AIRLINES
ANA raises climate goal
Japan’s biggest airline ANA Holdings Inc yesterday said that it aims to become carbon neutral by 2050 through new technology, emissions trading and other efforts. It comes after Japanese Prime Minister Yoshihide Suga last week announced that Japan would target a 46 percent cut in greenhouse gas emissions by 2030, significantly more than previously pledged. Last year, the company set a target to halve carbon emissions by 2050 compared with 2005 levels. Japanese auto giant Honda Motor Co also last week said that it would aim to have electric and fuel-cell vehicles account for all sales by 2040 to promote climate goals.
ENERGY
Exxon mired in fossil fuels
Exxon Mobil Corp faces an “existential business risk” by pinning its future on fossil fuels as governments move to slash emissions, the Financial Times reported, citing an investor presentation prepared by activist hedge fund Engine No 1. Exxon still has no credible plan to protect value in an energy transition, said the 80-page investor presentation seen by the Financial Times. The San Francisco-based hedge fund also criticized the company’s “value destruction” and “refusal to accept that fossil fuel demand may decline.” Exxon last month said that proposals put forth by the hedge fund, pushing for changes at the oil giant, threaten cash flow and the sustainability of its dividend.
BANKING
Migros settles for US$2.9m
Switzerland’s Migros Bank has agreed to pay German justice authorities about 2.4 million euros (US$2.9 million) to settle allegations it allowed German clients in the past to hide assets from the tax authorities, the bank said yesterday. “The solution that has been reached covers both the bank and its affected employees. The agreement is effective for all German states and brings corresponding legal certainty,” the bank, owned by the Migros cooperative, said in a statement. With a balance sheet of more than 50 billion Swiss francs (US$54.7 billion), Migros Bank is one of the five biggest mortgage lenders in Switzerland.
ENERGY
Qatar plans bond issuance
Qatar Petroleum plans to issue up to US$10 billion of bonds as soon as this quarter to fund a massive natural-gas project, a person with knowledge of the matter said. The state producer is inviting banks to arrange what would be its first US dollar bonds, the person said, asking not to be identified because the information is private. The company is seeking US$7 billion to US$10 billion of five, 10 and 30-year notes, the person said. That would make it one of the largest corporate deals this year, and one of the biggest of any kind from emerging markets.
INTERNET
Darktrace lowers IPO value
British cybersecurity company Darktrace is cutting the value of its imminent London flotation as it adopts a cautious approach aimed at avoiding a repetition of Deliveroo’s disastrous public debut, Sky News reported citing people it did not identify. Darktrace and its advisers are leaning toward a price range that would put a valuation of about ￡2.4 billion to ￡2.7 billion (US$3.3 billion to US$3.8 billion) on the loss-making company, Sky said. Darktrace’s initial public offering (IPO) in London is expected to value the company at about US$3 billion to US$4 billion, Bloomberg News reported on April 12, citing a person familiar with the matter.
South Korea’s equity benchmark yesterday crossed a new milestone just a month after surpassing the once-unthinkable 5,000 mark as surging global memory demand powers the country’s biggest chipmakers. The KOSPI advanced as much as 2.6 percent to a record 6,123, with Samsung Electronics Co and SK Hynix Inc each gaining more than 2 percent. With the benchmark now up 45 percent this year, South Korea’s stock market capitalization has also moved past France’s, following last month’s overtaking of Germany’s. Long overlooked by foreign funds, despite being undervalued, South Korean stocks have now emerged as clear winners in the global market. The so-called “artificial intelligence
NEW IDENTITY: Known for its software, India has expanded into hardware, with its semiconductor industry growing from US$38bn in 2023 to US$45bn to US$50bn India on Saturday inaugurated its first semiconductor assembly and test facility, a milestone in the government’s push to reduce dependence on foreign chipmakers and stake a claim in a sector dominated by China. Indian Prime Minister Narendra Modi opened US firm Micron Technology Inc’s semiconductor assembly, test and packaging unit in his home state of Gujarat, hailing the “dawn of a new era” for India’s technology ambitions. “When young Indians look back in the future, they will see this decade as the turning point in our tech future,” Modi told the event, which was broadcast on his YouTube channel. The plant would convert
‘SEISMIC SHIFT’: The researcher forecast there would be about 1.1 billion mobile shipments this year, down from 1.26 billion the prior year and erasing years of gains The global smartphone market is expected to contract 12.9 percent this year due to the unprecedented memorychip shortage, marking “a crisis like no other,” researcher International Data Corp (IDC) said. The new forecast, a dramatic revision down from earlier estimates, gives the latest accounting of the ongoing memory crunch that is affecting every corner of the electronics industry. The demand for advanced memory to power artificial intelligence (AI) tasks has drained global supply until well into next year and jeopardizes the business model of many smartphone makers. IDC forecast about 1.1 billion mobile shipments this year, down from 1.26 billion the prior
People stand in a Pokemon store in Tokyo on Thursday. One of the world highest-grossing franchises is celebrated its 30th anniversary yesterday.
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