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.
After several years flying high as Asia’s best Nvidia Corp proxy, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is increasingly vying with other artificial intelligence (AI) stocks for investor attention. Stock traders are chasing a wider array of beneficiaries as mainstream usage of AI creates demand for hardware beyond the most-advanced chips TSMC makes for Nvidia. Subthemes from the deepening memory crunch to advances in robotics are also luring bids. At the same time, investment caps on single stocks are pushing funds to diversify, while retail investors long familiar with TSMC through its US depositary receipts are being offered a broader set of
UNDER MICROSCOPE: Taiwan detained three people who allegedly conspired to buy servers in Taiwan and export them using fraudulent documentation, prosecutors said Nvidia Corp chief executive officer Jensen Huang (黃仁勳) on Saturday urged Super Micro Computer Inc to tighten up on compliance after Taiwan detained three people this week for allegedly making fraudulent declarations about artificial intelligence (AI) servers made by its US partner. The development marked the nation’s first crackdown on semiconductor smuggling, which grew after the US slapped restrictions on exports of high-end chips such as Nvidia AI accelerators to China. Nvidia is “rigorous” in explaining regulations to all of its partners, Huang told reporters after arriving in Taipei. “Ultimately Super Micro has to run their own company,” he said in response to
Netherlands-based semiconductor equipment supplier ASML Holding NV yesterday said that it is planning to hire an additional 1,000 people in Taiwan this year in response to growing demand from clients. ASML had previously planned to recruit 600 people this year, but that the plan has been adjusted upward, ASML vice president and ASML Taiwan general manager Grace Wang (汪佳慧) told reporters. ASML has a workforce of more than 4,500 in Taiwan, accounting for about 10 percent of its global total, Wang said. This year’s recruitment campaign would focus on adding people in the customer support, manufacturing and supply chain domains to assist ASML
TECH RELIANCE: Growth is increasingly reflecting an unequal K-shaped distribution, where technology sectors outperform and other industries struggle, an expert said Standard Chartered Bank has significantly raised its forecast for Taiwan’s economic growth to 9.5 percent this year, up from 7.6 percent previously, citing surging artificial intelligence (AI) demand driving exports, semiconductor production and investment. The upgrade reflects a sustained AI supercycle that continues to fuel demand for advanced chips and technology infrastructure, which form the backbone of Taiwan’s exports, the bank said in a report this week. “We raise our 2026 growth forecast to reflect a much stronger-than-expected first-quarter GDP figure,” Standard Chartered senior economist for greater China and Asia Tommy Wu (胡東安) said in the report. Driven largely by a 35.3 percent
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