BT Group shares rise
BT Group PLC shares advanced as much as 9.5 percent following a report that India’s Reliance Industries Ltd is weighing up a possible offer for the UK’s biggest telephone company. Reliance could make an unsolicited offer to buy into the company or even stake a claim for a controlling stake, with some strategic shareholders open to cashing out at the right price, the Economic Times reported. A BT spokesman declined to comment. Separately, the Mail on Sunday reported that private equity firms and investment funds are assessing BT’s infrastructure division Openreach at valuations as high as ￡40 billion (US$53 billion).
Gazprom profit hits record
Russia’s Gazprom yesterday reported its highest-ever quarterly net profit at 581.8 billion rubles (US$7.8 billion) for the third quarter, reflecting high natural gas prices. The Kremlin-controlled company, which a year earlier suffered a loss of 251 billion rubles, benefited from record-high natural gas prices in Europe, its key source of revenue. Gazprom said its average gas price in Europe and other regions jumped to US$313.40 per 1,000 cubic meters in the third quarter from US$117.2 a year earlier. The company said its July to September revenue rose to 2.4 trillion rubles, also a quarterly record high, from 1.4 trillion a year earlier.
PPC sets net-zero target
PPC Ltd, the biggest South African cement maker, has set a target of attaining net zero emissions by 2050. The company aims to cut emissions by 10 percent by 2025 and 27 percent by 2030, it said in its inaugural climate change report yesterday. PPC produces 11.6 million tonnes of cement a year. PPC and other South African industrial companies are under increasing pressure to reduce emissions in a country that is the world’s 12th-biggest producer of greenhouse gases. Across Africa, cement accounts for 32 percent of emissions of the climate-warming gases from manufacturing, according to Mckinsey & Co.
Gini coefficient high: official
The country needs to cut its Gini coefficient, a measure of income inequality, to under 0.4 to achieve common prosperity, an adviser to the central bank said. The Gini coefficient should be lowered from 0.47 to close to 0.4 by 2025 and then toward 0.35 by 2035, said Cai Fang (蔡昉), a member of the People’s Bank of China’s monetary policy committee. Cai’s comments are notable, as government officials have not set national numerical targets for the Chinese Communist Party’s common prosperity drive, which was given high-profile backing by President Xi Jinping (習近平) in August.
ECB thinks inflation peaked
The European Central Bank (ECB) believes that inflation peaked this month, meaning it would be premature to raise interest rates as price increases look likely to slow gradually next year, ECB board member Isabel Schnabel said. Inflation would trend back toward 2 percent next year, she told ZDF television yesterday, as supply bottlenecks and energy price growth level off. “Most forecasts actually assume inflation will fall below 2 percent, so there really are no signs of price rises getting out of control,” she said. “If we thought inflation would permanently settle above 2 percent, we would definitely react. However, at the moment, we see no indications of this,” she added.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s biggest contract chipmaker, has decided to slow down its 3-nanometer chip production as Intel Corp, one of its major customers, plans to push back the launch of its new Meteor Lake tGPU chipsets to the end of next year, market researcher TrendForce Corp (集邦科技) said yesterday. That means Intel has canceled almost all of the 3-nanometer capacity booked for next year, with only a small amount of wafer input remaining for engineering verification, the Taipei-based researcher said in a report. Based on Intel’s original schedule, TSMC was to start producing the new chipsets in
DATA SHOW DOWNTURN: Manufacturing in Taiwan contracted as production and demand slumped, while growth in chip exports last month eased in South Korea World chip sales growth has decelerated for six straight months in another sign that the global economy is straining under the weight of rising interest rates and mounting geopolitical risks. Semiconductor sales rose 13.3 percent in June from a year earlier, down from 18 percent in May, data from the global peak industry body showed. The slowdown is the longest since the US-China trade dispute in 2018. The three-month moving average in chip sales has correlated with the global economy’s performance in the past few decades. The latest weakness comes as concern about a worldwide recession has prompted chipmakers such as Samsung
‘NO NEED TO WORRY’: The central bank governor said foreign selling on the TAIEX is normal for this time of year and that the nation has ample forex reserves Taiwan would emerge unscathed from China’s retaliatory actions to protest US House of Representatives Speaker Nancy Pelosi’s visit to Taipei, top monetary and financial officials said yesterday. Central bank Governor Yang Chin-long (楊金龍) shrugged off unease over potential instability in the foreign exchange and stock markets after foreign portfolio funds trimmed their holdings of local shares for two straight days amid Beijing’s threats of retaliation. “There is no need to worry,” Yang said on the sidelines of an event to celebrate the first anniversary of the opening of Central American Bank for Economic Integration’s (CABEI) Taipei office and the 30th anniversary of
Italy is close to clinching a deal initially worth US$5 billion with Intel Corp to build an advanced semiconductor packaging and assembly plant in the country, two sources briefed on discussions said yesterday. Intel’s investment in Italy is part of a wider plan announced by the US chipmaker earlier this year to invest US$88 billion in building capacity across Europe, which is striving to cut its reliance on Asian chip imports and ease a supply crunch that has curbed output in the region’s strategic auto sector. Asking not to be named due to the sensitivity of the matter, the sources said the