BANKING
Credit Suisse laments loan
Credit Suisse Group AG yesterday said it recorded its best start to a year in a decade before the implosion this month of Greensill Capital pushed it into the deepest crisis. Revenue at the securities unit rose more than 50 percent in the first two months of the year and pretax income for the group was the best in a decade, the Swiss lender said. However, the bank warned that it might have to take a charge on a loan it extended to Greensill Capital before the firm filed for insolvency. Credit Suisse said it recovered US$50 million of a US$140 million loan it made to Greensill Capital late last year.
TELECOMS
Rogers to buy rival
Canadian telecom Rogers Communications Inc on Monday said that it had reached an amicable agreement to buy rival Shaw Telecommunications Inc in a deal valued at C$26 billion (US$21 billion), creating a new heavyweight rival for Bell Canada and Telus Communcations Inc. Rogers is to pay C$40.50 in cash per share for its competitor, for a total of C$20 billion. That is 70 percent higher than the recent share price, Rogers said in a joint statement with its rival. Rogers said it would also take on its rival’s debt of C$6 billion, bringing the total deal to about C$26 billion.
MALAYSIA
Glove maker charged
The government has charged glove maker Top Glove Corp Bhd with 10 counts of failing to provide worker accommodation that meets the minimum standards of the Department of Labor, state news agency Bernama said yesterday. Top Glove, the world’s largest medical glove maker, has pleaded not guilty to the charges levied by the sessions court in the northwestern city of Ipoh, the agency said. Ten of the firm’s accommodation sites for foreign workers in the state of Perak were not certified by the department, it said. Court hearings are to resume on April 28.
TECHNOLOGY
Nokia plans job cuts
Nokia Oyj yesterday said that it plans to cut up to 10,000 jobs in the next few years as it looks for new ways to save money and stay competitive with rival Ericsson AB. The measures are intended to cut 600 million euros (US$716 million) off Nokia’s cost base by the end of 2023, the Finnish company said in a statement. The decision does not entail a change of outlook for next year, it said. The job cuts could see Nokia parting ways with as much as 10 percent of its workforce, and the company said its restructuring plan could cost as much as 700 million euros over the next two years.
EUROZONE
Ministers warn over debt
Finance ministers on Monday said that they would not tighten spending given the COVID-19 pandemic, but warned that soaring debt levels would eventually have to be fixed. Meeting by videoconference, the 19 ministers from countries that use the euro agreed that pulling back on the spending too soon could stifle a recovery. “For the time being, and as long as the acute health emergency prevails, broad fiscal measures remain necessary to protect citizens and companies,” the ministers said in a statement. “We’re united, and we’re determined in our efforts to protect jobs to protect businesses, and to protect our citizens in these very acute days of a continued health crisis,” said Eurogroup president Paschal Donohoe, who is also Irish minister for finance.
Anna Bhobho, a 31-year-old housewife from rural Zimbabwe, was once a silent observer in her home, excluded from financial and family decisionmaking in the deeply patriarchal society. Today, she is a driver of change in her village, thanks to an electric tricycle she owns. In many parts of rural sub-Saharan Africa, women have long been excluded from mainstream economic activities such as operating public transportation. However, three-wheelers powered by green energy are reversing that trend, offering financial opportunities and a newfound sense of importance. “My husband now looks up to me to take care of a large chunk of expenses,
SECTOR LEADER: TSMC can increase capacity by as much as 20 percent or more in the advanced node part of the foundry market by 2030, an analyst said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is expected to lead its peers in the advanced 2-nanometer process technology, despite competition from Samsung Electronics Co and Intel Corp, TrendForce Corp analyst Joanne Chiao (喬安) said. TSMC’s sophisticated products and its large production scale are expected to allow the company to continue dominating the global 2-nanometer process market this year, Chiao said. The world’s largest contract chipmaker is scheduled to begin mass production of chips made on the 2-nanometer process in its Hsinchu fab in the second half of this year. It would also hold a ceremony on Monday next week to
TECH CLUSTER: The US company’s new office is in the Shalun Smart Green Energy Science City, a new AI industry base and cybersecurity hub in southern Taiwan US chip designer Advanced Micro Devices Inc (AMD) yesterday launched an office in Tainan’s Gueiren District (歸仁), marking a significant milestone in the development of southern Taiwan’s artificial intelligence (AI) industry, the Tainan City Government said in a statement. AMD Taiwan general manager Vincent Chern (陳民皓) presided over the opening ceremony for the company’s new office at the Shalun Smart Green Energy Science City (沙崙智慧綠能科學城), a new AI industry base and cybersecurity hub in southern Taiwan. Facilities in the new office include an information processing center, and a research and development (R&D) center, the Tainan Economic Development Bureau said. The Ministry
State-run CPC Corp, Taiwan (CPC, 台灣中油) yesterday signed a letter of intent with Alaska Gasline Development Corp (AGDC), expressing an interest to buy liquefied natural gas (LNG) and invest in the latter’s Alaska LNG project, the Ministry of Economic Affairs said in a statement. Under the agreement, CPC is to participate in the project’s upstream gas investment to secure stable energy resources for Taiwan, the ministry said. The Alaska LNG project is jointly promoted by AGDC and major developer Glenfarne Group LLC, as Alaska plans to export up to 20 million tonnes of LNG annually from 2031. It involves constructing an 1,290km
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