Alphabet Inc’s Google on Tuesday announced plans to buy a New York office building for US$2.1 billion, confirming its push into the US’ largest city despite the COVID-19 teleworking trend.
This is the largest real-estate purchase in the US for an office building since the beginning of the global spread of COVID-19, the Wall Street Journal quoted Real Capital Analytics as saying.
Google already rents the premises in Manhattan, which are located on the site of a former railroad terminal in the Hudson Square neighborhood.
The Silicon Valley giant envisions a campus with a total surface area of 160,000m2 by mid-2023 that would serve as its New York headquarters for sales and partnerships.
The final site is to be spread over three buildings between Hudson Street and Washington Street, with construction of two of them already completed.
The firm, whose headquarters are in Mountain View, California, has made other billion-dollar purchases in New York, including the US$2.4 billion it plunked down on the Chelsea Market building.
“Google has been fortunate to call New York City home for more than 20 years, during which time we have grown to 12,000 employees,” Alphabet chief financial officer Ruth Porat said in a statement.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, on Monday issued a statement about the balanced life environment it provides its employees, in response to a Fortune article at the weekend in which several former and current employees in the US were quoted complaining about the company’s “brutal” corporate culture. In the statement, TSMC said average work hours at the company have not exceeded 50 hours a week over the past two years with only a few exceptions, such as when the company introduces a new technology process or speeds up building a new plant. In such situations,
At a red-brick factory in the German port city of Hamburg, cocoa bean shells go in one end and out the other comes an amazing black powder with the potential to counter climate change. The substance, dubbed biochar, is produced by heating the cocoa husks in an oxygen-free room to 600°C. The process locks in greenhouse gases and the final product can be used as a fertilizer, or as an ingredient in the production of “green” concrete. While the biochar industry is still in its infancy, the technology offers a novel way to remove carbon from the Earth’s atmosphere, experts have said. Biochar could
FALLING CHIP DEMAND: Moody’s Investors Service expects revenue at the contract chipmaker to fall by about 1 percent, adding that the firm’s earnings could also retreat Slower global economic growth and US export restrictions would dent revenue at Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) over the next 12 to 18 months, Moody’s Investors Service said in its latest report. “We expect revenue at TSMC to fall by 1 percent after its robust growth of around 40 percent in 2022,” it said, adding that earnings would also slip from a high comparison base. Nevertheless, strong net cash positions and good access to funding would enable the company to weather the short-term challenges, Moody’s said. Slowing global growth, coupled with high interest rates and inflation, is reducing chip demand, especially for
WEAK PROSPECTS: The contract electronics manufacturer expects revenue to drop this quarter due to product transitions and a high comparison base a year earlier Hon Hai Precision Industry Co (鴻海精密), a major iPhone assembler, yesterday posted a second straight monthly growth in revenue to NT$45.07 billion (US$1.47 billion) last month, thanks to a pickup in smartphone demand. Last month’s revenue marked its best performance since January. On an annual basis, sales dipped 9.45 percent, the smallest annual decline since February, compared with NT$49.78 billion in May last year. Revenue from smart consumer electronics products, primarily iPhones and smartphones for other brands, delivered a “strong” double-digit, month-on-month growth in May because of customers’ pull-in, Hon Hai said in a company statement. That was the only business category