuilder, Hyundai Heavy Industries Co, slumped to a loss of more than US$700 million last year, as demand for tankers plunged with the COVID-19 pandemic hammering oil prices. The South Korean group yesterday reported a net loss of 790 billion won (US$706 million) for the full year, compared with a profit of more than 115 billion won in 2019. Sales declined 29 percent year-on-year, it said in a statement, blaming its “massive losses” on “a drop in oil prices and negative market conditions due to the coronavirus and currency rates.”
PHARMACEUTICALS
Roche posts higher profits
Swiss giant Roche Holding AG yesterday reported higher profits for last year. Annual net profit rose 7 percent to 15 billion Swiss francs (US$16.6 billion), despite the negative effects of exchange rates and a drop in over-the-counter sales, it said in a statement. Sales were down 5 percent overall from 2019, at SF58.3 billion. Analysts surveyed by Swiss agency AWP had forecast sales of SF59.7 billion. For this year, Roche predicted sales would grow “in the low to mid-single digit range” at constant exchange rates.
SEMICONDUCTORS
Nvidia probed in Europe
The EU and UK are preparing to launch in-depth investigations of Nvidia Corp’s proposed US$40 billion acquisition of chip designer Arm Ltd from Softbank Group Corp, the Financial Times reported, citing a person with knowledge of the situation. Government officials are pushing for deeper scrutiny after chip industry rivals called for the deal to get blocked, the newspaper said. The British government has already said that it would consider whether Arm would raise prices or hurt licensing services to Nvidia’s rivals after the transaction.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan
RSS