AVIATION
GE nears US$30bn deal
General Electric Co (GE) is nearing a US$30 billion-plus deal to combine its aircraft-leasing business with Ireland’s AerCap Holdings NV, the Wall Street Journal reported on Sunday, citing people familiar with the matter. Details of how the deal would be structured were not immediately known, but an announcement was expected yesterday, assuming the talks do not fall apart, the Journal said. The unit, known as GE Capital Aviation Services, is one of the world’s biggest jet-leasing companies and leases passenger aircraft made by companies including Boeing Co and Airbus SE. It owns, services or has on order about 1,650 aircraft, according to its Web site.
BANKING
DBS docks CEO’s pay
DBS Holdings Group Ltd cut chief executive officer Piyush Gupta’s total compensation for last year by 24 percent after Southeast Asia’s largest lender posted its first annual drop in profit for four years. The bank slashed Gupta’s bonus by 27 percent, resulting in a 24 percent decline in his overall compensation to S$9.2 million (US$6.8 million) for the performance year, down from S$12.1 million a year earlier, DBS said in its annual report yesterday. The reduction reflects the “extremely challenging operating environment,” it said. Excluding his pay, the median decline in total remuneration and variable pay of the bank’s management committee members for 2019 and last year was 12 percent and 17 percent respectively.
BANKING
ECB watching crisis-hit firm
European Central Bank (ECB) supervisors have asked banks for details about outstanding loans to Greensill Capital and its client GFG Alliance, the Financial Times reported, citing four people familiar with the matter. Regulators are asking for the details as they try to determine whether a crisis is contained, the report said. Three more directors of Greensill Capital have resigned as the trade-finance company faces a fight for survival following the flight of its top backers. One person told the newspaper that the move was standard and did not reflect heightened concern. Apollo Global Management’s talks to acquire part of Greensill were at “full speed” over the weekend, and “a lot of technical details still need to be ironed out,” one person told the paper.
BANKING
Central banks lack diversity
Just one of the 31 central bank governors appointed last year was a woman, with Vietnam’s Nguyen Thi Hong joining a global group that now consists of 15 female central bank chiefs, according to the Official Monetary and Financial Institutions Forum’s latest gender balance report. That means not even one in 10 central banks is headed by a woman. “While attention is on new accommodative monetary policy measures and lending operations, central banks should not fall behind on measures to correct the lack of diversity,” the forum said.
CRYPTOCURRENCY
Meitu invests in crypto
China’s Meitu Inc (美圖), taking a page from Tesla Inc, has become the latest corporation to invest in cryptocurrency as digital coin prices head into the stratosphere. Meitu, which makes an app that helps touch up user-profile pictures, on Sunday said it bought 15,000 units of ether for US$22.1 million and 379.1 bitcoins for US$17.9 million on the open market on Friday.
Apple Inc increased iPhone production in India by about 53 percent last year and now makes a quarter of its marquee devices there, reflecting the US company’s efforts to avoid tariffs on China. The company assembled about 55 million iPhones in India last year, up from 36 million a year earlier, people familiar with the matter said, asking not to be named because the numbers aren’t public. Apple makes about 220 million to 230 million iPhones a year globally, with India’s share of the total increasing rapidly. Apple has accelerated its expansion in the world’s most populous country in recent years, bolstered
HEADWINDS: The company said it expects its computer business, as well as consumer electronics and communications segments to see revenue declines due to seasonality Pegatron Corp (和碩) yesterday said it aims to grow its artificial intelligence (AI) server revenue more than 10-fold this year from last year, driven by orders from neocloud solutions clients and large cloud service providers. The electronics manufacturing service provider said AI server revenue growth would be driven primarily by the Nvidia Corp GB300 server platform. Server shipments are expected to increase each quarter this year, with the second half likely to outperform the first half, it said. The AI server market is expected to broaden this year as more inference applications emerge, which would drive demand for system-on-chip, application-specific integrated circuits
At a massive shipyard in North Vancouver, Canadian workers grind metal beams for a powerful new icebreaker crucial to cementing the country’s presence in the increasingly contested arctic. Icebreakers are specialized, expensive vessels able to navigate in the frozen far north. And “this is the crown jewel,” said Eddie Schehr, vice president of production at the Seaspan shipyard. For Canadian Prime Minister Mark Carney, who heads to Norway next Friday to observe arctic defense drills involving troops from 14 NATO states, Canada’s extreme north has emerged as a strategic priority. “Canada is and forever will be an Arctic nation,” he said ahead of
Chinese entrepreneur Frank Gao used to spend long hours running his social media accounts but now outsources the chore to artificial intelligence (AI) agent tool OpenClaw, which is taking China by storm despite official warnings over cybersecurity. OpenClaw, created in November by an Austrian coder, differs from bots such as ChatGPT because it can execute real-life tasks such as sending e-mails, organizing files or even booking flight tickets. “Since January, I’ve spent hours on the lobster every day,” Gao said in an interview, referring to OpenClaw’s red crustacean mascot. “We’re family.” After downloading OpenClaw, users connect it to artificial intelligence models of their
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