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.
CHIP RACE: Three years of overbroad export controls drove foreign competitors to pursue their own AI chips, and ‘cost US taxpayers billions of dollars,’ Nvidia said China has figured out the US strategy for allowing it to buy Nvidia Corp’s H200s and is rejecting the artificial intelligence (AI) chip in favor of domestically developed semiconductors, White House AI adviser David Sacks said, citing news reports. US President Donald Trump on Monday said that he would allow shipments of Nvidia’s H200 chips to China, part of an administration effort backed by Sacks to challenge Chinese tech champions such as Huawei Technologies Co (華為) by bringing US competition to their home market. On Friday, Sacks signaled that he was uncertain about whether that approach would work. “They’re rejecting our chips,” Sacks
Taiwan’s exports soared 56 percent year-on-year to an all-time high of US$64.05 billion last month, propelled by surging global demand for artificial intelligence (AI), high-performance computing and cloud service infrastructure, the Ministry of Finance said yesterday. Department of Statistics Director-General Beatrice Tsai (蔡美娜) called the figure an unexpected upside surprise, citing a wave of technology orders from overseas customers alongside the usual year-end shopping season for technology products. Growth is likely to remain strong this month, she said, projecting a 40 percent to 45 percent expansion on an annual basis. The outperformance could prompt the Directorate-General of Budget, Accounting and
NATIONAL SECURITY: Intel’s testing of ACM tools despite US government control ‘highlights egregious gaps in US technology protection policies,’ a former official said Chipmaker Intel Corp has tested chipmaking tools this year from a toolmaker with deep roots in China and two overseas units that were targeted by US sanctions, according to two sources with direct knowledge of the matter. Intel, which fended off calls for its CEO’s resignation from US President Donald Trump in August over his alleged ties to China, got the tools from ACM Research Inc, a Fremont, California-based producer of chipmaking equipment. Two of ACM’s units, based in Shanghai and South Korea, were among a number of firms barred last year from receiving US technology over claims they have
BARRIERS: Gudeng’s chairman said it was unlikely that the US could replicate Taiwan’s science parks in Arizona, given its strict immigration policies and cultural differences Gudeng Precision Industrial Co (家登), which supplies wafer pods to the world’s major semiconductor firms, yesterday said it is in no rush to set up production in the US due to high costs. The company supplies its customers through a warehouse in Arizona jointly operated by TSS Holdings Ltd (德鑫控股), a joint holding of Gudeng and 17 Taiwanese firms in the semiconductor supply chain, including specialty plastic compounds producer Nytex Composites Co (耐特) and automated material handling system supplier Symtek Automation Asia Co (迅得). While the company has long been exploring the feasibility of setting up production in the US to address
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